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Due diligence before the Auction day

Picture of Lindel Enticott Lindel Enticott Oct 16, 2025 11:09:14 AM

Buyer Due Diligence Victoria Conveyancing costs FAQ Contract Review Auction
Due diligence before the Auction day

In Victoria, auction day is decisive.

There are no takebacks, no cooling-off rights, and no subject-to-finance escape clauses. That means every piece of due diligence must be completed before you bid. At Prepared, we empower you with a clear, fast strategy for auction.

Lock in your budget before attending


Get written loan pre-approval and establish your maximum spend. 

You can’t bid “subject to finance” at auction.

Auctions can be high adrenaline endeavours, so know your limits before emotions kick in. This isn’t just about the purchase price, you should factor in:
  • Stamp Duty (use the SRO calculator for estimates)
  • Legal and conveyancing fees
  • Land transfer registration fees
  • Building and pest inspection reports
  • Moving costs
  • Any immediate renovations or upgrades
STATE REVENUE OFFICE OF VICTORIA: DUTY CALCULATOR
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Get help from your legal team nice and early

Auction timelines are tight. Engage a property lawyer the moment you spot a property. Unlike some competitors we provide a thorough written contract and Section 32 review, often within 24 hours. We flag hidden risks that less prepared purchasers might miss. 

If you're waiting on advice, you're already behind.

Order independent building & pest reports

You buy the property “as is” in its current state of condition and repair (including hidden defects). 

Unless you are an experienced building professional, you might miss critical issues during the open-house inspections.  Independent, professional reports can reveal structural issues, pest activity, and safety hazards you won’t spot yourself. They should be non-negotiable. Don’t rely on vendor-provided inspections, as they may not tell the whole story (and you may not have any recourse if they are wrong).

Back to basics

There is a range of basic checks and investigations (due diligence) that you need to consider before you buy. Not everything relevant to the property is revealed in the section 32.

  • What is the local traffic like?
  • Is there parking available for visitors?
  • Have you considered the ambiance, noise, smell, neighbourhood character?
  • Is the land safe?

The vendor or agent must provide you with the official Consumer Affairs Victoria Due Diligence Checklist.

Use the checklist in tandem with the property-specific Section 32 to ensure no stone is left unturned.

Check how title and zoning restrictions will impact your plans for the land

Confirm the title is clean and that the property is suitable for you and how you intend to use the land, look for:

  • Easements (eg. shared driveways, sewer drains and powerlines)
  • Restrictive covenants (limits on extensions or building materials)
  • Planning regulations (permitted and prohibited uses for the land, permit requirements or ability to subdivide)
  • Planning overlays (such as rules for developing, landscaping, heritage requirements)
  • Owners Corporations matters such as major works, special levies or neighbour disputes

For an auction, all of this due diligence must be completed before you bid. 

This is why our "fast-track" contract review is so critical for auction buyers.

Be clear on Auction rules

Remember:

  • No cooling-off period
  • No subject-to-finance conditions
  • Deposit payable on the day - have the funds ready!
  • Settlement terms are fixed unless pre-negotiated

 We can assist in negotiating terms (such as a longer settlement) before the auction, but only if you act early.

This is why our "fast-track" contract review is so critical for auction buyers.

The information is general in nature and does not constitute legal advice. If you are buying or selling, please contact us to request legal advice.