REIQ Best Practice Guidelines v03.23 - Flipbook - Page 33
10. AUTHORITY TO BID
13. AUCTIONEER STATEMENT
(a) If a person is bidding on behalf of another
person, they must provide the Member
Auctioneer an executed Letter of Authority on
behalf of another person when they register to
bid that contains:
i. details of the person who is the buyer;
ii. the person who is the registered bidder;
and
iii. whether they are a buyer’s agent.
(b) If a person intends to bid at an auction by
telephone, they must identify this in the Letter
of Authority when they register to bid.
Prior to commencing an auction, Member
Auctioneers should announce the following
information:
(a) a statement identifying the property being
sold, by its physical address and legal
description;
(b) that the Member Auctioneer will only accept
bids from registered bidders;
(c) the unconditional nature of the auction;
(d) that there is no cooling-off period for the
contract of sale;
11. AUCTIONEER IDENTIFICATION
(a) Member Auctioneers must identify themselves
to the persons attending an auction by
erecting a sign with the Member Auctioneer’s
name in a clear, legible manner and located in
a conspicuous position either by the entrance
of the property or at an obvious position at the
location of the auction33.
(b) If it is not possible to do so acting reasonably,
such as due to weather conditions, the
Member Auctioneer may announce their name
at the start of the auction.
12. DISPLAYING CONDITIONS OF SALE
Member Auctioneers must make the Conditions of
Sale of the Property by Auction available to the
prospective buyers for inspection prior to the
auction.
(f) if the contract contains special conditions,
setting out what the special conditions are;
(g) that the successful bidder must enter a
contract of sale and will likely be required to
pay the deposit immediately after the auction;
(h) if GST is applicable to the price and whether
the price stated is GST inclusive or exclusive;
(i) the amount of deposit required and when it will
be payable;
(j) any material facts or disclosure that the Client
is required to give a buyer prior to a contract
of sale being entered; and
(k) if there is any other information the Member
Auctioneer reasonably considers it should
provide to the registered bidders prior to the
commencement of the auction in order to
facilitate a successful auction.
Conditions for Sale
Available in Realworks
33
(e) that the contract of sale will not be conditional
on finance approval or a building and pest
inspection;
Property Occupations Regulation 2014, s 9
REIQ BEST PRACTICE GUIDELINES
V08.23
33