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Terms & Conduct of Auction

Terms & Conduct of Auction

The property is offered for sale subject to a reserve price, and subject to the reserve price being met, the highest bidder whose bid is accepted by the auctioneer shall be the purchaser.

The auctioneer may nominate the sum by which the bidding can be raised.

The auctioneer may refuse a bid.

The auctioneer or licensed real estate agent acting for the vendor in respect of the sale may submit a bid on behalf of any person. The auctioneer shall identify a person so acting before the commencement of bidding.

The vendor may bid personally, or by a representative, or through the auctioneer, provided that the bid is less than the reserve price.   The auctioneer shall identify each vendor bid as it is made.

The vendor may withdraw the property at any time before it has been sold and without declaring the reserve price.

If any dispute arises concerning any bid, the auctioneer may determine the dispute or re-offer the property at the last undisputed bid.

The purchaser shall immediately on the completion of the auction:

                — Sign the Memorandum of Contract failing which the auctioneer may sign on behalf of the purchaser; and

                — Pay to the vendor’s licensed real estate agent the deposit being 10% of the purchase price unless otherwise agreed; and

                — Complete its GST information in Schedule 1, if applicable.

REINZ Auction Code of Practice

Terms & Conduct of Mortgagee Auctions

This auction is being conducted in accordance with the Particulars and Conditions approved by the mortgagee which have been available for inspection by interested parties at our office during the period leading up to this auction.

A copy of those Particulars and Conditions is now available in the Auction Room with the listing agent. These Particulars and Conditions contain some special provisions which have been included because the vendor is selling under a power of sale that it holds as mortgagee of the property. Whilst these Particulars and Conditions are believed to be normal for mortgagee sales they do nonetheless depart from standard terms and conditions that might otherwise apply.

Prospective purchasers are now advised that if they have not made themselves familiar with those conditions, they should do so immediately, because the successful bidder will be deemed  to have been bidding on the basis of those Particulars and Conditions.

“ASB Bank, Westpac, GE Custodians ANZ and other clients have confirmed that they will not allow any person employed by any Harcourts Franchise or any person effected by Section 134 of the Real Estate Agents Act 2008 to bid on any mortgagee auction when that property has been listed for sale by any franchise member of the Harcourts Group in New Zealand”.