sec.229ADisclosure of seller’s right to bid at auction

### sec.229A Disclosure of seller’s right to bid at auction This section applies if— property is to be, may be or is being, offered for sale by auction; and the seller wishes to reserve the seller’s right to bid at the auction. The seller may bid at the auction, and the auctioneer may accept a bid of the seller, only if the conditions of sale for the auction that are notified to prospective bidders for the auction include a condition that the sale is subject to the seller’s right to bid at the auction. If property is sold in contravention of subsection (2) , the contract is voidable by the buyer before settlement of the contract. To remove any doubt, it is declared that a bid of the seller includes a bid on behalf of the seller. s 229A ins 2023 No. 27 s 288 (sec.229A-ssec.1) This section applies if— property is to be, may be or is being, offered for sale by auction; and the seller wishes to reserve the seller’s right to bid at the auction. (sec.229A-ssec.2) The seller may bid at the auction, and the auctioneer may accept a bid of the seller, only if the conditions of sale for the auction that are notified to prospective bidders for the auction include a condition that the sale is subject to the seller’s right to bid at the auction. (sec.229A-ssec.3) If property is sold in contravention of subsection (2) , the contract is voidable by the buyer before settlement of the contract. (sec.229A-ssec.4) To remove any doubt, it is declared that a bid of the seller includes a bid on behalf of the seller. - (a) property is to be, may be or is being, offered for sale by auction; and - (b) the seller wishes to reserve the seller’s right to bid at the auction.