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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Karen Mewett
Karen Mewett
2022-08-12T08:16:54+0000
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 easy.read more
Wendy Williams
Wendy Williams
2022-06-17T10:59:01+0000
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
Marcelle Rafael
Marcelle Rafael
2022-05-20T03:28:43+0000
I have been dealing with. page Conveyancing more than once. We dealt with Marilyn Page,... James Page and Kim Shaw and found them very professional, helpful and always available at contact to happily answer any queries. We would like to extend our appreciation also to their efficient secretary Jodie.?we certainly would like to thank them and certainly recommend them to anyone who would like a legal procedure or advice purchasing or selling a property. Thank you again. Sam and Marcelle Rafaelread more
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RM DK
2022-05-02T01:57:51+0000
Great communication, Professional, understanding
Jackie McRae
Jackie McRae
2021-09-10T06:18:01+0000
My husband and I have used Page Conveyancing a couple of times for different house sales.... James Page is very professional approachable and very well mannered we have been very pleased with his approach to detail. We would highly recommend Page Conveyancing. Thankyou Colin & Jackie McRaeread more

Page Conveyancing

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