Auction

An auction is an unconditional sale method — the winning bid is binding immediately, so all due diligence must happen before auction day.

Bidding requires finance pre-approval, completed inspections, a reviewed LIM and title, and insurance confirmed — all spent before you know if you'll win. That upfront cost filters out unprepared buyers, which is exactly why vendors and agents like auctions. Set your walk-away number before the room heats up, and treat pre-auction offers as a tool to avoid competition.

This page is general information, not financial, legal, or tax advice. Rules change — always confirm current settings with official sources and seek independent professional advice.