Auction Contracts

Going Once, Going Twice, Sold

When a property is purchased at Auction there is no cooling off period and both the vendor and purchaser are required to sign a binding contract. Copies of the contract will be available before and at the auction for buyers to inspect and get legal advice if they require. All inspections and checks need to be done before the auction date along with formal finance approval being granted. Usually on the day of the auction the property may be open for inspection for you to take a final look.

Before auctioning a property, the seller will nominate a reserve price, which is usually not advertised. If the bidding goes beyond this reserve price then the property is sold at the fall of the hammer. When a person has successfully made the highest bid and the property is sold “under hammer” they are required to pay the deposit and sign the contract. Both parties are immediately bound to the contract when the auctioneer declares the property sold.

If a property is sold on the same day as the auction and contracts signed and exchanged the buyer still does not have the benefit of a cooling off period. However, if the contracts are not exchanged until some day after the auction then the cooling off rights apply.

If you are the successful bidder at auction you must be ready to exchange contracts and complete the sale. If not you will lose your deposit and may be liable for any damages suffered by the vendor.

More information can be found by clicking the following link

Buying a property at auction

Facebook Reviews

Page Conveyancing
Based on 35 reviews
powered by Facebook
Sbongakonke II II II
Sbongakonke II II II
The best time to invest in Forex & Crypto currency is now and the right person for the... job is Mrs Anita Ephraim FX an expert skilled broker forget about the negative reviews you may have seen so far, scammers has made it seem like they're no genuine traders again. “Don’t wish it were easier. Wish you were better.” I can assure you beyond doubts that Mrs Anita FX is 100% reliable I've made my 4th withdrawal trading with her. I made $11,050 profit from investing $1,080, you can earn above that, all you need to do is to contact her via: WhatsApp +1 224 208 8320read more
BM Øfficīël FD
BM Øfficīël FD
With a joyful heart, I want to say that Mrs. Carolina Johnson is the best of all the... traders I've had the pleasure of working with. She is a fantastic mentor as well as a terrific trader, she is very supportive and encouraging. So far, my profits have been 10 times my initial investment. My family and I are so happy to know and work with her. I invested $1000 with her and within a week She made $10,000 for me kindly contact herEmail:carolinatradebest@gmail.comWhatsApp:+44 7828 470209read more
TwoLime Wedges
TwoLime Wedges
Another property settled through Kim and the Page Conveyancing team today. We wouldn't... use anybody else. Everything is always handled timely and professionally. Thank you Kim!read more
Karen Mewett
Karen Mewett
We have used Page Conveyancing a few times now because they are locals and so easy to... deal with. I would definitely not hesitate to recommend them for any property Conveyancing. Thank you Kim for all your help with our latest property sale. You made the process so painless and more
Wendy Williams
Wendy Williams
This is the second time I have used James at Page Conveyancing and have found attention... to detail and communication excellent. I will certainly be using Page Conveyancing again in the future.👏👍read more

Licensed Conveyancers Port Macquarie

DX Address

DX 7447, Port Macquarie NSW 2444


PO Box 1247, Port Macquarie NSW 2444