Sale of Land Amendment Regulations 2008

Sale of Land Amendment Regulations 2008 S.R. No. 47/2008 TABLE OF PROVISIONS Regulation Page 1 Objective 1 2 Authorising provisions 1 3 Commencement 1 4 Principal Regulations 1 5 Auction announcements 2 6 New general rules for the conduct of public auctions of land 2 7 New rules for the conduct of public auctions of land- one vendor intends to bid to purchase 2 8 New rules for the conduct of public auctions of land- some vendors intend to bid to purchase 3 9 New rules for the conduct of public auctions of land- all vendors intend to bid to purchase 3 ═══════════════ ENDNOTES 5 i -- 1 of 6 -- 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 Affairs RYAN HEATH Clerk of the Executive Council 1 Objective 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. 2 Authorising provisions These Regulations are made under section 48 of the Sale of Land Act 1962. 3 Commencement These Regulations come into operation on 30 June 2008. 4 Principal Regulations In these Regulations, the Sale of Land Regulations 20051 are called the Principal Regulations. 1 -- 2 of 6 -- S.R. No. 47/2008 Sale of Land Amendment Regulations 2008 r. 5 5 Auction 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". 6 New general rules for the conduct of public auctions of land In Schedule 1 to the Principal Regulations for rule 7 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.". 7 New rules for the conduct of public auctions of land-one vendor intends to bid to purchase In Schedule 2 to the Principal Regulations for rule 7 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. 2 -- 3 of 6 -- S.R. No. 47/2008 Sale of Land Amendment Regulations 2008 r. 8 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.". 8 New rules for the conduct of public auctions of land-some vendors intend to bid to purchase In Schedule 3 to the Principal Regulations for rule 7 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.". 9 New rules for the conduct of public auctions of land-all vendors intend to bid to purchase In Schedule 4 to the Principal Regulations for rule 7 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. 3 -- 4 of 6 -- S.R. No. 47/2008 Sale of Land Amendment Regulations 2008 r. 9 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.". ═══════════════ 4 -- 5 of 6 -- S.R. No. 47/2008 Sale of Land Amendment Regulations 2008 Endnotes ENDNOTES 1 Reg. 4: S.R. No. 28/2005. 5 -- 6 of 6 --