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

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Jan Babich
Jan Babich
2020-09-21T10:59:03+0000
Kim Shaw from Page Conveyancing handled my recent purchases in a professional, friendly... manner. I highly recommend Kim and Page Conveyancing to provide expert advice and a stress free service. Thank you Kim very much.Jan Babichread more
Kane Addison
Kane Addison
2020-08-28T05:59:08+0000
Page managed both my recent sale and purchase. I experienced nothing but professionalism... in both instances. Kim Shaw was fantastic to deal with and she ensured the entire engagement was managed effectively. I felt secure in the knowledge Kim was driving the process for me. Highly recommend!!read more
Sue Jogever
Sue Jogever
2020-08-18T09:46:40+0000
Thank you Page Conveyancing for making it happen so smoothly for both our clients sale... and purchase of their next dream home 🏡read more
Gerry Linhart
Gerry Linhart
2020-08-18T00:13:41+0000
I highly recommend Page Conveyancing. We have used these guys 3 times now and each time... it's been a hassle free, no bs experience. James knows what he is doing and communicates really well. ⭐⭐⭐⭐⭐read more
Graham Muffet
Graham Muffet
2020-07-27T09:37:44+0000
We used Page Conveyancing for the sale of our old home and the purchase of our new one.... As this can be a stressful time, James made us feel very comfortable throughout the whole process. James responded to our many questions and queries very promptly and professionally. I cannot speak highly enough of James and would highly recommend Page Conveyancing to anyone who would like to deal with a great team. Thank you so much.read more

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