New Zealand: Conduct of Auction
- The property is offered for sale subject to a reserve price and, subject to the reserve price being met, the highest bidder whose bid is accepted by the auctioneer shall be the purchaser.
- The auctioneer may nominate the sum by which the bidding can be raised.
- The auctioneer may refuse any bid.
- The auctioneer or the licensed real estate agent acting for the vendor in respect of the sale may submit a bid on behalf of any person. The auctioneer shall identify a person so acting before the commencement of bidding.
- The vendor may bid personally, or by a representative, or through the auctioneer, provided that the bid is less than the reserve price. The auctioneer shall identify each vendor bid as it is made.
- The vendor may withdraw the property at any time before it has been sold and without declaring the reserve price.
- If a dispute arises concerning any bid, the auctioneer may determine the dispute or re-offer the property at the last undisputed bid.
- The purchaser shall immediately on the completion of the auction:
- Sign the Memorandum of Contract failing which the auctioneer may sign on behalf of the purchaser,
- Pay to the vendor’s licensed real estate agent the deposit being 10% of the purchase price unless otherwise agreed; and
- Complete its GST information in Schedule 1, if applicable.