Friday 17 September 2021 from 9am

Hours
Minutes
Seconds
LIVE ON RADIO 4CRB:
The legalities of COVID-19
Featuring: Legal Practice Director, Jeff Garrett

Going, Going, Gone. At Auction, It’s A Case of Buyer Beware.

News

By Barry van Heerden

We all know an auction can be an exciting yet stressful time, but what happens when you are the successful bidder and it appears the property is not what you thought it would be prior to the auction.

When a property is sold at auction, the Purchaser is deemed to have undertaken all of his/her due diligence prior to the auction.  The old saying “Buyer beware” is specifically very true when you buy at auction.

If any special arrangements have been made with either the Vendor or Auctioneer/Agent on behalf of the Vendor prior to the auction day, you need to confirm these by way of added special conditions to the contract.  This ensures that everyone bidding is given the same opportunities and also ensures a smoother transaction later.

If the arrangements are not confirmed by way of special conditions and you are the successful bidder, the Vendor does not have any legal obligation to honour anything that was agreed prior to auction.  In some instances, a Vendor may honour an arrangement from a moral point of view but this is not guaranteed.

When buying at auction the parties are bound only by the terms and conditions in the Contract at the fall of the hammer.  It will be too late to argue the Vendor has “promised” (and this is usually via the agent) to repair for example the solar system.

Parties should be careful in buying at auction and should get proper legal advice before the auction to protect their rights. Our property lawyers will be able to assist potential buyers before an auction with the appropriate advice.

For free, no obligation advice, please contact Attwood Marshall Lawyers today on 1800 621 071 or email us at info@attwoodmarshall.com.au

Share this article

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on print
Print
Share on email
Email

Contact the author

Download a Brochure

Please enter your details below and
a link will be emailed to you
Download Form

Compensation Law

Select your state