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PROPERTY AND STOCK AGENTS REGULATION 2014 - REG 15
Conditions of sale by auction
15 Conditions of sale by auction
(1) The following conditions are prescribed as applicable to and in respect of
the sale by auction of land or livestock-- (a) The vendor's reserve price must
be given in writing to the auctioneer before the auction commences (but not if
the auction relates solely to livestock).
(b) A bid for the vendor cannot be
made unless the auctioneer has, before the commencement of the auction,
announced clearly and precisely the number of bids that may be made by or on
behalf of the vendor.
(c) The highest bidder is the purchaser, subject to any
reserve price.
(d) In the event of a disputed bid, the auctioneer is the sole
arbitrator and the auctioneer's decision is final.
(e) The auctioneer may
refuse to accept any bid that, in the auctioneer's opinion, is not in the best
interests of the vendor.
(f) A bidder is taken to be bidding on the bidder's
own behalf 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.
(g) A
bid cannot be made or accepted after the fall of the hammer.
(h) As soon as
practicable after the fall of the hammer the purchaser is to sign the
agreement (if any) for sale.
(2) The following conditions, in addition to
those prescribed by subclause (1), are prescribed as applicable to and in
respect of the sale by auction of residential property or rural land-- (a) All
bidders must be registered in the Bidders Record and display an identifying
number when making a bid.
(b) Subject to subclause (3), the auctioneer may
make only one vendor bid at an auction for the sale of residential property or
rural land and no other vendor bid may be made by the auctioneer or any other
person.
(c) Immediately before making a vendor bid the auctioneer must announce that
the bid is made on behalf of the seller or announce "vendor bid".
(3) The
following conditions, in addition to those prescribed by subclauses (1) and
(2), are prescribed as applicable to and in respect of the sale by auction of
co-owned residential property or rural land or the sale of such land by a
seller as executor or administrator-- (a) More than one vendor bid may be made
to purchase the interest of a co-owner.
(b) A bid by or on behalf of an
executor or administrator may be made to purchase in that capacity.
(c)
Before the commencement of the auction, the auctioneer must announce that bids
to purchase the interest of another co-owner or to purchase as executor or
administrator may be made by or on behalf of the seller.
(d) Before the
commencement of the auction, the auctioneer must announce the bidder
registration number of any co-owner, executor or administrator or any person
registered to bid on behalf of any co-owner, executor or administrator.
(4)
The following condition, in addition to those prescribed by subclause (1), is
prescribed as applicable to and in respect of the sale by auction of
livestock-- The purchaser of livestock must pay the stock and station agent
who conducted the auction (or under whose immediate and direct supervision the
auction was conducted) or the vendor the full amount of the purchase price--
(a) if that amount can reasonably be determined immediately after the fall of
the hammer--before the close of the next business day following the auction,
or
(b) if that amount cannot reasonably be determined immediately after the
fall of the hammer--before the close of the next business day following
determination of that amount,
unless some other time for payment is specified
in a written agreement between the purchaser and the agent or the purchaser
and the vendor made before the fall of the hammer.
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