We understand that buying and selling a property can be daunting. For many, it is the largest transaction you will undertake in your lifetime. At Smythe Wozniak Lawyers, our goal is to make this transaction as simple and worry-free as we can. We specialise in helping you with all of the legal aspects of buying a property at auction from the moment you decide to purchase a property, pre-auction requirements, the auction process, to the day of settlement.
What is involved when buying a property at auction?
Buying a property at auction is very different from any other means of purchase. Once the gavel falls and the auctioneer says “SOLD”, if you are the highest bidder, you are bound to go through with the purchase. It is essential that you do your homework prior to attending the auction. Here are some simple steps to take prior to the auction.
Step 1 - Review the Contract with us
Once you have decided that you are interested in a property, you should request a copy of the Contract for Sale from the Agent. At our appointment, we will review and explain the Contract to you to ensure that you understand its terms.
Step 2 - contact your financial organisation or broker
Prior to attending the Auction, you should contact your financial organisation or broker to arrange a pre-approved loan and also to discuss your bidding limit for the auction so that you do not put yourself in a financial bind by bidding higher than you can afford. You should also have your 10% deposit organised for the auction as this must be paid once the auction is finished.
Step 3 - Pre-purchase Inspection Reports
You should obtain any inspection reports (i.e. Pest Report, Building Report or Strata Inspection Reports) prior to attending the auction to ensure that you are aware of any issues that could affect the value of the property.
What happens next if I am successful?
If you are the successful bidder at the auction, the Contract will be completed by the Agent with your details, our details, the purchase price, the date and you will sign the front page. You will also be required to pay your deposit. Once the Contract is dated, it will be sent to our office. We will then liaise with the necessary parties in readiness for settlement, usually 6 weeks from the date of the Contract.
One Fixed Fee
At Smythe Wozniak Lawyers, we offer a fixed price fee so that you can have the peace of mind of knowing exactly what you are up for from the very start until the settlement is finalised.