In NSW, if a property is passed in at auction, what are the vendor's immediate options?
Correct Answer
D) Can negotiate with any interested buyer or take the property off the market
When a property is passed in at auction, the vendor retains full control and can negotiate with any interested party (not just the highest bidder) or withdraw the property from sale entirely. There are no mandatory timeframes or requirements to accept any particular offer.
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- → On auction morning a NSW vendor tells the auctioneer she will text her reserve price once she sees how bidding goes. What do the auction conditions require?
- → A married couple intend to bid together at a NSW residential auction to buy the house jointly. What registration is required?
- → 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?
- → Before a NSW residential auction, the vendor asks the auctioneer to make two vendor bids if bidding stalls, both announced as vendor bids. What must the auctioneer tell the vendor?
- → A buyer arrives to register at a NSW residential auction with only her overseas passport, which does not show her address. What will allow her to register?
- → 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?
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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?
- → A sales agent tells a caller that a Kogarah unit is likely to sell between $640,000 and $700,000. What record does the Act require, and for how long?
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In NSW, the auctioneer takes a bid on the vendor's behalf without announcing it as a vendor bid, and the property is then knocked down to a genuine bidder. What is the legal position?
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In NSW, if a property receives three bids above the advertised price range during an expressions of interest campaign, what must the agent do regarding the advertised price?