When purchasing property at an auction it is important to know that when bidding, your offer is unconditional.
This means that before Auction day you need to have all of your pre-purchase inspections and requirements done. This can include things such as Pest and Building inspections, Body Corporate Inspections, surveys or electrical or plumbing inspections if required.
If you don’t have these inspections completed before you bid, you can't negotiate any reductions for work that might need to be undertaken from the information provided from those inspections.
Another important factor is that if you are obtaining finance, you will need unconditional finance approval before bidding. By entering into an unconditional contract you are in entering into a legally binding agreement with the Seller to purchase the property for the price of the winning bid.
This is why it is essential that you have all of your pre-purchase needs confirmed and in place before bidding at the auction.
Before the auction, the real estate agent will be able to provide you with a copy of the marketing contract for the property. This contract will have the necessary plans and zoning information relative to the particular property of interest. You can provide this contract to us for perusal and advice before you make your final decision to bid and ultimately purchase the property.
At SL Conveyancing we offer a free contract review to make sure that you as a prospective purchaser have your legal rights protected and that you know exactly what you bidding on. Please give us a call and we can organise an appointment for you.
Once you are satisfied that you want to bid at the Auction, you will need to register and the Real Estate Agent will give you a bidding paddle on the day.
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