7. On-Line Auction

A. The auction will commence with the nominated starting price which is usually lower than the reserve price. Vendors including co-owners are NOT allowed to bid and do so at their own risks whereby their bids shall be void upon discovery. The auction will be conducted over a period of time as nominated.

Step by Step Auction Process

A property auction will start at the specified date and time

Any bid:

• must first meet the opening bid call; or
• must at least meet the minimum next bid nominated (if the opening bid call has already been met).
• A bid is binding while the timer counts down.
• During this countdown such a bid may be outbid.

If a bid is not outbid;

• the bid will lapse and unbind the Bidder if it is less than the reserve; or
• bind the Bidder to purchase the property if the bid is equal to or greater than the reserve.

B. At the final auction time the highest bid will determine the purchaser and the property will be "knocked down" to that party providing the bid reaches or exceeds the reserve price. The final auction time, as shown by the timer provided on Violater.com, is conclusive as to when the auction ends and the property is "knocked down". (Note there is no cooling off period for auction)

C. We have discretion to close a property auction at any time including, without limitation, where:

• there is or we suspect there may be, fraudulent or dummy bidding;
• there is a processing error;
• there is a technological error or site failure; or
• there are issues with the property.

When an auction in which you have bid closes and you are the Winning Bidder, we intend to notify you by e-mail and SMS. This notice will include:

• notification that you are the Winning Bidder and of the amount of the Winning Bid Amount; and
• an instruction to contact your solicitor (if any) so exchange can be conducted.

D. If during the period of the auction:

• the vendor dies or becomes mentally ill or incapable of managing their own affairs; or
• the property is destroyed or substantially damaged to render it unfit for sale,
• For any other reason determined by us,