What differs for a purchaser when purchasing a property at auction vs a private sale?

The main difference for purchasers when purchasing a property at auction is that individuals are required to proceed to settlement of the parcel of land on an unconditional basis. When purchasing a property via an auction the purchaser is consenting to forego the following rights afforded to those purchasing the property via a private sale;

1. The 3 day cooling off period for the offer is not applicable
2. The transaction cannot be subject to finance
3. The transaction cannot be subject to building and or pest inspections.

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