Another Nail in the Auction Coffin

Posted on February 14, 2008 by | 1 Comment

Peter Mericka B.A., LL.Bby Peter Mericka B.A., LL.B
Real Estate Lawyer
Qualified Practising Conveyancer Victoria
Director Lawyers Real Estate Pty Ltd





 


The Real Estate Institute of Victoria (REIV) has been forced to come clean, and to admit to consumers that “…no binding contract exists until the successful bidder and the vendor have signed a contract.” A Another nail in the coffin for real estate auctions!proposed addition to the legislation governing the conduct of real estate auctions represents one more nail in the auction coffin.


In his weekly propaganda piece in the Domain section of The Age newspaper (Domain, The Age Saturday 9 February, 2008 p.3) CEO of the Real Estate Institute of Victoria, Enzo Raimondo, acknowledges the “…need to amend the law to ensure that when a property is knocked down to the highest bidder a binding contract exists and they cannot be gazumped by another bidder making a late bid.”


However, the move from the falsity of the current real estate auction, to the instantly binding verbal contract, is fraught with problems. Such a move represents one more nail in the coffin of the real estate auction.


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1 Comment

  • http:// says:

    Watch this Blog-space for a report on an extraordinary court case which arose out of a very suspect auction on (where else?) the Gold Coast.

    Meanwhile interested Blog-readers might like to check out these earlier postings here:

    Winning Auction Bidders Beware

    Kiwi Auctions

    Auction Tales From The Deep North

    But Wait, There’s More Burlesque In Queensland!

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