Plain language law

New Zealand law explained for everyone

Fair Trading Act 1986

Consumer transactions and auctions - Auctions

36ZA: Start and end of auction

You could also call this:

"When an auction starts and finishes"

Illustration for Fair Trading Act 1986

You are at an auction when the auctioneer asks for the first bid. The auction ends when the auctioneer says no more bids are allowed. If the property does not sell at the auction, but the auctioneer accepts an offer from someone who was at the auction the next working day, it is still considered a sale by auction.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6156668.

This page was last updated on — View changes

Topics:
Money and consumer rights > Consumer protectionHousing and property > Buying and selling homes
Previous

36Z: Each lot is separate contract of sale, or

"Each item sold is a separate sale"

Next

36ZB: Notice to participants, or

"Rules for joining an auction must be clearly shown to everyone taking part"

Part 4AConsumer transactions and auctions
Auctions

36ZAStart and end of auction

  1. An auction starts when the auctioneer invites the first bid from potential participants.

  2. An auction ends when the auctioneer makes it clear that bidding is closed.

  3. However, property that is offered for sale by auction must be treated as having been sold at auction, even if the bidding ceased without the property being sold, if—

  4. the auctioneer accepts a subsequent offer from a person who attended the auction; and
    1. that offer is accepted before the end of the first working day following the day of the auction.

      Compare
      Notes
      • Section 36ZA: inserted, on , by section 23 of the Fair Trading Amendment Act 2013 (2013 No 143).