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REIV calls for ‘modern, transparent’ auction documentation

By Juliet Helmke
01 May 2024 | 10 minute read
megan mander REIV reb axa7ck

Acknowledging that the rules have been in place for 70 years, the institute has said it’s time for an update.

The Real Estate Institute of Victoria (REIV) is asking that as the government reviews its Sale of Land (Public Auctions) Regulations 2014, policymakers consider an amendment allowing for the digital provision of documentation at auctions.

Currently, all publicly advertised auctions in Victoria require the auctioneer to make hard copy documentation available for public inspection no less than 30 minutes before the auction starts. Documents that must be posted for review include copies of the auction rules, auctioneer’s statement, statement of information, contract of sale, the due diligence statement and the privacy statement.

But now, the REIV is arguing that the rules must change with the times, and is pushing for these documents to be provided electronically to potential buyers or interested parties.

The Sale of Land (Public Auctions) Regulations 2014 are due to sunset on 24 June 2024, so it’s an opportune time to make any adjustments to the state’s auction rulebook.

Megan Mander, interim CEO of the REIV, said that with other aspects of real estate modernising and becoming more digitised, it’s important for auctions to stay similarly up-to-date.

“This is a simple amendment that will positively impact both the quality of auctions and their environmental footprint. It’s also about modernising Victoria’s public auction practices to ensure they reflect common digital best practices already used in real estate and other industries,” said Mander.

She also argued that the paper-only policy was at odds with current sustainability initiatives, when considering the vast amount of auctions that take place across the state.

“With 37,000 auctions taking place each year across Victoria, it’s important we take steps to keep these events modern, transparent and fair for participants, but without the environmental burden.”

The organisation’s request was made to the state government in submission to be included in the review of the regulations.

In 2021, Victoria was the first state to make permanent reforms to allow digital signatures to be used for mortgage documents, deeds, wills and powers of attorney to be executed electronically.

The permanent change followed temporary measures that were put in place during the COVID-19 crisis, which allowed for documents to be signed electronically and remotely to adhere to social distancing restrictions.

ABOUT THE AUTHOR


Juliet Helmke

Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.

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