The property is offered for sale subject to a reserve price, and subject to the reserve price being met, the highest bidder whose bid is accepted by the auctioneer shall be the purchaser.
The auctioneer may nominate the sum by which the bidding can be raised.
The auctioneer may refuse a bid.
The auctioneer or licensed real estate agent acting for the vendor in respect of the sale may submit a bid on behalf of any person. The auctioneer shall identify a person so acting before the commencement of bidding.
The vendor may bid personally, or by a representative, or through the auctioneer, provided that the bid is less than the reserve price. The auctioneer shall identify each vendor bid as it is made.
The vendor may withdraw the property at any time before it has been sold and without declaring the reserve price.
If any dispute arises concerning any bid, the auctioneer may determine the dispute or re-offer the property at the last undisputed bid.
The purchaser shall immediately on the completion of the auction:
— Sign the Memorandum of Contract failing which the auctioneer may sign on behalf of the purchaser; and
— Pay to the vendor’s licensed real estate agent the deposit being 10% of the purchase price unless otherwise agreed; and
— Complete its GST information in Schedule 1, if applicable.