VICTORIA - Deposit after auction

[damo03]

Hi all,

A few questions;

If I am successful as a bidder at a auction when do i have to pay the deposit?

Also when is settlement?

I'm assuming these would be detailed in the contract of sale, which would be available before the auction?

How do people transfer deposit? Bank cheque, direct deposit?

 

[Aaron_C]

Yes you pay deposit after signing but they can't bank it on a Saturday anyway. Most agents are happy to accept a bank transfer.
Settlement is what the agent agrees to...can range from 30-120 days but most common is 60-90.
They would be detailed in the contract of sale.

 

[damo03]

Yes you pay deposit after signing but they can't bank it on a Saturday anyway. Most agents are happy to accept a bank transfer.
Settlement is what the agent agrees to...can range from 30-120 days but most common is 60-90.
They would be detailed in the contract of sale.

So a bidder would either direct deposit at the sale time or write a cheque?

 

[Aaron_C]

So a bidder would either direct deposit at the sale time or write a cheque?

Either since most people don't even use cheques these days.

 

[The Y-man]

Either since most people don't even use cheques these days.

Crap... I must be very old school............

The Y-man

 

[MorganConvey]

You negotiate the settlement date on signing. Unless there is already one in the Contract. If you speak to the agent before the auction they should be able to give you an indication of when the Vendor wants to settle.

 

[The Y-man]

You negotiate the settlement date on signing. Unless there is already one in the Contract. If you speak to the agent before the auction they should be able to give you an indication of when the Vendor wants to settle.

Yep, and most contracts just say 30/60/90 days (circle one)

The Y-man

 

[srini]

Either since most people don't even use cheques these days.

When we were in this situation late last year, someone here suggested helpfully to get a "counter cheque". ANZ gave us one over the counter free of cost and we held onto it till we needed it. Your bank may do something similar.

Its a blank cheque that you can fill out and issue as you like.