If you’ve won the auction, Michael says that you’ll typically be required to sign the contract and provide the deposit immediately – generally via cheque or electronic transfer. However, Michael says that the process differs between states and territories, so it’s best to understand your obligations as the winning bidder prior to auction day.
Typically, your conveyancer or solicitor will complete the necessary legal checks and confirm the settlement date. If you’re taking out a loan to buy the property, you’ll also need to finalise your finance with your lender. Michael says that the winning bidder will have the chance to complete their final inspection before settlement to ensure the property is received as per the sales contract.