Auctions Live Timed Auction Terms & Conditions
The following terms, conditions and procedures apply in circumstances where a Bidder participates in a Timed Auction. This Agreement is in addition to the Auctions Live Online Bidder Terms & Conditions.
As a Bidder, you hereby acknowledge and agree to comply with these rules, processes, terms and conditions, in addition to any relevant rules and regulations as specified by Auctions Live.
Any terms defined herein have the same meaning as defined below or as per the definition in the Auctions Live Online Bidder Terms & Conditions. Should any inconsistency arise, the terms and definitions outlined in the Auctions Live Online Bidder Terms & Conditions will prevail.
"Agency" means the business, sole trader, partnership, entity or otherwise that employs or contracts the Agent.
"Agent" means the real estate agent as defined in the Applicable Law in the Relevant Jurisdiction.
"Agreement" means the agreement between the Customer and Auctions Live relating to a Timed Auction and outlined hereto.
"Applicable Law" means the law applicable in the Relevant Jurisdiction.
"Auction" means an auction that is conducted online and facilitated by Auctions Live or any associated related bodies corporate.
"Auctioneer" has the same meaning as defined in the Applicable Law.
"Auction Date" means the date the winning bid is placed.
"Auctions Live/We/Us" means RE Software Pty Ltd trading as Auctions Live and includes but is not limited to its directors, shareholders, officers, employees, agents and representatives.
"Bidder" means a Customer who registers to bid using the Services, and may or may not place a bid, using the Services.
"Buyers Agent" refers to a person, company or contractor, who is licensed and authorised to represent a Bidder and/or Purchaser in relation to a Transaction.
"Customer" means a customer of Auctions Live and can include a Vendor, Agent, Buyers Agent, prospective purchaser and third party authorised to bid on behalf of a Bidder.
"Prescribed Auction Conditions" means the rules and regulations applicable to auctions in accordance with the Relevant Jurisdiction.
"Property" means real property the subject of the Auction.
"Purchaser" means a buyer of Property.
"Relevant Jurisdiction" means the jurisdiction of the State or Territory of where the Property is located.
"Services" means the live auction online portal relating to the buying and selling of Property utilising the software of Auctions Live
"Timed Auction" means an Auction that has a set time limit, details of which are outlined further in this Agreement.
"Vendor" means the owner of the Property the subject of an Auction.
You (the Bidder) hereby acknowledge and agree to the following terms, conditions and process:
- The Timed Auction will, at all times, be conducted pursuant to and in accordance with, the rules and regulations as set out in the Prescribed Auction Conditions.
- The Timed Auction will commence on a date, time and for a set duration as advertised by the Agent.
- The limitations, if any, of the Timed Auction will be set up and operated by the Agent on behalf of the Vendor and conducted by the Auctioneer.
- The Auction Date shall be the date the Timed Auction ends.
- Before the Timed Auction commences, the Vendor will give to the Agent, the reserve price for the Property that they have set. The reserve must be in writing.
- The Vendor is entitled to amend the reserve price at any time during the Timed Auction.
- Only a Bidder will be permitted to bid using the Services. A Bidder must register and provide their details in accordance with the identification requirements of the Relevant Jurisdiction.
- In circumstances where a co-owner of the Property registers to bid, the Agent must notify all Bidders and disclose the bidder number of the co-owner.
- Bidders must only place a bid if they intend on purchasing the Property. Should a bid be successful, the Bidder acknowledges that they will be required to enter into a contract for the sale of land and pay a deposit.
- Dummy bidding is strictly forbidden and is an illegal practice.
- Auctions Live makes no representation or warranty relating to the Property that is being auctioned via the Services. It is the Bidder’s sole responsibility to ensure they are familiar with the Property in all respects.
- Once a bid is placed, it cannot be cancelled or amended. Only the Auctioneer has discretion whether to accept or reject a bid.
- In certain jurisdictions, a bid may be able to be withdrawn after it has been placed. To withdraw a bid, you must contact the agent to arrange its withdrawal prior to the timed auction ending.
- A Bidder can only place a bid that is higher than the current bid.
- Auctions Live is able to pause the Timed Auction. When a Timed Auction is paused, no bids will be able to be placed.
- The Timed Auction will proceed for a set duration. All bids must be placed during that time. Auctions Live reserves the right to extend the duration if, during the last three (3) minutes of the Timed Auction, a bid is placed. If a bid is placed during the last three (3) minutes, Auctions Live may add a further three (3) minutes to the duration of the Timed Auction.
- The Auctioneer reserves the right to place a bid on behalf of the Vendor, referred to herein as the Vendor’s Bid. The exercising of this right is governed by the laws of the Relevant Jurisdiction. Prior to placing a Vendor’s Bid, the Auctioneer must announce and identify said bid.
- Once the Property has reached the reserve price, the Property will be classified as ‘on the market’ and the highest bidder over and above the reserve will become the purchaser at the fall of the hammer.
- Once a Bidder becomes the highest bidder after the Property is on the market, they will become the purchaser at the close of the Timed Auction and will be required to sign a contract and pay the deposit as soon as practicable after the Timed Auction, either in person or via electronic means. The process post the Timed Auction is the responsibility of the Agent.
- In circumstances where the Property does not achieve the reserve price, it will be passed in by the Auctioneer.
- Auctions Live is not responsible for and will not facilitate communications between Bidders, the Agent and/or the Auctioneer. It is the Agent’s sole responsibility to communicate with all parties and ensure that all information relating to the Property and its associated documentation is accurate and relevant at all times.
- The Agent warrants that it will notify all Bidders of any changes to the contract, terms Auction or the Property itself prior to or during the Timed Auction.
- Auctions Live reserves the right to remove a Customer’s ability to Bid if any of the terms and conditions outlined herein or in any ancillary agreement is breached.
- By using these Services, you acknowledge and agree that the Auctioneer may display the terms for the Auction relevant to the location of the Auctioneer which may, from time to time, differ from the Relevant Jurisdiction. Auctions Live makes no representation as to the accuracy of those terms and the responsibility of same lies wholly with the Auctioneer.
- In the event that you enter into a separate agreement with Auctions Live for the provision of their services, you agree to be bound by any applicable pricing schedules.