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BLACK = Old Item/Clause | RED = New Item/Clause | BLUE = Comments About Change (Not Part of Form) | STRIKEOUT = Wording Deleted
15 Nov 2022 v1.5
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Title
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Conditions of Sale by Auction
As prescribed under the Property and Stock Agents Act 2002 Section 77 and the
Property and Stock Agents Regulation 202214, Clause 185
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Clause 1
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The following conditions are prescribed as applicable to and in respect of the sale by auction of land or livestock: -
(a)
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The vendor’s reserve price must be given in writing to the auctioneer before the auction commences (but not if the auction relates solely to livestock). unless the auction relates solely to livestock,
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(b)
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A vendor bid for the Vendor cannot must not be made unless the auctioneer has, before the commencement of the auction, announced clearly and precisely the number of bids that may be made by or on behalf of the vendor bids that may be made,
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(d)
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In the event of a disputed bid, the auctioneer is the sole arbitrator and the auctioneer’s decision is final. If there is a disputed bid -
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(i)
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the auctioneer is the sole arbitrator, and
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(ii)
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the auctioneer’s decision is final,
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(e)
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The auctioneer may refuse to accept a any bid that, in the auctioneer’s opinion, is not in the best interests of the vendor,
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(g)
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A bid cannot must not be made or accepted after the fall of the hammer,
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(h)
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As soon as practicable after the fall of the hammer the purchaser must sign the agreement (if any) for sale, if any.
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Clause 2
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The following conditions, in addition to those the conditions prescribed by subsection (1), are prescribed as applicable to and in respect of the sale by auction of residential property or rural land -
(a)
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All bidders must be registered in the Bidders Record and display the identifying number allocated to the person when making a bid,
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(b)
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Subject to the condition prescribed by subsection (3)(a) -
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(i)
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the auctioneer may make only one 1 vendor bid at an auction for the sale of residential property or rural land, and
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(ii)
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no other vendor bid may be made by the auctioneer or any other another person,
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Clause 3
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The following conditions, in addition to those the conditions prescribed by subsections (1) and (2), are prescribed as applicable to and in respect of the sale by auction of co-owned residential property or rural land or the sale of such land co-owned residential property or rural land by a seller as executor or administrator -
(a)
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More than one 1 vendor bid may be made to purchase the interest of a co-owner,
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(d)
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Before the commencement of the auction, the auctioneer must announce the bidder registration number of any all co-owners, executors or administrators or any a person registered to bid on behalf of a co-owner, executor or administrator.
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Clause 4
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The following condition, in addition to those the conditions prescribed by subsection (1), is prescribed as applicable to and in respect of the sale by auction of livestock -
The purchaser of livestock must pay the stock and station agent who conducted the auction, (or under whose immediate and direct supervision the auction was conducted), or the vendor, the full amount of the purchase price -
(b)
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If the amount cannot reasonably be determined immediately after the fall of the hammer—before the close of the next business day following determination of the amount, or
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(c)
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If some other time for payment is specified in a written agreement between the purchaser and the agent, or the purchaser and the vendor, made before the fall of the hammer - before or at the time specified in the agreement.
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23 Mar 2020 v1.4
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Title
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Conditions of Sale by Auction
As prescribed under the Property, and Stock & Business Agents Act 2002, Part 6, Section 77 and& the
Property, and Stock & Business Agents Regulations 2014, Clause 15
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11 Jun 2015 v1.3
Copyright statement updated.
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03 Sep 2014 v1.2
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Changes made due to the release of the Property, Stock and Business Agents Regulations 2014.
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08 Mar 2007 v1.1
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Clause 2
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The following conditions, in addition to those prescribed by (1), are prescribed as applicable to and in respect of the sale by auction of residential property or rural land:
(a)
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All bidders must be registered in the Bidders Record and display an identifying number when making a bid.
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(b)
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One bid only may be made by or on behalf of the seller. This includes a bid made by the auctioneer on behalf of the seller.
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(b)
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Subject to (2A), the Auctioneer may make only one vendor bid at an auction for the sale of residential property or rural land and no other vendor bid may be made by the Auctioneer or any other person.
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(c)
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When making a bid on behalf of the seller or accepting a bid made by or on behalf of the seller, the auctioneer must clearly state that the bid was made by or on behalf of the seller or auctioneer.
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(c)
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Immediately before making a vendor bid the Auctioneer must announce that the bid is made on behalf of the Seller or announce “vendor bid”.
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Clause 2A
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The following conditions, in addition to those in (1) and (2), are prescribed as applicable to and in respect of the sale by auction of co-owned residential property or rural land or the sale of such land by a seller as executor or administrator:
(a)
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more than one vendor bid may be made to purchase the interest of a co-owner.
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(b)
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a bid by or on behalf of an executor or administrator may be made to purchase in that capacity.
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(c)
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before the commencement of the auction, the Auctioneer must announce that bids to purchase the interest of another co-owner or to purchase as executor or administrator may be made by or on behalf of the seller.
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(d)
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before the commencement of the auction, the Auctioneer must announce the bidder registration number of any co-owner, executor or administrator or any person registered to bid on behalf of any co-owner, executor or administrator.
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