Belle Property

7 Bidding at auction 7.1 Proxies and representatives at auction If the Proxy Bidder is the successful bidder at auction and the Purchaser is not present to sign the Contract of Sale immediately following the auction, then the Proxy Bidder will be required to sign the Contract of Sale. 7.2 Bidder offers to purchase the Property With each bid at auction, a Bidder makes an unconditional offer to purchase the Property which may be accepted by the Auctioneer. 7.3 Vendor may bid at auction The Auctioneer may make bids on behalf of the Vendor but if the auction is for residential land (as defined in the Land and Business Sale and Conveyancing Act) 1994 the Auctioneer may not make more than 3 such bids and only for amounts below the reserve price. Where a Vendor bid is made by the Auctioneer, the Auctioneer will audibly announce the bid as a “vendor’s bid”. 7.4 Advancement of bids The bidding increments during the course of the auction will be accepted at the discretion of the Auctioneer. 7.5 Auctioneer may refuse any bid The Auctioneer may refuse a bid if of the opinion that it is not in the best interests of the Vendor and will not be obliged to give any reason for doing so. 7.6 Bids are binding A bid accepted by the Auctioneer is binding on the Bidder and may not be withdrawn. 7.7 Disputes concerning bids If there is a dispute concerning bids made at auction (“Dispute”) where the Dispute arises before or after the fall of the hammer or some similar indication that the Property is sold (“Fall of Hammer”), then the Auctioneer will decide the Dispute in a way that he or she deems appropriate. The decision of the Auctioneer is final and gives rise to no claim by any person against another. 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. p. 2 PUBLIC AUCTION OF REAL PROPERTY CONT’D