1. Only licensed Agents can list on behalf of their vendors
  2. Property Developers can list directly
  3. All properties are reserved
  4. Reserve price is never disclosed
  5. Opening Bid Call is to meaningfully advise the market of where bidding will commence
  6. One (1) vendor bid permitted
  7. All bidders must be successfully identified and verified against secure government databases and pay a $1,000 bidders bond
  8. Bidding permitted 24/7
  9. Each bid made is binding for up to 24hrs
  10. Must at least bid at the next minimum bid amount
  11. Next minimum bid increases slightly each hour
  12. No exorbitant bids permitted
  13. A maximum of 5 consecutive bids permitted
  14. Auction ends when a bid stands uncontested for 24hrs
  15. We exchange on behalf of vendor and purchaser
  16. No cooling off period
  17. Purchaser to pay Agent required deposit within 48hrs of exchange
Purpose of Rule
  1. Security and integrity of all listings
  2. Classified a commercial user
  3. Genuine commitment by Vendor to sell at a minimum price
  4. All bids are binding, so disclosure is irrelevant
  5. An early, meaningful guide as to purchase price
  6. Vendors right
  7. Only genuine bidders permitted
  8. Convenience
  9. Prevent anyone being outbid at an awkward time (ie early morning)
  10. Prevent irrelevant bids (ie $100)
  11. Encourage timely bidding and maintain momentum
  12. Security reasons
  13. End of auction is driven by extent of bidding, not a set date
  14. Legally binding contract must be created as soon as possible
  15. Standard auction rules and conditions
  16. Condition of registering to bid and contract condition