RWTE Online Auction Event - 9th May 2024

B U Y I N G A T

A U C T I O N

Auction is the most transparent way to purchase property, some of the benefits when you choose to buy at Auction include:

You may encounter less competition for the property

If a buyer is in a position to purchase at Auction, they may actually find they have less competition than if they seek to purchase priced property This is because some buyers are not in a position to buy under the cash-unconditional terms of an Auction

If a property is "passed in" at Auction (does not sell), often several buyers come forward afterwards seeking to buy with a range of special conditions attached to their offer eg finance approval, building and pest inspections etc. This then places buyers in competition with each other post-Auction Some buyers have secured excellent value at Auction simply because a cash-unconditional contract was a high priority for the seller who chose to take the highest offer under Auction conditions rather than considering conditional offers afterwards

Competition at an Auction is transparent

Property transactions are a process of negotiation and buying at Auction is no different If you wish to alter the terms of settlement, deposit, inclusions or conditions of the contract of sale, just speak to the Listing Agent However, ensure you do not wait until Auction Day as this may be too late, these conditions must be agreed upon by the vendor prior to you commencing bidding Although you are at liberty to request variations you may not always get your way, especially if there is strong interest in the property If your conditions are not agreed upon prior to Auction do not be deterred If the property is not sold at auction the vendor is often more receptive to conditional offers subsequent to the day Just as there are benefits to a seller who chooses to market their property by auction, astute buyers may also benefit by the process With an Auction, offers and negotiations are public - out in the open With a private treaty sale (sale by price), if two or more buyers want the same property at the same time, it is standard practice that each buyer will not be aware of the offer being made by other buyers, meaning all competing buyers are "shooting in the dark" At Auction all offers are made publicly (in the form of bids) and a buyer can choose to increase their offer only as much as they want to pay above the last highest offer This buyer is free to withdraw from the bidding any time they feel the price has gone beyond the figure they are prepared to pay

Things to consider

The real estate agent can give you a copy of the terms and conditions before the auction date Remember, when buying at Auction there is no cooling- off period You need to view the property and do all the necessary checks before bidding Getting an independent professional valuation is also a good idea. If you are the successful bidder at the Auction, you will have to settle the contract even if the house is defective or you can't afford it

The terms of a residential auction sale usually require the buyer to bid on an unconditional basis. This means you cannot have any special conditions such as a finance clause or subject to the completion of another sale

Before the Auction, make sure you:

Inspect the property

Do all the necessary checks such as a building and pest inspection

Arrange your finance, keeping in mind the repayments you can afford now and if interest rates go up

Do your own research of the market

Set a budget and stick to it

Ask the agent how much is needed for the deposit and how you need to pay it on the day

Get a copy of the contract and think about getting legal advice about the terms and conditions of the Auction to ensure you understand what you will be bound buy if you are the successful bidder

BUYING AT AUCTION Scan to watch

C O N T I N U E D . . .

Registering for an Online Auction

Enjoy a simple & stress-free registration process with our interactive online registration form. Simply scan the below QR code or insert rwte.auction/BiddersRegistration into your web browser to begin your registration process When registering, please keep the below important points in mind

REGISTERING TO BID Scan Here

Keep in mind

Every individual who would like to appear on the contract of sale will need to register If you are successful, the name you register with will be placed on the contract of sale

Please be sure to include middle names (if applicable). If you would like to purchase the property in a company name, simply insert the company name when prompted on your registration form

Please include a copy of BOTH SIDES of your ID & ensure the address on your ID matches the address you provide It is imperative that you provide details of your selected solicitor where prompted as we will need to write this on the contract of sale Please refrain from submitting your registration until you have your solicitor's details

The registration form MUST be signed by those registering If you submit an unsigned registration form you will be asked to resubmit the form Any bidder who has an unsigned registration form on auction night will not be allowed to bid

If for any reason our team requests extra information from you, the sales agent will reach out to you via phone or email Please ensure you are prompt with your response

Our Online Auctions give our buyers the advantage of being able to bid from anywhere in the world This is done by assigning you one of our friendly property consultants, who will bid on your behalf via telephone on Auction night

Once you have successfully submitted your registration, your assigned property consultant will be in touch to introduce themselves and answer any questions you may have This agent will be your point of contact herein It is important you discuss your bidding strategy prior to Auction so that your agent is on the same page

What happens next

On the Day

On the day get a copy of the terms and conditions of the Auction before the Auction begins, these should be read out to prospective bidders before the Auction starts

Check with your bidding agent and make sure there are no changes to any contract you may have already been given You can also ask questions about the property before the bidding starts

When the Auction commences, your assigned property consultant will call you and keep you on the line As you watch the Auction live on your device, you will need to be on the phone with this agent at the same time When you wish to make a bid, tell your agent, and he/she will place the bid on your behalf

Set a budget before the Auction and stick to it If you are the highest bidder and the successful buyer, the Auctioneer will sign the Contract of Sale on your behalf RWTE will then provide the trust account details so you can pay the deposit in accordance with the contract terms A receipt of payment must be emailed to courtney tymon@raywhite com & caroline tymon@raywhite com by 11pm that day

There are serious legal ramifications if you cannot settle whether you had a loan approved or access to the money, or you may be asked to pay for the cost of reauctioning the property and any shortfall between your offer and the offer received at the next Auction

If you are the highest bidder and the property doesn't reach the reserve price, you have first right to negotiate after Auction If you agree to accept a contract after Auction, you do have the five-day cooling-off period protection

Vendor Bids

In Queensland, Auctioneers are allowed to accept 'vendor' (seller) bids up to the reserve price The property is then 'on the market' Vendor bids must be announced in the conditions of sale at the beginning of the Auction

It is illegal for Auctioneers to make "dummy bidding" or take false bids once the property is on the market and any bid where there is no genuine bidder is a false bid The Auctioneer reserves the right to bid on behalf of or accept bids from the owners of the property.

C O N T I N U E D . . .

Livestreaming

Live streaming an Auction is a wonderfully simple and userfriendly experience. First, you will need to make sure you have the Auction bidding link ready to go on your laptop/computer/iPad Please see the Auction bidding link - rwte.auction/LIVEalternatively you may scan the QR Code

This Bidding Link will not go live until Auction Day We recommend you click on this 15 minutes prior to the Auction commencing to make sure you are logged in and ready

Then, simply register your name & email and click the submit button You will be redirected to our live-stream network Please do not watch the Auction on your phone You will need to leave your phone free for possible conversations with the Auctioneer or Agent throughout.

There is a 5-10 second delay in the live stream We recommend muting your live-stream device to avoid confusion when bidding on the phone with our agents

19 CREST DRIVE

entertainer retains its timeless period appeal Open to the North and flooded with natural light, this incredible threelevel residence showcases bold contemporary interiors

SETTLEMENT:

DEPOSIT:

1. Any person intending to bid must register before making a bid, and upon making a bid the bidder must clearly display the bidder number assigned to them by the auctioneer as bids will only be accepted from registered bidders

2. The highest approved bidder shall be the Buyer subject to the Seller's approval and the reserve price, if any

3 The Auctioneer may at his discretion refuse to accept any bid from any person, and no bid if accepted may be retracted without the consent of the Auctioneer No bidder shall advance a less sum or percentage at any bidding than the Auctioneer is willing to accept

4. A bid shall be deemed to be accepted unless the Auctioneer forthwith after it has been made declares his non-acceptance or dissent

5 If any dispute or difference shall arise as to the highest bidder the Auctioneer may reopen the bidding and resubmit the property commencing with the highest amount previously bid for the same or he may decide on the highest bidder in such other manner as he in his absolute discretion shall deem fit and his decision shall be final

6. Immediately upon the fall of the hammer the bidder of the highest bid accepted shall sign these conditions of sale and purchase and forthwith pay the deposit required and shall thereupon be deemed to be the Buyer, otherwise the property may be resubmitted at his or her risk and expense or submitted afresh to Public Auction as if the property had never before been submitted

7 The right to bid by or on behalf of the Seller is expressly reserved

8. The Seller and the Buyer agree to do all necessary acts and to sign all documents and papers for the purpose of transferring the property to the Buyer They also appoint the Auctioneer as their Agent and grant him an irrevocable authority to sign all documents and papers necessary to form the agreement for sale and purchase of the property

9 A bidder shall be deemed to be acting on their own behalf unless, prior to bidding he/she has given the Auctioneer a copy of a written authority to bid for, or on behalf of, another person

10. The conditions then to apply are as contained in the Real Estate Institute’s copyright form of Contract and Terms of Contract for Houses and Land Eleventh Edition, Units and Townhouses Seventh edition, and/or any other contract of sale that has been on display prior to auction Clause 3, the finance clause, does not apply and Clause 4, the Building or Buyers Inspection Clause does not apply All bidders at this Auction and, more particularly, the successful bidder shall be deemed to have been given, and to have read and acknowledged the 'Contract Warning' and the 'Disclosure Statement' under the Body Corporate and Community Management act 1997 which are annexed to the contract of sale by virtue of the fact that they have been on display prior to this Auction

N.B: IN ACCORDANCE WITH THE TERMS OF AUCTION NO COOLING OFF PERIOD WILL APPLY

The auctioneer may, at his/her discretion during the in-room auctions, elect to pause an auction and continue in the order All auctions will be re-opened to the public and either sold or passed in, prior to the closing of the auctions

1. The vendor’s reserve price must be given in writing to the auctioneer before the auction commences

2. A bid for the vendor cannot be made unless the auctioneer has, before the commencement of the auction, announced clearly and precisely that a bid may be made on behalf of the vendor by the auctioneer

3. The highest bidder is the purchaser, subject to any reserve price

4. In the event of a disputed bid, the auctioneer is the sole arbiter and the auctioneer’s decision is final

5. The auctioneer may refuse to accept any bid that, in the auctioneer’s opinion, is not in the best interests of the vendor

6. A bidder is taken to be a principal unless, before bidding, the bidder has given to the auctioneer a copy of a written authority to bid for or on behalf of another person.

7. A bid cannot be made or accepted after the fall of the hammer

8. As soon as practicable after the fall of the hammer the purchaser is to sign the agreement (if any) for sale.

9. All bidders must be registered in the Bidders Record and display an identifying number when making a bid

10. One bid only may be made on behalf of the vendor by the auctioneer on behalf of the vendor

11. When making a bid on behalf of the vendor, the auctioneer must clearly state that the bid was made on behalf of the vendor

12. Bidding by a co-owner or executor must be identified in the auction conditions