Spring Real Estate Auction time is heating up! With the real estate spring auction period heating did you know you can negotiate changes to the contract for sale before the auction?
At an Auction sale –
- Bidders must be registered;
- Exchange of contracts occurs when the Auctioneer’s hammer falls to the highest bidder;
- The purchaser must then sign the contract and pay the 10% deposit at the auction;
- The purchaser will not have any cooling off rights under the contract and the contract will be what is known as an unconditional contract.
Before the auction, you should –
- See your solicitor to ge a copy of the sale contract so the solicitor can make sure your interests will be protected;
- Discuss with your solicitor any changes that might be needed to the Contract (eg. extend or shorten the date for settlement, pay less than a 10% deposit on exchange of contracts, or any other things that you might wish to have changed);
- Ask your solicitor to arrange for any Pest or Building Inspection Reports;
- Get something in writing to confirm your loan has been approved.
You should always get expert advice from an experienced Conveyancing Solicitor to make sure you know where you stand. At Brazel Moore Lawyers we have over 32 years experience looking after the legal needs of people just like you, so contact Geoff Brazel on (02) 4324 7699 for a no obligation chat about your sale or purchase.