What is a Vendor bid?
It is a bid made on behalf of a vendor (owner) not a buyer.
Who can make a vendor bid?
Only the auctioneer.
Does the auctioneer have to declare a vendor bid when it is used?
How many bids can a vendor make?
What is a reserve price?
The price below which a vendor will not sell. This price may vary.
What does 'passed in' in mean?
The bidding has not reached the vendor's reserve price and the property is not sold.
If the property is 'passed in' on a 'vendor bid', what happens then?
The vendor, via the vendor's agent, is at liberty to negotiate with any genuine buyer.
Do I have to register prior to bidding at an auction?
Yes. If you intend to bid you must register. The auctioneer will not accept any bids from an unregistered bidder.
Do I need to pay a 10% deposit if i buy today?
Yes. Unless prior arrangements are made to pay a lesser amount.
Must I sign the contract on the day of the auction if I buy?
Yes. To buy on the day you must sign a contract and pay a deposit.
Can I 'cool off' if I buy under auction conditions?
No. The law does not allow you to cool off if you buy under auction conditions.