Buyers Agent At Auction

[Hound Dog]

Hi All,
Just wondering if a buyers agent has to register as a bidder at an auction in Qld or does the agents client register then give the paddle or bidders number to the agent? Do any of the forumites know the legalities involved? What is the case when the buyers agents' customer is absent? How does the buyers agent establish his bona fides with the Auctioneer?
Thanks in advance.
Hound Dog

 

[travelbug]

Everyone that bids has to register first.
If the buyers agent is bidding on your behalf you sign a form to give them permission to bid on your behalf.

Anyone can bid on your nehalf if you sign giving them permission to do so.
This would happen if you are (for example) bidding on a property interstate where you couldn't attend the auction.

 

[Propertunity]

Just wondering if a buyers agent has to register as a bidder at an auction in Qld or does the agents client register then give the paddle or bidders number to the agent?

I've done both. No different than if boy friend & girlfriend are buying - they register to bid but give the paddle or bidders number to some family member to raise.

Do any of the forumites know the legalities involved?

Yep

What is the case when the buyers agents' customer is absent?

The BAs customer has to give the BA a Power of Attorney which allows the BA to bid & to sign a contract (up to a certain value, on a certain property, on a certain date)

How does the buyers agent establish his bona fides with the Auctioneer?

BA licence number from Fair Trading and Drivers Licence. And as Travelbug said, a letter of authority to bid on behalf of or a copy of the BA Agreement held between buyer & BA.

 

[Hound Dog]

Thanks for the replies. Propertunity you have answered the question I didnt ask re the power of attorney. I was trying to clarify in my mind how a BA could not be left holding the baby if their client rescinded on the agreement or was unable to complete the transaction. I believe in Qld the Auctioneer can sign the auction contract on behalf of the buyer should they refuse too or not sign the contract. Obviously a BA should double check their clients financial capacity and have the appropriate authority to act on the clients behalf.
Thanks again
Hound Dog

 

[Xenia]

Yes they bid on your behalf. From our experience, auctioneers and selling agents don't like buyer's agents. Some know how to negotiate too well