Special Conditions in Auction

Discussion in 'Legal Issues' started by p e t e, 21st Sep, 2018.

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  1. p e t e

    p e t e Well-Known Member

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    I understand that buyers can negotiate completion date, deposit amount, and request amendments to special conditions in private treaty sales.

    But what about in auctions? Can buyers negotiate different sets of conditions before the auction? Do other bidders need to know all the conditions that have been set/agreed to?
     
  2. Cadbury99

    Cadbury99 Well-Known Member

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    Assuming NSW - yes you can agree on special conditions before the auction and no the other bidders do not get told of any of those conditions.

    Ensure you have agreed the conditions in writing, have them checked by your solicitor, and ensure (assuming you win) you sign a contract with those conditions.

    I don’t imagine the seller will agree to very much unless it’s to there own benefit or something they don’t care to much about. Perhaps a lower deposit or different settlement period if it fits with there own plans.
     
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  3. p e t e

    p e t e Well-Known Member

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    Sydney
    Interesting. Would there be situations when someone negotiated extra inclusions or longer settlement time and therefore willing to bid higher?