Property Occupations Regulation 2014

This section applies to real property placed by a person with an auctioneer for sale.

The auctioneer must keep at the auctioneer’s registered office an auction contract book.

When the person places the property with the auctioneer for sale, the auctioneer must enter in the auctioneer’s auction contract book the following particulars—

the date the property is placed by the person with the auctioneer for sale;

the property’s lot-on-plan description;

if there is an improvement on the property, a description of the improvement;

the name and address of the owner or the person who has placed the property with the auctioneer for sale;

any reserve price for the auction;

any special conditions for the sale of the property;

the proposed date, time and place of the auction.

However, if the particulars mentioned in subsection (3) are contained in the appointment of the auctioneer under section 102 of the Act and the auctioneer keeps the appointment or a copy of it at the auctioneer’s registered office, the auctioneer need not enter the particulars in the auction contract book.

The auctioneer must enter the following particulars in the auction contract book as soon as practicable after the auction—

the date of the auction of the property;

the property’s description;

if the property is sold at auction—

the price paid by the buyer; and

the buyer’s name and address;

if the property is not sold at auction—

the amount of the highest bid at the auction; and

if known, the highest bidder’s name and address.