Terms & Conditions of Auction Real Property (All States)
PUBLIC ONLINE AUCTION OF REAL PROPERTY
TERMS AND CONDITIONS
Form R4
1. The Auctioneer Presents the Property for Sale by Public Online Auction
The Auctioneer, as authorized by the agent, presents the Property for sale by online auction on behalf of the Vendor. An offer to purchase the Property may be made by any person who has registered and satisfied the requirements to be registered (“Bidder”) by making a bid online and subject to these Terms.
2. Bidders are Bound by Terms
By Bidding at the Online Auction, a Bidder agrees to be bound by these Terms.
3. Vendor May Withdraw the Property from Sale
The Vendor may at any time before the Property is sold by online Auction
With draw the property from sale
4. Cooling – off Rights Do Not Apply
Cooling – off rights do not apply at an auction.
5. Bidding At Auction
a) The Registered bidder is responsible for all bids made under their registration
b) With each bid made by online auction, a bidder makes an unconditional offer to purchase the Property which may be accepted by the auctioneer.
c) If the Vendor sets a reserve price (“Reserve Price”) for the Property, the vendor (including co- owners) will set an opening bid at or below the Reserve Price. Any further Vendor or Co - owner bids will be identified by the Auctioneer (G Lloyd acting on behalf of PropertyBids.com.au)
d) Bidding increments can change during the Online Auction.
e) The Auctioneer may refuse any bid without providing a reason for doing so.
f) A Bid once acknowledge by PropertyBids.com.au is binding on the Bidder and may not be withdrawn.
g) It is the responsibility of the Bidder to make sure their internet service provider has sufficient coverage to minimize outages or down time.
h) A bid is not accepted until it is confirmed by email.
i) If there is a dispute concerning bids made by online auction then the Auctioneer will decide a resolution for the Dispute in a way that we deem appropriate. The decision by the Auctioneer is final and gives to no claim by any person against another.
j) Selection of the Purchaser and determination of the purchase price subject to the determination of any dispute, the successful bidder acknowledge by PropertyBids.com.au will be a registered bidder who has
1. Made the highest bid for the property; and
2. Providing that bid is at or above the Reserve Price(if any) at the closure of the auction and time allocated has lapsed.
k) The successful Puchaser must complete all necessary details required by the Listing Agent to enter into a contract for the sale and purchase of the property in the form of a contract that is available via email in a PDF format from the Listing Agent before or during the auction.
l) Pay the deposit (10 per cent of the purchase or unless otherwise stated or agreed upon) within the time specified by the Listing Agent into the Listing Agents Trust Account. Details will be communicated to the Purchaser.
m) Complete the purchase of the property in accordance with the terms and conditions contained in the Contract for the Purchase Price.
6. Auctioneer May Sign the Contract
The Auctioneer is authorized to sign the Contract in the name of either the Vendor or the Purchaser or Both of them. The Auctioneer may (at the Auctioneer’s discretion) sign the Contract in the name of either party. Then the party for whom the Auctioneer has signed the Contract is bound by the Contract.
7. Property May be Re- Auctioned
If the Purchaser;
a) Fails to pay the deposit, or
b) Fails to execute the Contract, or both
c) or if the Reserve Price is not achieved.
8. Vendor May Sue Purchaser For Damages
The Vendor may sue the Purchaser for damages for any failure to comply with these Terms and Conditions and or the Contract.
9. GST
All Bids and Reserve Prices are Inclusive of GST (Goods and Services Tax) unless otherwise stated
10. Consenting Age
By registering to bid on PROPERTYBIDS.com.au you are consenting that you are 18 years of age or older
11. Foreign Investment Review Board
A person who wishes to bid or purchase a property warrants that they do not require approval from the foreign investment review board (or any similar organisation) for the purchase herein.
A person who wishes to make a bid at an auction for a property who requires approval from the foreign investment review board (or any similar organisation) for the purchase herein must make arrangements suitable to PropertyBids.com.au before they are able to bid.
PropertyBids may at any time during the auction refuse a bid if they feel this law has not been satisfied.