Conditions of Sale by Auction - AUNSWREPS021

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BLACK = Old Item/Clause  | RED = New Item/Clause | BLUE = Comments About Change (Not Part of Form) | STRIKEOUT = Wording Deleted

 

11 Jun 2015 v1.3

Copyright statement updated.

 

03 Sep 2014 v1.2

Additions / Changes:

 

Changes made due to the release of the Property, Stock and Business Agents Regulations 2014.

 

08 Mar 2007 v1.1

Additions / Changes:


Clause 2

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)


All bidders must be registered in the Bidders Record and display an identifying number when making a bid.

(b)


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.

(b)


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.

(c)


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.

(c)


Immediately before making a vendor bid the Auctioneer must announce that the bid is made on behalf of the Seller or announce “vendor bid”.


Clause 2A

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)


more than one vendor bid may be made to purchase the interest of a co-owner.

(b)


a bid by or on behalf of an executor or administrator may be made to purchase in that capacity.

(c)


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.

(d)


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.