Bidding at an auction
Frequently asked questions
- Do I need a bidder’s card?
- Why is The Public Trustee involved with the sale of real estate?
- Is there a reserve price set on any of the properties?
- Can I make an offer prior to the auction?
- Can I authorise someone to bid on my behalf?
- Can I arrange a building or pest inspection prior to the auction?
- What are the terms and conditions of the contract?
- What are the auction conditions?
Buying on the day
All prospective bidders are required to register their name and address with the auctioneer prior to bidding. They must also bring satisfactory evidence of identity (for example, a driver licence or passport). No bid will be accepted from any unregistered bidder. They must also have the ability to transfer funds on the day.
Do I need a bidder’s card?
All registered bidders will be issued with a numbered bidder’s card.
Why is The Public Trustee involved with the sale of real estate?
There are many circumstances under which The Public Trustee may be involved with the sale of real estate. Often, The Public Trustee has been appointed executor of an estate and as a part of the distribution of assets according to the will, we may be required to sell property.
Is there a reserve price set on any of the properties?
Yes. All properties sold by The Public Trustee of Queensland are sold subject to a reserve price. Reserve prices are not disclosed prior to the auction.
Can I make an offer prior to the auction?
The Public Trustee's preferred method of sale is by way of Public Auction as this provides a competitive bidding process to maximise the return and transparency for the market place.
Can I authorise someone to bid on my behalf?
Yes. You just need to complete the Auction bid authority form (PDF, 207 KB) and provide a signed copy to The Public Trust Office prior to the auction.
Can I arrange a building or pest inspection prior to the auction?
Yes. Please have your builder or pest inspector contact The Public Trust Office to arrange a mutually convenient time for the inspection.
What are the terms and conditions of the contract?
If you purchase property at a Public Trustee auction, you will be required to sign a cash unconditional contract that is not subject to finance or any other condition such as building/pest inspection.
What are the auction conditions?
All prospective bidders are required to register their name and address with the auctioneer prior to bidding. Satisfactory evidence of identity must be provided. All registered bidders will be issued with a numbered bidder’s card. No bid will be accepted from any unregistered bidder.
Bidders are responsible for the recognition of their alleged bids (see the Notes at the foot of these conditions) and the highest acknowledged bidder shall purchase subject to reserve.
The Auctioneer shall determine any dispute about any matter concerning the auction, including a bid, in such way as auctioneer considers appropriate in the auctioneer’s absolute discretion, which may include reopening the bidding at the highest previously accepted bid or other bid as the auctioneer determines.
No bidder shall advance less than the sum named by the auctioneer.
No bid may be retracted and the auctioneer may refuse any bid.
The seller reserves the right to bid in person or by the auctioneer as often as the seller thinks fit and may withdraw the property at any time during the auction.
Upon the fall of the hammer the successful bidder must execute the Contract of Sale on display at the auction or which has been otherwise confirmed by the Auctioneer as the applicable Contract of Sale and must pay a deposit of 5% of the purchase price (or such lesser sum as the auctioneer or seller may approve) to the stakeholder nominated in the contract. In the event of the buyer failing to sign the Contract of Sale the auctioneer may sign the Contract of Sale on behalf of the successful bidder and the auctioneer’s authority to do so is irrevocable. The auctioneer is authorised to sign the Contract of Sale on behalf of the seller by another authority.
The auctioneer is not responsible for the correct description, authenticity of, or any fault or defect in the property auctioned and makes no warranties whatever.
If the property is passed in at the auction then the highest bidder has the exclusive right to negotiate until the end of the auction or any other time specified by the auctioneer.
Time is of the essence in regard to these conditions.
No waiver of these conditions will be valid unless given in writing by the auctioneer or the Seller.
The auctioneer will announce at the auction which of these 2 GST options A or B apply:
- The purchase Price includes any GST payable on the supply of the property to the buyer. In that case the successful buyer’s bid is the GST inclusive price.
- The purchase price does not include any GST payable on the supply of the property to the buyer. In that case the Seller is registered for GST purposes, is required to account for GST in the case of the sale of this property and bids must be made and will only be accepted as GST-inclusive bids. The buyer will be obliged to pay GST in addition to the sale price on the date it pays the balance settlement sum under the contract in exchange for a tax invoice issued by the Seller.
Bidders are requested to position themselves in a reasonable manner and to bid distinctly. They may interrupt at any time with any reasonable question.
‘Fall of the hammer’ is such method as the auctioneer uses to signify that a property is sold to a bidder.