New South Wales Consolidated Acts

PROPERTY AND STOCK AGENTS ACT 2002 - SECT 68

68 Bidders Record

(1) Before residential property or rural land is offered for sale by auction, a record (the
"Bidders Record" ) must be made of the persons who will be entitled to bid at the auction and there must be entered in the Bidders Record in respect of each of those persons--

(a) the relevant details of the person, and

(b) the identifying number allocated to the person for the purposes of identifying the person at the auction, and

(c) such other information as the regulations may require.

(2) The relevant details of a person are--

(a) the person's name and address and the number or other identifier of proof of identity for that person, and

(b) in addition, in the case of a person bidding on behalf of another person, the name and address of that other person and the number or other identifier of proof of identity for that other person.

(3) A real estate agent or stock and station agent engaged to act in respect of the sale of residential property or rural land by auction must make the Bidders Record required by this section for the auction unless some other agent engaged to act in respect of the sale or acting for or on behalf of the auctioneer has made the Bidders Record for the auction.

(4) An agent is to keep a Bidders Record made by the agent for at least 3 years and is to keep all the Bidders Records made by the agent together, in the form of a Register of Bidders Records.

(5) The regulations may make provision for or with respect to--

(a) conferring an entitlement on a seller of residential property to inspect the Bidders Record for the sale of the property, and

(b) the manner and form in which a Bidders Record is to be made and kept, and

(c) requiring other information to be included in the Bidders Record.

: Maximum penalty--100 penalty units.