TERMS & CONDITIONS
BIDDERS/BUYERS:
Buyers and Bidders warrant, undertake, authorise and agree that:-
1.All properties offered shall be offered subject to the Sellers approval of price and final terms and conditions. The properties shall be offered through an internet auction process with a specified opening and closing time.
2.There is a $5.00 (Inc Gst) non-refundable fee payable at the time of registration. A valid credit card is required at registration as a security measure and to assist in verifying identification. A $5.00 bidding fee on each property the Bidder registers to bid on, will be automatically deducted from the card. This fee is to assist in the authentication of genuine bidders and to assist in preventing fraud by allowing notification of stolen cards. NOTE: For identification purposes, The Company relies on the information supplied by the Bidder to the credit card provider that was necessary in their obtaining an activated credit card.
3. A security fee of $220 (GST Inc) will be processed against a bidders credit card once they become the buyer. The security fee will be refunded in full by The Company once settlement is advised. This fee will only be processed in the event that the bidder becomes the buyer and fails to sign contract and pay the deposit within the required time. The security fee will be retained by the company to cover the expences incurred in notifying all interested parties and re-submitting the property for sale through the system at no further cost to the seller. Other penalties may also apply.
4.The Company shall in no way be responsible for any delay in the registration process. It is recommended that Bidders register at least 2 business days prior to wanting to bid.
5.The process of buying a Property via The Site is an Auction and as such all successful contracts are unconditional at the completion of the Auction, this includes but is not limited to finance and other due diligence searches. This process also allows any cooling off period applicable in a Relevant Jurisdiction to be waived.
6.They will not bid or buy when they cannot comply with the terms and conditions of The Company, the Seller and the Contract of Sale.
7.They will not bid or buy with the intention of disrupting a listing.
8.They will not engage in any action to artificially increase a price or apparent desirability.
9.They will not bid without serious intention of buying.
10.The Company will bear no responsibility or shall not in anyway be held liable for bids not being recognised by the system for any reason including but not limited to the varying connection speeds of different computers. It is recommended that Buyers do not leave bidding until the last 60 seconds to place a bid.
11.Once a bid has been submitted, it cannot be retracted without the Bidder of that bid giving written notice of 72 hours to the Agent. During that time the Seller may accept the bid which would render the retraction invalid. Bidders must not misuse the bid retraction function.
12.That they expressly give permission to the Agent and The Company to contact them via telephone, fax, email or land mail in order to keep them informed on properties they have registered to bid on or similar properties and to reply to questions and to allow completion of Contract of Sale.
13.That they will provide the Agent with a copy of their written authority allowing another person to bid on their behalf prior to any bidding, otherwise the bidder will be recognised as bidding on their own behalf.
14.That on the Fall of the Hammer, the highest Bidder immediately becomes the Buyer and will be bound to complete the sale. This requires payment of the Deposit to the nominated stakeholder and satisfactory execution of the Contract of Sale in the form displayed or circulated within 2 business days after the Fall of the Hammer.
15. If The Buyer does not sign the Contract of Sale immediately or within 2 business days or provide someone with the authority to sign on their behalf then the Auctioneer will sign as their Attorney as per agreed in General Terms and Conditions.
16.That it is the responsibility of all potential Bidders to conduct their own research and determine the amount they believe the property is worth and how much they will bid.
17.That any discrepancies in advertising or terms and conditions are superceded by those contained on The Company web site.
18.That The Company is not responsible for any disruption to the internet bidding service. The Company reserves the right to extend a particular Listing for an additional period in order to provide Bidders with a fair chance to compete.
19.If the Buyer does not pay the deposit required, when required, the Seller may at their own discretion declare the result of the auction invalid and re-submit the property to another online auction at the risk and expense of the Buyer or affirm the Contract of Sale and pursue any legal and other remedies against the Buyer as they see fit.
20.Should a bid be submitted that is equal to or greater than the reserve price or is acceptable to the Seller at any time, a flashing notification will appear on the bidding page stating the property will be sold and the closing time ammended to be 48 hours from the time of that bid. Should the new closing time fall outside trading hours then the new closing time will be ammended to be 7pm in the previous trading time. This notification will also be sent via SMS and/or email to all Bidders and by email to all Trackers who have registered their interest in the property, however, The Company accepts no liability and no responsibility for these notifications not being received by interested Bidders.
21.If a bid is received within 5 minutes prior to Closing Time, then the Closing Time will be extended by 5 minutes after each additional bid (known as a Fault Bid) until no more bids within this 5 minute time frame are received.
22. These conditions must be read in conjunction with the general terms and conditions.
Copyright 2bid2 Ltd 2008
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