Victorian Numbered Regulations

SALE OF LAND REGULATIONS 2005 (SR NO 28 OF 2005) - SCHEDULE 2

SCHEDULE 2

Sch. 2

Regulations 5, 6, 7

RULES FOR THE CONDUCT OF PUBLIC AUCTIONS OF LAND—ONE VENDOR INTENDS TO BID TO PURCHASE

1.     The property at this auction is co-owned by two vendors.

One of the vendors intends to bid to purchase the property at this auction from their co-owner. That vendor may make bids personally, or through a representative, but not through the auctioneer.

Only the auctioneer can make a bid for the other vendor.

2.         The auctioneer may refuse any bid.
3.     The auctioneer may determine the amount by which the bidding is to be advanced.
4.     The auctioneer may withdraw the property from sale at any time.
5.     The auctioneer may refer a bid to the vendors at any time before the conclusion of the auction.
6.     In the event of a dispute concerning a bid, the auctioneer may re-submit the property for sale at the last undisputed bid or start the bidding again.
7.     If a reserve price has been set for the property and the property is passed in below that reserve price, the vendors will first negotiate with the highest bidder for the purchase of the property.

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