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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Page Conveyancing
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Rhonda Shaw
Rhonda Shaw
2020-04-21T03:40:58+0000
Excellent service. Friendly and efficient. Kim was amazing! Highly recommended.
Matty Dobson
Matty Dobson
2020-04-17T19:56:09+0000
Amazing service, very responsive, could not recommend higher! James at Page Conveyancing... was a pleasure to deal with and very professional, he made our new house purchase contracts a breeze to go over and complete. Very knowledgeable highly recommended!read more
Tanya Lee
Tanya Lee
2020-04-07T10:33:54+0000
My husband and I have bought and sold property with Page Conveyancing.Merrillyn and Kim... were friendly and professional and made each process stress free.100% recommended:)read more
Paul McAsey
Paul McAsey
2020-04-01T03:13:03+0000
Kim from Page Conveyancing dealt with the sale of my apartment in Port Macquarie. She was... very efficient and easy to deal with. She dealt with the whole process and ironed out any bumps. As I live in Sydney, it was of utmost importance to trust and rely on Kim. She exceeded expectations. I would highly recommend Kim and Page Conveyancing.read more
Geoffrey Gillham
Geoffrey Gillham
2020-02-12T01:48:07+0000
Excellent service great communication explaining everything just very... efficient.Thoroughly recommend Page Conveyancing.read more

Page Conveyancing

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