There is NO cooling off period for properties sold at Auction (or on that same day if the property is passed in).

If you are the successful bidder, you must pay the 10% deposit and will be entering into a binding and unconditional contract (i.e. Contract is not subject to finance approval) regardless of whether you read or understood the terms of the Contract.

As a result, the review of the Contract, due diligence and all negotiations must take place in the days before Auction. 

The most essential stage for any purchase is the review of the Contract. The review of the Contract is required to identify any issues and unfavourable terms.  

Should you have any special requests such as a reduced deposit, early access prior to settlement or a shorter settlement period,  these matters must be negotiated and agreed to prior to Auction. 

The Contract usually states that you are purchasing the property in its current condition. In other words, you have no right to compensation and cannot pull out of the Contract if it later turns out that the building is defective in some way.

Often the selling Agent may be in possession of a building inspection report, otherwise it is strongly recommended that a building inspection be undertaken at least three (3) business days prior to Auction.

Ensure that you have unconditional loan approval to fund the purchase prior to Auction.

At Allied Conveyancing, Contracts are reviewed within hours and the terms of the Contract are negotiated on your behalf in readiness for Auction day.

We understand the hesitancy to pay legal fees for multiple contract reviews so we have removed this cost barrier to assist buyers. Contact us below for a NO OBLIGATION, FREE contract review or simply email the contract to us info@alliedconveyancing.com.au