Buying on the day
All prospective bidders are required to register their name and address with the auctioneer prior to bidding. They must also bring satisfactory evidence of identity (for example, a driver licence or passport). No bid will be accepted from any unregistered bidder. They must also have the ability to transfer funds on the day.
Frequently asked questions
All registered bidders will be issued with a numbered bidder’s card.
There are many circumstances under which The Public Trustee may be involved with the sale of real estate. Often, the Public Trustee has been appointed executor of an estate and as a part of the distribution of assets to beneficiaries in accordance with the Will, we may be instructed to sell property. In other cases where we may be appointed to administer the financial affairs of a customer it may be necessary to work with the customer to sell the property to enable them to move to more suitable housing.
Yes. All properties sold by the Public Trustee are sold subject to a reserve price. Reserve prices are not disclosed prior to the auction.
The Public Trustee does not permit offers prior to auction. This provides a fair and competitive bidding process for all interested parties and is transparent to sellers and buyers in the market.
Yes. Please have a licensed builder or pest inspector contact the Public Trustee to arrange a mutually convenient time for the inspection to take place.
If you purchase property at a Public Trustee auction, you will be required to sign a cash unconditional contract that is not subject to finance or any other condition including building/pest inspections.
- All prospective bidders are required to register their name and address with the auctioneer prior to bidding. Satisfactory evidence of identity must be provided (drivers licence or passport, etc.). All registered bidders will be issued with a numbered bidder’s card. No bid will be accepted from any unregistered bidder.
- Bidders are responsible for the recognition of their alleged bids (see the Notes at the foot of these conditions) and the highest acknowledged bidder shall purchase subject to reserve being met.
- The Auctioneer shall determine any dispute about any matter concerning the auction, including a bid, in such way as the auctioneer considers appropriate in the auctioneer’s absolute discretion. This may include reopening the bidding at the highest previously accepted bid or accepting another bid as the auctioneer determines.
- No bidder shall advance less than the sum named by the auctioneer.
- No bid may be retracted however the auctioneer may refuse any bid.
- The seller reserves the right to bid in person or by the auctioneer as often as the seller thinks fit and may withdraw the property at any time during the auction.
- Upon the fall of the hammer the successful bidder must execute the Contract of Sale on display at the auction or which has been otherwise confirmed by the Auctioneer as the applicable Contract of Sale and must pay a deposit of 5% of the purchase price (or such lesser sum as the auctioneer or seller may approve) to the stakeholder nominated in the contract. In the event of the buyer failing to sign the Contract of Sale the auctioneer may sign the Contract of Sale on behalf of the successful bidder and the auctioneer’s authority to do so is irrevocable. The auctioneer is authorised to sign the Contract of Sale on behalf of the seller by another authority.
- The auctioneer is not responsible for the correct description, authenticity of, or any fault or defect in the property auctioned and makes no warranties whatsoever.
- If the property is passed in at auction, then the highest bidder has the exclusive right to negotiate until the end of the auction or for any other time period specified by the auctioneer.
- Time is of the essence regarding these conditions.
- No waiver of these conditions will be valid unless given in writing by the auctioneer or the Seller.
- The auctioneer will announce at the auction which of these 2 GST options A or B apply:
- The purchase Price includes any GST payable on the supply of the property to the buyer. In that case the successful buyer’s bid is the GST inclusive price.
- The purchase price does not include any GST payable on the supply of the property to the buyer. In that case the Seller is registered for GST purposes, is required to account for GST in the case of the sale of this property and bids must be made and will only be accepted as GST-inclusive bids. The buyer will be obliged to pay GST in addition to the sale price on the date it pays the balance settlement sum under the contract in exchange for a tax invoice issued by the Seller.
Bidders are requested to position themselves where they can be easily seen by the auctioneer and to bid distinctly. They may interrupt at any time with any reasonable question.
Bids can continue at any time during the call of the auction. ‘Fall of the hammer’ is such method as the auctioneer uses to signify that a property is sold to a bidder.