The Auction Process

We at Ray White Nerang understand the Auction process can be very daunting and unfamiliar for many buyers, and we do everything we can to help make it as streamlined as possible. To assist with your understanding, please find a basic step by step guide of the Auction process below. Our team is also always on hand to help answer any further questions or concerns you may have.

Step 1: Finances Organised

Unlike a standard contract of sale, an auction contract is not subject to any conditions, such as building and pest inspections or finance approval, as the contract is unconditional upon the fall of the hammer. Therefore, it is important to have your finances in place before bidding at auction. We can put you in contact with the right people if you need, just ask!

Step 2: Conditions of Auction

All of our auctions are run in accordance with the QLD Property Occupations Act, however, some of the conditions of the sale, such as the settlement date timeframe or deposit requirements, may vary depending on the owner’s stipulations. These conditions will be displayed from the beginning of the campaign, and it is important you are aware of these before buying at auction. Also, if the stated terms do not suit your situation, contact the marketing agent as the owners may be willing to make some exceptions.

Step 3: Registration

Under the Relevant Documents tab, you will find the appropriate links to the registration documents that you can complete online. Registration for the auction will be open from the commencement of the campaign and it is strongly advised that you complete your registration early, especially if you are purchasing in the capacity of a director or trustee. However, registration will remain open until the day of auction.

Step 4: Due Dilligence

In some instances, the owners may have a building & pest inspection done before the property is marketed, however, it is generally always your responsibility, and at your own expense, if you would like to have one completed. As previously mentioned, an auction contract is unlike a standard contract of sale, and this must be completed prior to Auction Day.

Step 5: Getting Ready & Organised

Leading up to the auction, the marketing agent will remain in contact to keep you updated with how the campaign is progressing. We will also send an email to all registered bidders with a link to the livestream of the auction (if applicable). At this stage of the process, it is also important to ensure you have the following sorted:

• Do you have a conveyancer/solicitor organised for the contract?
• Have you increased your bank transfer limit, so you are able to pay the deposit?
• Have you confirmed with the agent that your registration has been received?
• Have you ensured that you will be in an area with good reception if you are bidding remotely?

If you are planning on bidding through one of our agents, they will be in touch prior to the auction to introduce themselves and assist you where they can. However, as we always encourage good communication, we strongly suggest getting in contact with the agent if there is anything you are unsure of.

Step 6: Auction Day

Auction Day has arrived! Please be advised that you will still need to present a valid form of identification (Driver’s Licence) at the registration table if you are attending in person so we can verify your identity. This also applies to family members or any other representative who is bidding on your behalf.
If you are not present at the auction and are planning to bid over the phone and follow along via our livestream, please be advised there may be a delay in the stream. Therefore, we strongly recommend muting the audio while bidding is taking place.

Step 7: Congratulations!

If you are the successful bidder, you will be required to stay after the auction to sign the contract. We will also provide you with a copy of the trust account details for the deposit payment which will be due on the day. If you are not present at the auction, your representative or the Auctioneer have the authority to sign the contract on your behalf, and we will send you a copy of the trust account details.