Auctions conducted by brough real estate arew conducted under certain conditions that are set by law. The auctioneer will have those conditions on display before the auction so that you can read them. The auction conditions include:
The highest bidder is the purchaser, subject to any reseve price.
The auctioneer is entitled to make one bid only on behalf of the seller.
Before the auction, the auctioneer must announce that the auctioneer is permitted to make one bid on behalf of the seller.
The auctioneer must announce immediately before, or in the process of making the bid, that he or she is making a vendor bid, if one is fourthcoming.
The auctioneer can refuse a bid that is not in the interests of the seller.
The auctioneer can refuse a bid that is not in the intersts of the seller.
The auctioneer has no authority to accept a late bid, that is, a bid after the fall of the hammer.
If there is a disputed bid, the auctioneer is the sole arbitrator and makes the final decision.
The successful buyers name must be given to the auctioneer as soon as possible.
The remainder of the answer is; There are any number of ways to submit an offer. However, if you want your offer accepted by the vendor, the best way to submit your offer would be to put it on a signed contract, preferably with a signed section 66W attached to the contract, especially if the property is going to public auction.
A s.66w certificate is a document signed by a solicitor or conveyancer which is in accordance with section 66w of the Conveyancing Act. The effect of a s.66w certificate is to waive any cooling off rights that you may have. To download a section 66W certificate, just click here to receive a pdf document.
If you are bidding to buy a property jointly or with another person, for example, a spouse, only one of you needs to register. You will need to register if you are bidding for another person or company, anf you will need to show a brough representative a letter of authority from them, authorising you to bid on their behalf. This also applies if you are bidding on behalf of someone on the telephone.
You can register with brough real estate anytime prior to the auction, such as when you inspect the property, or on the day itself.
If you pre-register, by doing so on this site (in the forms section, click on forms, buy, register for auction), you will still need to show us your proof of identity on auction day. One of our representatives will then give you your bidders number.
A brough salesperson will write your name, address and the number of your proof of identity in the bidders record and, if you are bidding for someone else or a company, their name address and proof of identity details. One of our onsite salespeople will then provide you your bidders number, which must be displayed when you bid.
If you are the successful bidder, you must sign the sale contract and pay a deposit as indicated in the contract (usually 10% of the purchase price, although some contracts may indicate 5%). There is no cooling-off period when you buy at auction.
After the exchange of contracts, your solicitor or licensed conveyancer will carry out various searches on the property. Your solicitor and the seller's legal representative will then arrange for settlement at which time you must pay the balance of the purchase price.