Auction Property Conveyancing

Buying at auction in NSW is different from a private treaty purchase in one crucial respect: there is no cooling-off period. The 5 business day cooling-off window that applies to most residential contracts bought by private treaty does not apply to property bought at auction, or where contracts are exchanged on the day of a passed-in auction. That means once the hammer falls you are committed, with no built-in window to change your mind. Licensed conveyancers and solicitors assist auction buyers and review everything before you bid, not after.

Because there is no safety net after the auction, all the checks that a private buyer might do during cooling-off have to happen beforehand. Your conveyancer or solicitor reviews the contract and any special conditions, examines the title search and the prescribed documents for encumbrances, easements or planning restrictions, and confirms the deposit terms and settlement date. Where the property is a unit or apartment, they review the strata records and owners corporation disclosure so you understand the levies and obligations before you commit a cent.

Finance is another area where auction buyers need to be ready. There is no finance condition at auction in the way there can be in a private contract, so you generally need unconditional finance arranged before bidding. The conveyancer explains how this interacts with the contract and what your obligations are if you are the successful bidder. They will also confirm whether a building and pest inspection (a pre-settlement check of the structure and for pests such as termites) should be arranged before the auction, since you cannot make it a condition afterwards.

Some vendors ask a buyer to sign a section 66W certificate so that contracts can be exchanged immediately without a cooling-off period even in a private sale; at auction no cooling-off applies in any case. The conveyancer explains what signing away cooling-off rights means before you do it, so you go in with your eyes open.

This service suits anyone planning to bid at a Sydney auction, for houses or units. On cost, many independent conveyancers offer a fixed professional fee for a routine auction purchase, with government charges, search fees and other disbursements confirmed separately in writing. We are a conveyancing network and never set or charge the fee.

If you have your eye on a property going to auction, get the contract reviewed first. Share a few details and a licensed conveyancer or solicitor will contact you, usually within one business day.