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Buying a property at an auction?

September 21, 2016 By Kate Ashmor

If you are bidding on a property at an auction, remember the ‘auction rules’:

* No ‘cooling off’ period,
* No ‘subject to finance’ condition,
* No ‘subject to building and pest inspection’ condition, and
* Ten per cent deposit payable straight after the auction concludes.

If the property passes in, the ‘auction rules’ still apply for three business days after the auction. Read the fine print on the front page of the contract for more info.

If you want to negotiate any changes to the ‘auction rules’ (such as a five per cent deposit) you must speak to the real estate agent before the auction begins.

21 September 2016

Filed Under: Buying Property, News Tagged With: auction, contract, conveyancing, cooling off, deposit, rules

 

Law Insitute of Victoria Member

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  PO Box 2602 Caulfield Junction VIC 3161
  0403 334 245
  (03) 9523 1277
  kate@ashmorlegal.com.au
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