Before You Bid
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, Survey 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 of if you are obtaining finance, you will need an unconditional finance approval before bidding. By entering into an unconditional contract you are in a 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.
Prior to 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 are able to provide this contract to us for perusal and advice prior to you making 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 purchase have your legal rights protected and that you know exactly what your 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.
If your looking for more information. head to the Office of Fair Trading Website