Terminology frequently used.
Pre-Sale Estimate, based on experience and property transfers achieved in the street and suburb of the area the property is located. You can obtain this information by purchasing an evaluation report.
Start price, is the price at which the auction/tender will open.
Reserve price, the amount the seller has agreed to accept. The reserve price is not disclosed at the start or close of bidding.
Conditions of Sale, refers to the terms and conditions of the sale, special instructions etc.
How do I obtain buyers card
A 10% deposit, bank guaranteed cheque, letter from bank confirming payment upon registration of property in your name. Arrange Pre-Qualification from financial institution in advance of the auction /tender proceedings. We could arrange bank consultants to contact you directly.
What are the costs for the buyer
Auctioneers commission payable on completion of the auction, normally is 10% of the purchase price. Transfer costs. Transferring attorney will provide Purchaser with pro forma account, which must be paid when transferring attorney calls for same.
What are the sellers costs
- Entomologist certificate.
- Electrical certificate.
Tips for buying
Homework is essential for the buyer, enquiries and preparations need to be made before the hammer falls.
- Start by observing, attend a few of our auctions, you would get the feel of how it works.
- Attend the previews.
- Be prepared know what you are looking at, homework increases the possibility of fair prices at the auction/ tender.