Purchasers should be aware that there are some extra risks to buying property at auctions including: Contracts signed by a buyer within three clear working days before or after a publicly announced auction are not subject to the statutory cooling off provisions generally applicable to residential property buyers. If you purchase at auction, you’ll be expected to have your finance sorted out, and if you don’t, you won’t be allowed to terminate the contract. That is, the contract won’t be conditional on finance. A buyer who is unable to settle runs the danger of losing their deposit, paying penalty interest, and being sued for damages. Property Conveyancing Essendon
