I mentioned recently that a number of South Australian auctioneers had told me their books for Spring were full.
This means it is highly likely you or someone you know will be going to auctions soon and might be preparing to bid.
While there is much written about getting your finance in order before bidding, I am going to bang my gavel again to draw attention to the value of involving your conveyancer before auction day.
In fact, advice from a trusted conveyancer before bidding can help many worries and risks get going, going, gone!
The Form 1 is the form guide for property buyers
The all important Form 1 is a crucial document for property transactions, containing information from sellers about the property, the purchaser’s cooling off rights and any issues that ‘encumber’ the property that new owners need to know about.
I have explained it more thoroughly in an earlier article, Form 1: A piece of paper that can tear your dreams to shreds.
In relation to properties being auctioned, the Form 1 is made available at the real estate agent’s office for three business days before the auction and then on site for half an hour before the auction commences.
And this is where you conveyancer can make a difference.
The devil in the detail
While many potential bidders spend the last days before an auction ensuring they have finance, I believe that arranging for your conveyancer to help you look through and understand the Form 1 before auction day can make a world of difference.
Experienced conveyancers like our team at Eckermann Steinert, can not only pick up details and omissions that might make your desired property less appealing or more attractive, we can also explain and guide you through any ‘subject to’ provisions and other clauses that might be included in the Contract.
In short, this means I am urging you to make good use of the three days before the auction, rather than leave inspection of the Form 1 as a ‘to do’ task on auction day.
And of course- good luck on auction day!
