SALE OF LAND (PUBLIC AUCTIONS) REGULATIONS 2014
SCHEDULE 1 - GENERAL RULES FOR THE CONDUCT OF PUBLIC AUCTIONS OF LAND
- The auctioneer may make one or more bids on behalf of the vendor of the land at any time during the auction.
- The auctioneer may refuse any bid.
- The auctioneer may determine the amount by which the bidding is to be advanced.
- The auctioneer may withdraw the property from sale at any time.
- The auctioneer may refer a bid to the vendor at any time before the conclusion of the auction.
- 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.
- The auctioneer must not accept any bid or offer for a property that is made after the property has been knocked down to the successful bidder, unless the vendor or successful bidder at the auction refuses to sign the contract of sale following the auction.
- 8. If a reserve price has been set for the property and the property is passed in below that reserve price, the vendor will first negotiate with the highest bidder for the purchase of the property.