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Auction – A Buyer’s Guide
Pre Auction
- Have the Certificate of Title, Particulars and Conditions of Sale and any other matters approved by your solicitor before entering into an agreement.
- You need your finance arranged to coincide with the dates of settlement and possession. (This date may be flexible to suit both parties). Any variation to the terms of sale will need to be in writing and agreed prior to the Auction.
- Should you be the highest bidder and successful purchaser your 10% deposit is required to be attached to the memorandum of sale which will be signed by the Auctioneer and yourself immediately after the Auction.The vendors may agree to consider any unconditional offers on their property prior to Auction.
At Auction
- Have the Certificate of Title, Particulars and Conditions of Sale and any other matters approved by your solicitor before attending the Auction.
- Should you be the highest bidder and successful purchaser your 10% deposit is required to be attached to the memorandum of sale which will be signed by the Auctioneer and yourself immediately after the Auction.
- You need your finance arranged to coincide with the date of settlement and possession, however, if your require a longer period to settle, please talk to your Licensee Salesperson who may be able to arrange this prior to the Auction. Any variation to the terms of sale will need to be in writing and agreed to prior to the Auction.
- You will need to sign a bidding registration form and also sign to acknowledge that you have been supplied a copy of the NSW Fair Trading Residential Bidders Guide.
Can I have someone else bid for me?
Anyone may bid at Auction. They may require written advice as to how high you wish them to go. Other bidders could be your solicitor, Licensee Salesperson, a friend or family member. With the permission of the vendor and with prior notification you may also bid by telephone.
Particulars and Conditions of Sale
This is the contract that you will sign if you are the successful bidder on the day. It is simply a contract that spells out the conditions you have bought the home on, and binds you, the purchaser, to the home. It also binds the vendor to sell to you as per the Auction bidding. Once again, any variation to the terms needs to be in writing and agreed to in advance of the Auction.
The Particulars and Conditions are available prior to the Auction. If you have any doubts as to the wording or clauses, then you should consult your Licensee Salesperson or your solicitor. Please note that if you buy prior to the Auction then the same conditions will apply.
Register your Interest
If you are interested in the property, be sure to let the Licensee Salesperson who showed you the home know. This ensures that if another buyer makes an offer before the Auction (that the owner will accept) then we are able to contact all registered parties (those who have registered their interest). We recommend all registrations should be in writing and on the form supplied.
For your assistance:
Bidders-Guide-NSW-Fair-Trading-Fact-Sheet
