Most people know that you need to register prior to bidding at a residential property auction. You don’t have to bid, once registered, but if there is even the remotest of chances that you might be tempted to put up your hand and bid you need to register prior to the Auction.
The NSW Office of Fair Trading has a Bidder’s Guide that explains what ID you need to register and the finer details of who should register if say, you are a couple, or you are bidding on behalf of another party. The agent selling the property also has Bidders Guides on hand at the auction.
The main things to remember are:
- Bring proof of identity which shows your name and address and is a government issued or financial institution card or document, most people bring their driver’s licence
- Other options are council rates, vehicle registration papers
- Remember passports do not have your address included
- See the Bidder’s Guide for other options
At registration:
- When you register the agent will take your name, address and number of proof of identity and give you a bidder’s number
- If you register with the agent prior to Auction day you need to show your proof of identity again on the day and the agent will give you a bidder’s number
- If you arrive late, you need to register with the agent but you can put up your hand to let the Auctioneer know you want to make a bid once you are registered
Some points that you might not know:
- The agent is not allowed to use your details for marketing purposes ie sell to a 3rd party
- The agent can not show the vendor your details, or anyone else
- Post auction the Bidder’s Record is stored securely by the agent
If you are not comfortable or confident about bidding on the property of your dreams you can employ a “Buyer’s Agent” to do this for you. More on that in a future blog…
