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How do I pay if I have won an auction lot?

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Question

How do I pay if I have won an auction lot?

Answer

If you are successful with your bid, please report to Eddisons staff who will take you through the signing of contracts. Bring a personal or business cheque book / debit card / credit card to the auction to pay for any properties you purchase. Do not bring cash. You should also ensure that your finance is in place before you bid for a property.

When bidding on a property, the fall of the hammer at the final acceptable bid constitutes a binding contract and the purchaser is required to pay 10% of the purchase price, cheques being made payable to Eddisons. We do not accept cash. Completion of the sale and payment of the balance of the purchase money takes place four weeks later unless the conditions of sale provide otherwise.

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