Belle Property

7.8 Selection of the Purchaser and determination of the purchase price A person accepted by the Auctioneer as having made the highest bid at or above the Reserve Price will be the Purchaser (“Purchaser”) and that bid will be the purchase price (“Purchase Price”). The Auctioneer will not accept a bid made after the fall of the Auctioneer’s hammer. 7.9 The Purchaser must pay the deposit and sign the contract Subject to the determination of any Dispute, unless otherwise agreed in writing and advised before commencement of the auction, the Purchaser, upon being acknowledged by the Auctioneer as the Purchaser must: 7.9.1 immediately complete all necessary details required by the Auctioneer to enter into a contract for the sale and purchase of the Property in the form of contract that is displayed by the Auctioneer at the auction (“Contract”); and 7.9.2 immediately pay to the Auctioneer a deposit equal to ten percent (10%) of the Purchase Price; and 7.9.3 complete the purchase of the Property in accordance with the terms and conditions contained in the Contract for the Purchase Price. 8 Auctioneer may sign the Contract The Auctioneer will have irrevocable authority, after the fall of the Auctioneer’s hammer, to complete and sign the contract on behalf of the Purchaser or the Vendor, or both. Completion and signing under the Auctioneer’s authority will be at the Auctioneer’s discretion in the event of a breach by the Purchaser of any of the conditions of the auction. The party for whom the Auctioneer has signed the Contract is bound by the Contract. 9 Variations of Terms before Auction Where the Vendor has agreed in writing with a bidder to vary these Terms or other Conditions, before the Auction, then those variations will apply to that Bidder only. Terms and Conditions p. 3 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. PUBLIC AUCTION OF REAL PROPERTY CONT’D