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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Checking Contracts For Sale

When receiving contracts of sale for marketing purposes, agents have a duty to check that the contracts they have received are complete documents and they must not market the property until a complete contract is received. Legislation requires specific documents to be annexed to the contract of sale otherwise the purchaser will have the option to withdraw from the contract within 14 days of exchange.

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