TERMS AND CONDITIONS OF ACCEPTANCE
FOR SALE BY Mowbrays Australia Ltd
ON BEHALF OF THE VENDOR
Mowbrays Australia Pty. Limited (“MA”) accepts and hold the property described overleaf or appearing on the attached appendices (“the Property”) for submission to sale at auction or thereafter in each case as Vendor’s agent and on the following conditions –
1. The Vendor on delivery of the Property to MA –
1.1 warrants the property to be his unencumbered property or that the Vendor is authorised by the owner to sell the property;
1.2 instructs MA as an agent to sell the Property by auction on its Condition of Sale;
1.3 authorises MA (or persons appointed to it) to sign on its behalf a sale note or like document; and
1.4 acknowledges that prospective Purchases of the Property shall be entitled to inspect the Property.
2. Subject to any reserve price (notified in writing by the Vendor to MA and received by MA not later than seven days before the commencement of the sale). MA shall be entitled to sell the Property to the highest bidder at or after auction or may reoffer any of the Property previously passed in.
3. This Agreement shall be from the date of signing by MA until settlement after the first convenient auction sale decided upon by MA unless otherwise specified.
4.1 The Vendor shall not be entitled to withdraw any Property from sale once it has been lotted for auction.
4.2 MA reserves the right, at any time and without notice to the Vendor, to withdraw the Property from sale or decline to have the Property placed in any sale.
5. Any dispute arising between Vendor and Purchaser (including any claim by the purchaser relating to the condition, description or genuineness of the Property) shall be the responsibility of the Vendor, who shall indemnify and keep MA indemnified against any claim made by the Purchaser against MA.
6.1 Thirty-five to forty-five days after the sale but subject to payment being received from the Purchaser, MA will account to the Vendor for proceeds of sale, less commission and insurance.
6.2 Where MA has granted an extension to enable the Purchaser to obtain a Certificate of Genuineness, the above period of thirty-five days may be extended to a maximum period of three (3) months or notification to MA of such Certificate of Genuineness.
7. MA accepts no liability for the loss or damage to the Property whether due to its negligence (including that of its servants, agents or invitees), atmospheric change, fire, burglary or other cause whatsoever.
8. MA shall, unless otherwise instructed in writing by the Vendor, insure the Property while in its possession.
9. No determination as to insurance value shall constitute a representation, warranty or admission by MA as the value or likely selling price of the Property.
10. Commission payable to MA as shown over.
10.1 in the case of goods bought in at the Vendor’s reserve price (or less) plus the purchasers premium;
10.2 in the case of withdrawal by the Vendor prior to lotting a withdrawal fee of seventeen and a half percent (15%) of the estimated price or, if none, of the estimated value for insurance. Also see item 4.1.
The Vendor acknowledges SG’s right to retain the premium payable by the Purchaser.
11 Valuations
11.1 For the purposes of insurances, probate, public auction or direct sale, assessed at our offices, charges are based on a fee of $100.00 per hour
11.2 Where a valuation is conducted outside our offices, additional costs for travelling and other expenses apply.
11.3 Valuation fees will be waived or refunded where the Auctioneer is instructed to sell the relevant Property within three (3) months of providing the valuation.