Buying a property at Auction Part 2

What happens the day of the Auction:

• the highest bidder is the buyer, subject to any reserve price
• the auctioneer is entitled to make one bid only on behalf of the seller
• before the auction, the auctioneer must announce that the auctioneer is permitted to make one bid on behalf of the seller
• the auctioneer must announce immediately before, or in the process of making the bid, that he/she is making a vendor bid
• the auctioneer can refuse a bid that is not in the interest of the seller
• the auctioneer has no authority to accept a late bid (a bid after the fall of the hammer)
• if there is a disputed bid, the auctioneer is the sole arbitrator and makes the final decision
• the successful buyer’s name must be given to the auctioneer as soon as possible.