How An Auction Works
Crockers conduct of an 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.
Unless stated otherwise, all Crockers Realty Limited Auctions are conducted using the Auckland District Law Society (ADLS) Fourth Edition 2012 (2) forms which contain the Particulars and Conditions of Sale of Real Estate by Auction.
The Terms and Conditions of the Auction for each property will be made available prior to the Auction, via the Listing Agent, on the Auction Day prior to the Auction, and acknowledged by the Auctioneer prior to the Auction beginning.
Vendor Bids can be made by the Auctioneer or any person acting as the Vendor's Agent BUT that Vendor Bid will always be identified by the Auctioneer often by using the term "this is a Vendor bid" or "the bid is with me on behalf of the Vendor".
The auction starts when the Auctioneer invites the first bid, and ends when the Auctioneer makes it clear that the bidding is closed.
The Auctioneer may refuse any bid.
The Auctioneer can accept telephone bidding as long as the appropriate forms have been signed prior to the Auction commencing by the Purchaser and accepted by the Vendor, or the Vendors Agent.
Any bid at an Auction may be withdrawn before the end of the Auction.
Immediately on completion of the Auction, if you are the successful bidder, you must sign the memorandum of contract. At this stage a 10% deposit is payable to the Crockers Realty Limited Trust Account, unless otherwise agreed to.
Purchasers are advised to seek their own legal advice prior to any auction, and they may need to seek any technical advice, or any other information and advice which they feel is needed.
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If you are interested in knowing the market value of your property, contact our sales team for a complimentary property appraisal, or talk to us today on 0800 276 2537.
Crockers Realty Ltd is licensed under the Real Estate Agents Authority and is a member of the Real Estate Institute of New Zealand. Our Sales and Marketing Consultants are qualified and complete regular training and development workshops.