No cooling-off period
If you are interested in a property which is being sold at auction, it is important to ensure that a property lawyer has reviewed your Contract before attending the auction. The reason for this is that if you buy at auction, you waive your right to the usual 5 day cooling-off period.
What should I do prior to the auction?
- Seek a lawyer to review your Contract
- Organise your finances and make sure you have the deposit ready on the auction day
- Arrange a building inspection report and /or pest inspection report and/or strata report. (Optional)
What happens if I am the successful bidder at auction?
If you are the successful bidder at the auction, contracts are signed and exchanged and the deposit is paid on the same day. The exchanged Contracts will be sent to your lawyer and they will start the post exchange conveyancing process.
What happens if I change my mind?
If you change your mind and decide that you do not want to go ahead with buying the property, you will lose your deposit and may be liable for any damages suffered by the vendor.
The team at Castro Legal can review your Contract, provide you with advice and request for amendments to be made to the Contract to ensure that in the event that you are the successful bidder, all terms and conditions of the Contract have been negotiated and you are happy to proceed with buying the property.
We offer fixed fees for Contract reviews with a quick turn around time of 24 hours. We also provide same day urgent Contract reviews for an additional fee. If you have found a property that you are interested in buying, contact us today.