New South Wales Consolidated Regulations

PROPERTY AND STOCK AGENTS REGULATION 2014 - REG 12

12 Making the Bidders Record

(1) The Bidders Record for an auction of property that is made and kept for the purposes of section 68 of the Act must--

(a) be in the English language, and

(b) record the date and place of the auction, and

(c) record the address of the property, and

(d) record the name and licence number of the auctioneer conducting the auction, and

(e) record the name of the owner of the property at the time of the auction, and

(f) record the name and licence number of the selling agent for the auction, and

(g) if the property is sold at the auction, indicate which of the persons named in the Bidders Record is the successful bidder and the sale price, and

(h) if the property is not sold at the auction, record the highest bid accepted, and the vendor bid (if any), at the auction.

Note : A Bidders Record made by a licensee is one of the licensee's records for the purposes of Part 8 (Records) of the Act and is to be kept by the licensee. There are no restrictions on the technology that can be used to make and keep a Bidders Record. A Bidders Record can be made and kept on paper or by electronic means.

(2) If a person who is registering to bid on behalf of another person will be bidding for the other person as a buyer's agent--

(a) the Bidders Record must also record the agent's licence number, and

(b) the Bidders Record may record the address of the agent's registered office as the agent's address.

(3) If a person is registering to bid on behalf of a body corporate--

(a) there is an exemption from the requirement under section 68 (2) of the Act that the relevant details of the person bidding include the number or other identifier of proof of identity of the body corporate as referred to in section 68 (2) (b) of the Act, and

(b) there is an exemption from the requirement under section 69 (1) (b) of the Act that the letter of authority to bid on behalf of a body corporate specify the number or other identifier of proof of identity for the body corporate if the letter of authority specifies the Australian Business Number of the body corporate.

(4) If a person who is registering to bid on behalf of another person will be bidding for the other person under a power of attorney, there is an exemption from the requirement under section 68 (2) of the Act that the relevant details of the person bidding include details of the other person as specified in section 68 (2) (b) of the Act.

(5) If a person who is registering to bid on behalf of another person will be bidding in the capacity of a buyer's agent, there is an exemption from section 69 (1) (b) of the Act if details of the person on behalf of whom the agent is to bid are established by the production of a copy of the agency agreement pursuant to which the agent will be bidding.

(6) An entry in a Bidders Record may only be made by the agent who makes the Bidders Record or by an employee of that agent acting on behalf of the agent. An agent who makes a Bidders Record must not permit a person to make an entry in the Bidders Record unless the person is authorised by this subclause to make the entry.

: Maximum penalty--

(a) 40 penalty units in the case of a corporation, or

(b) 20 penalty units in any other case.

(7) If more than one property is to be offered for sale at an auction sale, a single Bidders Record may be made so as to apply to more than one (or all) of the properties to be offered so that the required details of a person who will be entitled to bid at the auction of any of the properties concerned need only be entered in the Bidders Record once, but without otherwise affecting the requirement for the separate recording in respect of each of those properties of the details required by subclauses (1) and (2).

Note : When an auction involves a number of properties and a number of different licensees, subclause (7) gives the licensees concerned the option of each making a separate Bidders Record for the properties the licensee is auctioning or relying on a single Bidders Record made by or on behalf of the auctioneer for all of the properties to be auctioned.