FAQ's
















I am interested in buying a property at auction. Can I just turn up and bid?

Yes, however you will be required to register prior to bidding either at the venue (in rooms) or on-site. You will need proof of identification showing a photo and your current residential address. This is usually a drivers licence or passport. If you are unable to provide this type of identification, contact us and we will explain what other forms of ID can be used. Once your ID is given, you will be provided with a bidders number and information sheet on bidding and will be asked by the auctioneer to show your number each time you make a bid. You can register prior to auction day, and once again you can speak with the agent to make those arrangements.

Will I have to pay a deposit at the time of sale?

The standard Contract for the sale of land provides for a deposit of 10% of the purchase price to be paid upon signing of the contract. There may be variations to the amount but unless prior arrangements have been made through your solicitor and agent then what the contract states must be paid at the time of sale.

Can I pay the deposit by personal cheque?

Yes. This is the most usual way of paying the deposit. Alternatively it is quite common these days for deposits to be paid by way of deposit bond or bank guarantee. If you do plan on paying by either of those methods then you will need to discuss this with the agent and solicitor and seek approval prior to bidding.

What if I dont want to bid for myself?

There are several alternatives to bidding yourself. You can: * bid by telephone by appointing someone to take the telephone bids on your behalf * appoint a Power of Attorney * authorise someone to bid for you in the room Either way, an authority needs to be put in place prior to the auction and your agent is able to make these arrangements with you.

If I change my mind about the purchase is there a "cooling off period" after the auction?

No - properties sold at auction do not attract a cooling off period. It is an unconditional purchase under auction conditions.

My partner is away when the auction is on. If I buy a property in my name at auction, can I add in my partner's name at a later date?

Generally it is not possible. However, arrangements may be made with your solicitor, agent and the vendor's solicitor to do so prior to any lodgement of transfers etc so no extra duties are paid. This needs to be clarified before buying. Another alternative is that you may be able to buy the property in both names and make arrangements for the Auctioneer to sign on behalf of your partner. This would need to be put in place prior to the auction and an authority signed to enable to the auctioneer to do so.

Do I need to appoint a solicitor prior to buying a property?

It is always prudent to have a solicitor check the contract before you buy a property. In the case of an auction, you should have a solicitor in mind so the contract can be dealt with as soon as possible after the sale.

If the property I buy is tenanted can I get access prior to settlement whenever I want to measure up for furniture, curtains and the like?

It is possible depending on the tenancy arrangement. However the tenant has rights to deny access and the term is "reasonable notice" not before particular hours and always in the company of the agent. Also, there are only four routine inspections allowed per anum. Either way, consult your agent and they will always work towards a mutually convenient time.

If I do buy a property, should I insure it immediately, or when settlement takes place?

You should consult your solicitor in this regard as they will be able to ascertain if there is current insurance on the property, however it is always our advice to do so the next business day to ensure your interests are covered.

When would I be able to move in?

The standard settlement period for sale is 42 days from the date of exchange i.e. - date you exchange (when both parties sign the contract). Depending on the time set aside for settlement you may be able to move that day. Often it is better to move the following day in case of any undue delays. This also assumes that the property is being sold "with vacant posession" and not tenanted. If the property is tenanted you need to ensure that a "notice to vacate" is served by your solicitor should you be moving in and not wanting the property as an investment/rental.

I am not very familiar with the area and the prices in the area. Is there a way I can get information on recent sales?

Most definetely. The agent selling the property will be able to provide you with recent comparable sales. Furthermore, if you go to the "Selling" section of our website you will find a sub-section "Recent Sales" where all properties are categorised by suburb or price.

I am confused between the prices agents quote me and the sale price. Sometimes they are quite different. Isn't there a set asking price?

If the property is for sale by Private Treaty, then yes, there is a specific asking price. However if the property is for sale by Auction, then a realistic estimate of the sale price will be given to you by the agent. The price is not fixed and is therefore determined by the market. Most agents will give you feedback of what the buyers are suggesting the property's value is. This of course can vary depending on the competition for the property at auction... how many people bid for it and how much they are prepared to pay.

Most agents ask me my name and phone number at the open houses. Do I have to tell them?

The agent is the custodian of the property and has a responsibility to maintain security of the property. This is part of the reason for asking your details. More importantly if you are looking to buy, you should register your interest in this way and the agent can follow you up. You can elect to "opt out" from being contacted but will still be required to give your details. An agent is able to refuse you entry to the property. It is good to note that if you are serious about buying, should the property be close to being sold, there is more opportunity for the agent to make contact with you. To ensure your interest in the property is known, you should take a contract and ask that the agent keeps you informed of progress. Many a buyer has been disappointed to learn a property has been sold prior to auction and they have not been afforded the opportunity to make an offer as they have not disclosed their interest or left their contact details.

 
Contact Richardson & Wrench Double Bay

Phone: 9327 5825
Fax: 9327 7913

Email:
home@rwdoublebay.com.au

Buying:
sales@rwdoublebay.com.au

Selling:
sales@rwdoublebay.com.au

Leasing:
leasing@rwdoublebay.com.au

IT:
it@rwdoublebay.com.au

 
 
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