Auctions are now becoming a more popular method of selling property. However, vendors have a lot to consider before agreeing to go to auction. For example, vendors need to determine a reserve price, bidding increments and what happens if the reserve price is not met. Before the auction, the real estate agent will usually prepare the “Particulars and Conditions of Sale” (which, once signed, becomes the agreement for sale and purchase of the property). It is advisable to have a

Auctions are now becoming a more popular method of selling property. Purchasing a property through auction is a little different to purchasing through other methods and purchasers have a lot to consider. Sales by auction are unconditional. Once the hammer falls and the agreement is signed, both the buyer and seller are legally obligated to complete the purchase. Buyers considering purchasing a property at an auction should do their homework and conduct their own due diligence