Auction Authorities and Offers

Auctions

This procedure contains the policy details and instructions for Auction Authorities and offers.

When an Auction Authority is signed, Auction Rules apply
All Sales Consultants and the Listing Consultant must ensure that their initials, purchaser’s name and contact number are written on the front of the file prior to acceptance of an offer in order to be entitled to make a claim for commission unless sold at auction.
No name shall be written on the file until an inspection has been conducted with the purchaser.
Prior to documenting an offer, the purchaser must seek legal advice from a Solicitor (not a conveyancer). Prior to signing an offer, the Agent must fill in a Contract Note and attach a copy of a signed Section 32 with it. When the purchaser returns he must initial the clause 6 on the back of the Contract Note.
A Sales Consultant may notify that a property is under offer by writing in (red pen) the day book the address of the property, proposed settlement date and that a deposit has been taken (minimum of $1,000 deposit and balance on acceptance), Section 32 and Contract Note prepared. Property may still be inspected while under offer.
When an offer is acceptable all sales consultants listed on the front of the file must be contacted. If they are absent then an independent consultant must have consent from all interested parties.

When an offer is acceptable to the Vendor then the acceptable offer must be written in the daybook by 5.30pm that day. If not then all consultants must be notified by 8.00pm that night. If all sales consultants are unable to be contacted then the closing time for offers is held over for a further 24 hours. All sales consultants must contact their buyers for offers by 5.00pm the following business day. Business days are Monday to Friday (this allows purchasers to seek solicitors advice), offers taken over the weekend cannot be closed until the next Business day. If offers are to be closed in less than 24 hours it requires 100% acceptance by the sales team. All offers considered by listing agent and / or vendor. All offers must be signed up by 5.00pm unless otherwise agreed
Listing Consultant not to ratify alone if an interested party and close offers possibly contentious and selling sales consultant may attend ratification unless manager decides to the contrary.
All losing buyers are not to be notified until after sale is ratified.
If agents do not follow these procedures, they may forfeit their commission entitlement.