Bidding at the Auction

When property is being purchased by a Self-Managed Super Fund or a Trustee company, as these are not legal entities, contracts must be signed by an individual as trustee, or the director of a corporate trustee, in their capacity as such, on the trust’s behalf. It is necessary then to have documentation authorising the trustee, or director on behalf of the corporate trustee, to bid at auction.

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Rescission of Contract on Auction Day

The perfect scenario for a Vendor on Auction day would be for them to sell a property to the highest bidder on terms agreeable to both parties, however, purchasers are often quite unprepared for the Auction process. Some will not have a deposit ready on the day, or will request further amendments to the contract. As a consequence auctioneers have been given an unfettered discretion to act in the interests of the Vendor to conclude the sale.

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Authority to sign a contract on behalf of a party

Often a situation will arise whereby all parties who are purchasing a property will not be able to all attend on the date of the auction. When circumstances like this arise, agents need to be aware that a written authority to bid on the property & to sign the contracts on the parties behalf must be obtained and kept as part of the documentation as part of the bidders register.

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