Buying a property at an auction?
If you are bidding on a property at an auction, remember the auction rules.
In Victoria, the auction rules include:
No cooling off period,
No subject to finance special condition,
No subject to a building and pest inspection special condition, and
Ten per cent deposit payable straight after the auction concludes.
The auction rules commence three business days prior to the auction date, and if the property passes in, the auction rules still apply for three business days after the auction date. If the auction date is brought forward earlier, the auction rules still apply if the new auction date was publicly advertised.
If you want to negotiate any changes to the auction rules (such as a five per cent deposit, or paying the deposit the following week) you must speak to the real estate agent before the auction begins.
Read the fine print on the front page of the contract for more info.
Note: the above is general information and should not be considered as legal advice.