It is not uncommon for buyers to undertake independent due diligence investigations in relation to a property they intend bidding on prior to an Auction.
Legislation requires that all persons bidding at an Auction must provide their names, photo identification eg; drivers licence or passport, or other proof of identity & address to the Auctioneer prior to the Auction in order for the bids to be accepted.
Your personal information can only be disclosed upon demand by an inspector of the court or, the Auctioneer may disclose the highest bidder name to the seller should it be necessary for negotiating the sale of the property after the Auction.
If you are bidding for another person or a company, you need to show the Agent a letter of authority authorising you to bid on their behalf. This also applies if you are bidding on behalf of someone on the telephone.
If you are bidding for another person the letter of authority must include the person’s name, address and
the number on their proof of identity (eg. driver’s licence).The -Auctioneers can supply letter of Authority
If you are bidding for a company the letter of authority must be on the company letterhead and the ABN will be recorded in the Bidders Record as the company’s proof of identity.
The agent will write your name, address and the number of your proof of identity in the Bidders Record and, if you are bidding for someone else or a company, their name, address and proof of identity details. The agent will then give you your bidder’s number, which must be displayed when you bid.
Many Auctions are conducted under REIQ Conditions of sale. Be sure to read and pay extra attention to any “special conditions” The auctioneer will have these conditions on display before and during the Auction
If you are the successful bidder, you must sign the sale contract and pay a deposit on the spot.
After the exchange of contracts, your solicitor or conveyancer will carry out various searches on the property. Your solicitor and the seller’s legal representative will then arrange for settlement at which time you must pay the balance of the purchase price.
Property Occupation’s Act 2014 (amongst other Acts) regulates the activities, licensing and conduct of Real Estate Agents and Auctioneers, to protect consumers against particular undesirable practices. Real Estate Agents and Auctioneers are governed by this Act and Code of Conduct.
Office of Fair Trading; www.fairtrading.qld.gov.au