New Zealand Auction Rules
Openn emphasises that this page sets out the standard conditions of auction for the sale of residential land in New Zealand which apply and are accurate as at 31 March 2022. Openn accepts no responsibility for any variation to the standard conditions of auction after that date and the User should check the Real Estate Agents Act 2008, or any other relevant legislation pertaining to the sale of property for any change which may have occurred.
Standard Conditions of Sale and Conduct of Auction
Standard Conditions Of Sale and Conduct of Auction as approved by the Real Estate Institute of New Zealand Incorporated and by Auckland District Law Society Incorporated.
CONDITIONS OF SALE
1.1 The property and the chattels included in the sale are sold on these Particulars and Conditions of Sale, the General Terms of Sale and any further Terms of Sale.
1.2 GST will be payable in accordance with the statement of the purchase price in the Memorandum of Contract.
1.3 The GST date is:
1.4 The settlement date is:
1.5 The interest rate for the late settlement is:
CONDUCT OF AUCTION
2.1 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.
2.2 The auctioneer may nominate the sum by which the bidding can be raised.
2.3 The auctioneer may refuse any bid
2.4 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.
2.5 The vendor reserves the right to bid personally, by a representative, or through the auctioneer and to withdraw the property at any time before it has been sold and without declaring the reserve price.
2.6 If a dispute arises concerning any bid, the auctioneer will determine the dispute or re-offer the property at the last undisputed bid.
2.7 The purchaser shall immediately on the completion of the auction; (a) Sign the memorandum of Contract failing which the auctioneer may sign on behalf of the purchaser. (b) Pay to the vendor’s licensed real estate agent the deposit being 10% of the purchase price unless otherwise agreed; and (c) Complete its GST information in Schedule 1, is applicable.