Queensland Consolidated Acts

PROPERTY OCCUPATIONS ACT 2014 - SECT 92

92 Buyer’s premium

(1) This section applies to an auction of goods by an auctioneer.

(2) An auctioneer must not charge the buyer of the goods a buyer’s premium unless—

(a) the auctioneer—

(i) before the auction, obtains the written consent of the owner of the goods; and

(ii) discloses, in the way prescribed under a regulation, that a buyer’s premium is payable on the purchase of the goods; and

(b) the premium is not more than the amount prescribed or worked out under a regulation.

Penalty—

Maximum penalty—200 penalty units.

(3) The auctioneer does not act for the buyer of the goods only because the agent accepts a buyer’s premium from the buyer.

(4) In this section—

"buyer’s premium" means an amount payable to an auctioneer by a buyer on the purchase of goods.

"owner" , of goods, includes a person who is lawfully entitled to sell the goods.