Buying at Auction

Hi all,

Having never bought at auction I have a few questions. Am I right in saying that when you buy at auction there's no cooling off period or conditions? If so do people pay for pest and building inspections prior to attending the auction in the hope that they might end up buying the place? This would be a costly exercise if you missed out on the property and ended bidding on a number of different properties.

Have you ever had vendors provide pest and building? I think it's the law in Canberra, they did when we bought there a few years ago.

Rusty