Page 10 - Luton Properties eBook 2018

for another person on the telephone you You may make your bid at the set
must register and provide the name and amount, or you can offer a figure higher SELL
address of that person in a written sales or lower than the standard rise. The
authority to the seller’s agent. auctioneer has the choice to accept or

reject the bid. The auctioneer must call a
Bidding at the auction – the bidder’s number when taking a bid. The TODAY
auctioneer will try to sell law allows the auctioneer to make one
the property for the highest seller bid during the auction. This bid
possible price. Before bidding starts, must be announced as a seller bid.
you (the prospective buyer) register your Source: Reality Check a real estate guide for buyers and sellers in the ACT

details in the bidders’ record and obtain On the market! At some
a bidder number, understand that the stage the auctioneer may
terms of the contract are fixed and no call a pause to the auction
cooling-off period applies. If your bid and seek advice or instructions from

is successful, there will be no right to the seller. If the seller is satisfied that
withdraw from the contract. If you do the reserve has been met or is prepared
not complete the purchase you will be at to sell to the last bid offered, then the
risk of losing your deposit. agent will announce that the property
is ‘on the market’. This means that
Anyone at a public auction bidding has reached the value at which

is allowed to ask the the property can be sold. If you are the
auctioneer a reasonable successful bidder at an auction, you
number of questions about the property, will immediately be required to sign
the contract for the sale of residential the contract for the sale of residential

property and the rules and conduct of property and pay a deposit. Then – you
the auction. The auctioneer can set the have just bought yourself your new
amount by which bids increase. These home!
are called ‘rises’ or ‘bidding advances’.