Belle Property

Prescribed conditions of sale by auction 1 The Auctioneer presents the Property for sale by auction The Auctioneer, as authorised by the Agent acting for the Vendor, presents the Property for sale by auction on behalf of the Vendor. An offer to purchase the Property may be made by any person present in person or by proxy or representative (“Bidder”) by making a bid at auction, subject to these Terms. 2 Bidders are bound by these Terms By bidding at auction, a Bidder agrees to be bound by these Terms. 3 Vendor’s reserve price 3.1 The Vendor’s reserve price (“Reserve Price”) will be as recorded in the Auction Record. 3.2 In the event that the Reserve Price is not reached at auction, the Auctioneer and/or the Agent shall attempt to negotiate immediately with the highest Bidder to sell the property and if no agreement is reached, the Auctioneer and/or Agent will attempt to negotiate with other Bidders and then with any other interested parties. 4 Vendor may withdraw the Property from sale The Vendor may at any time before the Property is sold at auction: 4.1 withdraw the Property from sale; or 4.2 consolidate, divide, or otherwise alter the organisation or arrangement of the Property in any way deemed convenient by the Auctioneer. 5 Cooling-off rights do not apply Cooling-off rights under section 5 of the Land and Business (Sale and Conveyancing) Act 1994 do not apply to a sale by auction or a sale on the day of auction to a person who has made a bid at the auction (whether in person or by their proxy or representative). 6 Registration of Bidders (Residential land only) 6.1 To make a bid at an auction for residential land (as defined in the Land and Business (Sale and Conveyancing) Act 1994), a person must be registered in the bidders register. 6.2 To be entered in the bidders register, the person must satisfy the Agent as to the person’s identity through providing proof of identity in the required form (through the provision of a driver’s licence, passport, credit/debit card, utilities account or similar documentation). 6.3 Where a person intends to bid on the property as a proxy or representative of another person (“Proxy Bidder”), the person intending to bid must produce a signed authority from the other person or entity authorising them to bid on their behalf. 6.4 A person making a bid must do so by displaying their bidding number, obtained through the Bidder registration process. p. 1 PUBLIC AUCTION OF REAL PROPERTY Terms and Conditions For the exclusive use of Members of the Real Estate Institute of South Australia Incorporated and Members of the Society of Auctioneers and Appraisers (SA) Inc.