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