Page 9 - Luton Properties eBook 2018
P. 9
Once the auctioneer’s The contract for the sale and required
hammer has fallen and the documents must also be available.
” highest bidder, exchange of contracts Buying property in the ACT
home has been sold to the
by auction requires all
takes place straight away – there is no
potential bidders to register
cooling off period. The buyers sign the
contract, so do the sellers, the contract
the auction (along with your exchange
are exchanged – and the house is sold. prior to making a bid. Bring your ID to
deposit cheque). Most buyers’ use their
As soon as exchange has drivers’ licence, but passports, vehicle
taken place, it is important registration papers, a rates notice, tax
to take insurance for the assessment or a bank statement can
property as you will have a legal interest be used. Registration and obtaining
in the home. Once exchange has taken your bidding number is usually done
place, the settlement period begins. This immediately before the auction – this
is usually 28 or 30 days in the ACT. At the process allows you to bid – you don’t
end of the settlement period, the buyers have to if you change your mind – it just
pay the balance of the amount owing to gives you the right to.
the sellers and collects the keys to their
new home. A bidder can register with
the real estate agent at any
The best way to approach time prior to the auction but
an auction is exactly the will only be given a bidder’s number on
same way you would use presenting proof of identity on the day
to approach a private treaty sale – be of the auction. You can pre-register by
prepared, do your homework and stay attending the agent’s office before the
within your budget. auction. You can also register anytime
during the auction, until the fall of the
hammer. If you are running late – let the
AUCTION DAY auctioneer and agent know you want
to register. Once you have your bidding
There are strict rules that number, the auctioneer can legally
apply to the conduct of an accept your bid.
auction. These rules ensure
the auction is a fair and transparent If you are bidding to buy the
process for all. The agent or auctioneer property jointly with another
must display a copy of the conditions person (for example, your
of sale at the place of auction for a spouse or partner), only one of you
minimum of 30 minutes before the needs to register. If you are bidding for
auction begins. It’s best to read these another person or a company, you need
carefully before bidding and to ask the to reveal the name and address of that
agent any questions you might have. person or company. If you are bidding
