Can someone bid on your behalf at an auction Victoria?
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If you want someone else to bid on your behalf, they must give the auctioneer written authority from you before the auction starts. The letter must include your name, address and details of proof of identity, such as your driver’s licence or passport.
What legislation outlines the laws around auctions and auction processes for Victoria?
The auction rules and an information sheet that explains auction laws in Victoria must be displayed for at least 30 minutes before the auction starts. The rules and information sheet are set out in the Schedules to the Sale of Land (Public Auctions) Regulations 2014, which also sets out what the auctioneer must say.
Which legislation covers auctions in Victoria?
The information in this document is only intended as a brief summary of the law that applies to public auctions of land in Victoria. Most of the laws referred to in this document can be found in the Sale of Land Act 1962 or the Sale of Land (Public Auctions) Regulations 2014.
Can you pull out of an auction purchase?
Buyers can pull out after an auction, but it comes with heavy penalties. This is because they’ll be in breach of contract. They’ll lose the deposit they paid (which is normally 10% of the purchase price), and may be liable for additional costs too such as the seller’s fees, and other penalties.
Do you have to register for auction in Victoria?
Victoria is one of the few states where there’s no requirement for homebuyers to register to bid at an auction. Instead, they can just rock up and throw up their hand — no numbered paddle required.
Do you have to register to bid at auction in Victoria?
Is an auction legally binding?
Is a property auction legally binding? Property auctions are legally binding from the moment the gavel falls. At this point the property officially exchanges, and the buyer and seller are legally committed to completing the purchase. However, you can retract a bid before the hammer falls.
Can seller pull out of auction sale?
In most cases you cannot get out of an auction contract. However, if the seller has made misrepresentations about the property then you may have a legal claim against them. This could get you out of an auction contract.
Should registered bidding be required at Victorian auctions?
Experts have weighed in on whether registered bidding should be required at Victorian auctions. Picture: Nicki Connolly Victoria is one of the few states where there’s no requirement for homebuyers to register to bid at an auction. Instead, they can just rock up and throw up their hand — no numbered paddle required.
What are the rules of an auction?
There are strict rules about how an auctioneer runs an auction, and how people attending the auction must behave. The auction rules and the auction information statement outlining Victoria’s auction laws, must be on display: for at least 30 minutes before an auction starts.
Do you need a paddle to bid at an Victoria auction?
Victoria is one of the few states where there’s no requirement for homebuyers to register to bid at an auction. Instead, they can just rock up and throw up their hand — no numbered paddle required.
Who is the senior auctioneer for the REIV?
Latest news from the REIV. REIV Senior Auctioneer of the Year Paul Tzamalis has sold a lot of properties in his 10-year career, but none more important than the Good Friday Appeal Charity Home. Find out the latest updates on restrictions and operating in a COVIDSafe manner in the real estate sector.