Auctioneer’s authority to sign contracts
The High Court has held that Auctioneers have an unfettered discretion and an irrevocable authority to sign contracts at the conclusion of an auction on behalf of all parties. It follows then that Auctioneers have a duty to ensure auctions are concluded and these duties will come into play in a variety of instances, for example where a purchaser refuses to sign the contract. Of course, just because an auctioneer is permitted to sign does not mean that they should in all cases. Please watch our short video on the scenarios that may arise and the steps that an auctioneer can take in these circumstances.