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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