There's a property being auctioned in QLD that I am interested in. Never bought an auctioned property before so want to know what i'm getting into before the big day.
As I understand it, as soon as the hammer falls the buyer has to pay a deposit. Is this correct? How much is this deposit and how do you go about paying it considering that the auction is on a Saturday?
Have also been surfing through some government websites and they say that if I am the highest bidder above the reserve I have to commit to the sale, ie: it is an automatically unconditional sale with no get out clauses. Have others who bought in Queensland found this to be the case? If so then what kind of things should I do beforehand to prepare for the auction? Titles searches? Should I engaged a solicitor to do all the conveyancing searches before hand instead of after contract signing which is the usual norm? Am I suppose to get all my finances sorted out beforehand?
Also, I would like to purchase this through a discretionary trust with corporate trusty. Is there anything I can do to change the name of purchaser post auction? What would the consequences be? Double stamp?
Would love to hear peoples experiences and advice on purchasing through an auction in Queensland.
As I understand it, as soon as the hammer falls the buyer has to pay a deposit. Is this correct? How much is this deposit and how do you go about paying it considering that the auction is on a Saturday?
Have also been surfing through some government websites and they say that if I am the highest bidder above the reserve I have to commit to the sale, ie: it is an automatically unconditional sale with no get out clauses. Have others who bought in Queensland found this to be the case? If so then what kind of things should I do beforehand to prepare for the auction? Titles searches? Should I engaged a solicitor to do all the conveyancing searches before hand instead of after contract signing which is the usual norm? Am I suppose to get all my finances sorted out beforehand?
Also, I would like to purchase this through a discretionary trust with corporate trusty. Is there anything I can do to change the name of purchaser post auction? What would the consequences be? Double stamp?
Would love to hear peoples experiences and advice on purchasing through an auction in Queensland.