New South Wales Consolidated Regulations

PROPERTY AND STOCK AGENTS REGULATION 2022 - REG 14

14 Making Bidders Records--the Act, s 68

(1) The Bidders Record for an auction of property must record the following--

(a) the date and place of the auction,

(b) the address of the property,

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

(d) the name of the owner of the property at the time of the auction,

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

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

(g) if the property is not sold at the auction--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 Act, Part 8.

(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, the Bidders Record--

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

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

(3) An agent who makes a Bidders Record must ensure only the following persons make entries in the Bidder's Record--

(a) the agent who makes the Bidders Record,

(b) an employee of the agent acting on behalf of the agent.

: Maximum penalty--

(a) for a corporation--40 penalty units, or

(b) otherwise--20 penalty units.

(4) If more than 1 property is to be offered for sale at an auction sale, a single Bidders Record may be made to apply to 2 or more of the properties to be offered for sale.

(5) If a single Bidders Record is made to apply to 2 or more properties--

(a) the details of a person who will be entitled to bid at the auction of any of the properties are only required to be entered in the Bidders Record once, and

(b) the details required by subsections (1) and (2) must be recorded separately in relation to each of the properties in the Bidders Record.