DEFT auction pay

Discussion in 'The Buying & Selling Process' started by XBenX, 28th Mar, 2019.

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  1. XBenX

    XBenX Well-Known Member

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  2. XBenX

    XBenX Well-Known Member

    Joined:
    20th Jun, 2015
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    Location:
    Syd
    Any views?

    DEFT Auction pay or counter cheque?
     
  3. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

    Joined:
    19th Jun, 2015
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    Location:
    NSW
    Just ask the selling agent auctioning the property if they have experience with DEFT - it's a Macquarie Bank product I believe. I'm just as happy using a personal cheque. If you are Gen Y without a cheque book, then counter cheque is fine.

    My understanding is, and the legal eagles on here will confirm, that if you sign the contract as the winning bidder and exchange on auction day, (even if your cheque bounces), that you are still the purchaser of the property, you are just in breach of the contract conditions, which is a separate issue, with separate legal remedies.
     
    XBenX and Terry_w like this.