When buying a property at auction, in QLD, there are certain rules that should be known about before you bid.
The first one is that if you want to bid, in Queensland, you must register with the auctioneer before the auction starts.
Only registered bidders, with a registration number, or bidder card, can bid at the auction.
- There is no cooling-off period at auctions in Queensland.
- You cannot have any special conditions such as subject to finance or subject to the completion of another sale.
- If you are the successful bidder at a QLD auction, you will have to settle the contract even if the house is defective or you can’t afford it.
If you bid, and win, it is YOURS !
Queensland Government information page: www.fairtrading.qld.gov.au/buy-house-at-auction
When registering for an auction, to be a bidder, you do need to prove your identity, with photo ID. Drivers licence or similar is normally acceptable.
Auctioneers are not permitted to provide your information to any other person other than an inspector or the court.
A PDF document is available outlying some basic bidders information from the REIQ: