Hi All
Auctions are becoming more prevalent in WA. I’ve attended a few but never bid at any.
If I was successful at auction and signed a contract to purchase, and paid deposit, can I still include an exit clause in the contract?
e.g. Can I put “subject to structural inspection report”, or must I pay to have inspection carried out before the auction takes place?
Do you understand my question?[blush2]
Thanks
Gloryboy
Hi Gloryboy,
I cannot comment on the rulings in WA, but I do know for FACT in Victoria, there is no “cooling off” period if you purchase at an Auction, and as such no “subject to” conditions will be considered. Hence the buyer would be wise to conduct all his/her investigations prior to bidding!!!
Once the hammer has fallen and the Auctioneer has declared the property “sold” to you, you are bound to its purchase “as is”.
But then as I said, this is in Victoria, WA may be a whole new ball game.
Cheers,
Jo
P.S. That’s cool Ali G, can I say “Jinx” like when I was a kid??? [lmao]
Sorry Gloryboy, I am unable to answer your question, but is someone also able to answer this question with regards to Victoria?
Cheers,
Ali G
Thanks Monopoly,
we must have posted our replies simultaneously. [biggrin]
Ali G
There is no cooling off period anywhere in Australia for auction, and there is no cooling off period in WA for private treaty sales either.
Glory, do inspections before you bid, and you’ll be fine. I don’t sign a contract with private treaty until I have done my inspections and know I will be buying the property.
Auctions are a matter of caveat emptor, really, much more than private treaty. I guess many people will do inspections, spend the money, and then miss out on the property anyway.
kay henry
Thanks Guys
I guess it’s a case of doing the due diligence on the property, and if all looks good, have the inspection done before the auction……and hopefully win!
Gloryboy [sweaty]
Go read some of the stuff about auctions on http://www.jenman.com.au
Information worth reading and digesting.
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