Tom plans to bid at a NSW house auction on behalf of his sister, who will instruct him by phone from Perth. Neither holds power of attorney. What must Tom do to bid for her?
Correct Answer
C) Register and show a letter of authority with her name, address and ID number
A person bidding for someone else at a NSW residential auction must register and show the agent a letter of authority from that person. The letter must include the person's name, address and the identifying number of their proof of identity, and those details are entered in the Bidders Record. This applies to telephone bidding too. A person holding a power of attorney can register in their own right instead.
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The agency agreement for a Penrith home records an estimated selling price of $780,000. The agent's draft online listing reads 'Offers over $780,000'. Is the listing compliant?
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Two brothers co-own a NSW house being sold at auction, and one brother wants to bid to buy out the other. What must happen for the co-owner to make more than one bid?