When purchasing at Auction you need to be prepared. If you are the successful bidder at Auction, the Contracts are exchanged unconditionally. It means there is no cooling off period and you are bound to the terms of the Contract.
What do I need to do?
Once you have found a property you need to advise the agent that you are interested. The agent will forward to you a Contract for Sale of Land. Once you have the Contract you need to make an appointment with our office to have the Contract explained to you. We will review and explain to you the terms of the Contract and advise you of any restrictions and zoning of the property. We will then request any amendments to the Contracts required by you.
Depending on the type of property you are purchasing i.e. strata, land or torrens title, we highly recommend you obtaining relevant pest, building, strata, survey reports and/or council compliance certificate.
If you need to borrow money for the purchase you need to speak your broker or banker prior to the Auction. Once the property is sold at Auction, you are bound to the Contract. You cannot rescind the Contract due to not being able to obtain finance. Your banker or broker may need a copy of the Contract and may need to order a valuation report. It is recommended you have unconditional loan approval prior to bidding at Auction.
If you would like any further information on buying at Auction please contact our friendly property department team on 02 4721 6200.
Written by Megan Johnson.
