BUYER INFORMATION BUYERS GUIDE TO AUCTION | Page 6

SOLD, and you’re the
successful bidder.
If your bid is the highest accepted and it is at or above
the reserve price - congratulations, you are the winner!
Now, to formalise this you:
• will be asked to immediately sign the contract.
• cannot make the contract subject to conditions and there is
no cooling-off period.
• sign the contract before the vendor to make your formal offer
to buy the property. The vendor accepts your offer by also
signing the contract.
• have to pay the deposit specified in the contract (unless
otherwise agreed).
Note: You cannot change the settlement terms unless
approved by the vendor prior to the Auction.
When you and the vendor have signed the contract and the
deposit has been paid, the sale is binding and enforceable.
The sale is finalised at settlement when:
• all checks have been made.
• the title and transfer documents have been exchanged.
• balance of the purchase price has been paid.