In line with the REIQ’s commitment to pushing the industry forward, the organisation’s Auctioneering Chapter has successfully spearheaded an amendment to Form EF073 Conditions of Sale – Public Auction to better serve the community and the industry.
The changes include the incorporation of an express warranty for a person bidding on behalf of another of that person’s ability, to enter into and complete the contract of sale.
“The Conditions of Sale – Public Auction have been in the same format for as long as I can remember,” said REIQ Auctioneering Chapter member Peter Burgin.
“They have fundamentally served the market well, but as all aspects of the real estate transaction have progressed it makes perfect sense that we review the ‘rules of engagement’ at Auction to ensure great confidence in The Auction Environment.”
Mr Burgin said it was critical that The Conditions of Sale offered protection for all parties, transparency, and was in simple language for easy interpretation.
“Equally importantly, they must protect the essence of what makes the auction a totally unique environment.”
While the document has not changed significantly, by tightening the wording on some clauses it provides all parties with a clearer understanding of what the intention is.
“These changes were workshopped by the REIQ Auctioneering Chapter over many months to ensure that we all felt we had achieved what we had set out to do.”
The Auctioneers Chapter is made up of 8 practicing Auctioneers that collectively call more than 150 Auctions per week.
“So it is fair to say it is the perfect place for this discussion to start,” Mr Burgin said.
After the proposed changes were provided to The Queensland Law Society, the final document was ratified, and is now ready for immediate use in the market.