Things you need to know to purchase at Auction
Following are the items you need to consider before bidding at auction:
- Please bring indentification with you in the form of a Driver's Licence.
- Request a copy of the vendor’s selling contract from the agent. Read through the contract and have your conveyancer/solicitor review, providing legal advice on the potential purchase. If you require any third party inspections of the property (building/pest), the selling agent will arrange access.
- Bank cheque for 10% deposit if you are the successful bidder (or other deposit method/amount by prior arrangement). Any prior arrangements must be via your conveyancer/solicitor to the vendor’s conveyancer/solicitor, as well as notifying the agent prior to the Auction.
- If you are the winning bidder, all parties to be named on the Sale Contract are required to be present to sign the necessary documents. Should all purchasing parties not be at the Auction, prior arrangements need to be made with your solicitor/ conveyancer and the agent for consent to bid and sign on behalf of the absent parties.
- If you are purchasing under a company entity (i.e. Pty Ltd) OR a self managed super fund (SMSF) OR a family trust, you will need to provide written authority from the entity purchasing to allow you to bid.