RULE

PURPOSE OF RULE

1. All properties are reserved before bidding commences

1. Legislative requirement

2. Reserve price is never disclosed

2. All bids are binding, so disclosure is irrelevant

3. Opening Bid Call (OBC) is within reasonable range of the reserve

3. An efficient auction not commencing too far from a saleable price

4. One (1) vendor bid permitted

4. Vendors right under legislation

5. All bidders ID are verified against secure government databases and they pay a bidders bond

5. Only genuine bidders permitted

6. All bids only online

6. Convenience

7. All bids are binding

7. Reserve not disclosed, so any bid could buy property

8. No exorbitant bids permitted

8. Security reasons

9. A maximum of 5 consecutive bids permitted

9. Security reasons

10. Auction ends when the countdown timer expires

10. End of auction is driven by extent of bidding, not a set date/time

11. We exchange on behalf of vendor and purchaser

11. Legally binding contract must be created as soon as possible

12. No cooling off period

12. Standard auction rules and conditions

13. Purchaser to pay the required deposit (as per contract) within 48hrs of exchange

13. Condition of registering to bid and contract condition