Untitled document
Sale of Land Amendment Regulations 2008
S.R. No. 47/2008
TABLE OF PROVISIONS
Regulation Page
1Objective
2Authorising provisions
3Commencement
4Principal Regulations
5Auction announcements
6New general rules for the conduct of public auctions of land
7New rules for the conduct of public auctions of land‑
one vendor intends to bid to purchase8New rules for the conduct of public auctions of land‑
some vendors intend to bid to purchase9New rules for the conduct of public auctions of land‑
all vendors intend to bid to purchase
═══════════════
ENDNOTES
STATUTORY RULES 2008
S.R. No. 47/2008
Sale of Land Act 1962
Sale of Land Amendment Regulations 2008
The Governor in Council makes the following Regulations:
Dated: 27 May 2008
Responsible Minister:
TONY ROBINSON
Minister for Consumer AffairsRYAN HEATH
Clerk of the Executive Council
1Objective
The objective of these Regulations is to amend the Sale of Land Regulations 2005 in relation to the rules for the conduct of public auctions of land.
2Authorising provisions
These Regulations are made under section 48 of the Sale of Land Act 1962.
3Commencement
These Regulations come into operation on 30 June 2008.
4Principal Regulations
In these Regulations, the Sale of Land Regulations 2005[1] are called the Principal Regulations.
5Auction announcements
After regulation 7(1)(a) of the Principal Regulations insert—
"(aa)that the auction rules prohibit an auctioneer from accepting bids or offers for a property after the property has been knocked down to the successful bidder; and".
6New general rules for the conduct of public auctions of land
In Schedule 1 to the Principal Regulations for rule7 substitute—
"7.The auctioneer must not accept any bid or offer for a property that is made after the property has been knocked down to the successful bidder, unless the vendor or successful bidder at the auction refuses to sign the contract of sale following the auction.
8. If a reserve price has been set for the property and the property is passed in below that reserve price, the vendor will first negotiate with the highest bidder for the purchase of the property.".
7New rules for the conduct of public auctions of land‑one vendor intends to bid to purchase
In Schedule 2 to the Principal Regulations for rule7 substitute—
"7.The auctioneer must not accept any bid or offer for a property that is made after the property has been knocked down to the successful bidder, unless the vendor or successful bidder at the auction refuses to sign the contract of sale following the auction.
8. If a reserve price has been set for the property and the property is passed in below that reserve price, the vendor will first negotiate with the highest bidder for the purchase of the property.".
8New rules for the conduct of public auctions of land‑some vendors intend to bid to purchase
In Schedule 3 to the Principal Regulations for rule7 substitute—
"7.The auctioneer must not accept any bid or offer for a property that is made after the property has been knocked down to the successful bidder, unless the vendor or successful bidder at the auction refuses to sign the contract of sale following the auction.
8. If a reserve price has been set for the property and the property is passed in below that reserve price, the vendor will first negotiate with the highest bidder for the purchase of the property.".
9New rules for the conduct of public auctions of land‑all vendors intend to bid to purchase
In Schedule 4 to the Principal Regulations for rule7 substitute—
"7.The auctioneer must not accept any bid or offer for a property that is made after the property has been knocked down to the successful bidder, unless the vendor or successful bidder at the auction refuses to sign the contract of sale following the auction.
8. If a reserve price has been set for the property and the property is passed in below that reserve price, the vendor will first negotiate with the highest bidder for the purchase of the property.".
═══════════════
ENDNOTES
[1] Reg. 4: S.R. No. 28/2005.
0
0
0