House of Tibi Terms and Conditions.
Buyer’s Premium
All items purchased are subject to a 18% buyer’s premium applied to the hammer price and payable at the conclusion of the sale.
General terms and conditions
Definitions
“Auctioneer” includes the House or Tibi Ltd. and or any person authorized to conduct a sale and or any employees or agents assisting in the auction on the House of Tibi Ltd behalf.
“Bidder” means any person (whether present or not) placing or making bids or leading the auctioneer to believe that an individual is making bids.
“Person” includes any company, firm or body whether incorporated or not.
“Property” means the goods, chattels, land, estates or interests being auctioned.
“Purchaser” means the person to whom the property is knocked down by the auctioneer in an auction.
“Vendor” means the person placing the property with the auctioneer for sale and includes such a person’s actual or purported agents or employees.
Unless arranged otherwise in writing with the vendor and auctioneer, the terms of sale are:
For all property; and Cash at the fall of the hammer.
The auctioneer alone may refuse any bids or fix the amount of a bid or advance the bidding or permit it to be withdrawn. The auctioneer will resolve any dispute about the bidding, whether at or after the auction. The auctioneer may combine or divide lots at their sole discretion.
A bid authorises the auctioneer to note the auction sheet and to execute the contract at that bid on behalf of the bidder and authorises the charge of the buyer’s premium to the purchaser as per the fees below.
If, but only if the auctioneer has stated whether in relation to the auction generally and/or the particular sale, that the auction is subject to a reserve price and/or that the vendor reserves the right to bid, the vendor may personally or through the auctioneer bid as often as desired only up to the reserve price.
The Auctioneer act as agents only and neither they nor the vendor are responsible for any faults or defects in any lot or the correctness of any statement as the authorship, origin, date, age, attribution, genuineness, provenance or condition of any lot Statements in the catalogues, advertisements or brochures of forthcoming sales as to any of these matters specified are statements of opinion, and are not to be relied upon as statements of representations of fact, and intending purchasers must satisfy themselves by inspection or otherwise as to all of the matters specified in this clause, as to the physical description of any lot, and as to whether or not any lot has been repaired or is operable etc.
Unless specifically stated otherwise in relation to identified property the vendor warrants only:
That the title in the property sold will pass to the purchaser only upon the purchaser completing payment in full, including the buyer’s premium, by Eftpos, bank transfer or cash.
That there are or will be no encumbrances on the property not advised in particulars of sale or by the auctioneer before entering upon the auction.
The Vendor and Auctioneer do not make or give any representation or warranty all goods are offered for sale on an “As is where is” basis.
All goods sold shall only be removed at the buyer’s expense after the conclusion of the sale and once payment has been received in full by Eftpos, bank transfer or cash. All goods must be uplifted within 48 hours of sale or as otherwise provided in the particulars or announced. If not removed the auctioneer may charge a storage fee. But will not be liable to the purchaser for the goods in any respect.
On failure of a purchaser to uplift or pay for any lot the auctioneer reserves the right:
To resell the lot in any manner without notice, any money paid in part payment being forfeited, any deficiency attending such resale after deducting all costs incurred in connection with the lot is to be made good by the defaulting buyer, and any surplus is to be the seller’s or:
To store the lot or cause it to be stored whether at their own premises or elsewhere at the sole expense of the buyer, and to release the lot only after payment in full of the purchase price together with, the accrued cost of removal, storage and insurance (if any) and all other cost incurred in connection with the lot.
Notwithstanding any other terms of these conditions if within 7 days after the sale of the property, a purchaser notifies in writing and proves to the satisfaction of the auctioneer that the property is a forgery, and the property is returned within 7 days in the same condition as at the time of sale, the vendor will repay the purchase price or deposit, as the case may be, in full.
Fees
A vendor commission is charged on all items sold. Items with a hammer price of under $50 are subject to a 30% sellers commission plus a $3.50 per lot administration fee. Items sold above $50 are subject to a 19% sellers commision plus a $3.50 per lot administratiion fee. All fees include GST. The Lot administration fee is charged every time the lot is entered for sale.
A buyer’s premium is charged to all purchasers at 18% including GST on the hammer price.
Unsold items will automatically be entered into another auction unless it is withdrawn by the seller.
Reserves are not accepted on items under $50 and the reserve value will be reduced by 20% after the first auction until sold or withdrawn.
Payments for goods sold are made by internet payment to the seller’s bank account within 72 hours of the sale. Payments may be held until goods have been paid for.