Hello everyone.
Simple question.
What are the rules at a public trustee auction, when it comes to passing in a property, or what happens when a property is passed in, in these auctions?
The only research I can dig out from the Act of 1978 in QLD, is that the highest bidder has the right to negotiate exclusively for the sale of the property with the vendors, via the trustee agent. In other words, the way I read it, is that the agent cannot close the books on the auction and walk away without offering the highest bidder the right to negotiate a price or an offer for the property. Is that correct?
Has anyone come across these situations in a public trustee auction?
Thank you
Simple question.
What are the rules at a public trustee auction, when it comes to passing in a property, or what happens when a property is passed in, in these auctions?
The only research I can dig out from the Act of 1978 in QLD, is that the highest bidder has the right to negotiate exclusively for the sale of the property with the vendors, via the trustee agent. In other words, the way I read it, is that the agent cannot close the books on the auction and walk away without offering the highest bidder the right to negotiate a price or an offer for the property. Is that correct?
Has anyone come across these situations in a public trustee auction?
Thank you