When you buy a property at Auction it is easy to get carried away in the excitement of the moment and pay more than you intended to.

If you are successful at Auction you are required to pay the required deposit (usually 10%) and you become bound by the Contract and liable to forfeit the full deposit if you do not Settle on time.

You do not get the usual benefit of a “cooling off” period during which you can conduct enquiries in relation to the property, organize your finance and arrange Pest and Building or Strata Inspection Reports.

 

Urgent Contract Advice for Auctions

If you wish to buy a property at Auction, Platinum Property Law can review the Contract for you to:

(a) explain the terms to you; and

(b) arrange any necessary amendments with the Sellers’s conveyancer, so that

you buy the property under terms favourable to you

eg. you may want to pay a 5% rather than the standard 10% deposit, or you may want a

delayed Settlement, or early access to the property.

 

We also advise you of the other requirements that apply before buying at Auction such as:

• having your finance unconditionally approved; and
• doing Pest and Building or Strata Inspections. We can put you in touch with the people that we use.

You need to have everything organised before bidding at Auction to make sure that your interests are fully protected.

We know the property business inside out. We are your one-stop conveyancing and lease shop.

If you have any questions on the Auction of a property please call Property Platinum Law.

For More Information Call Us Now On : 02 9627 7400