Each bidder must read these rules of auction and must not bid unless he/she/it has done so.

The rules of auction need not be read at the auction if –

they were made available twenty four hours prior to the commencement of the auction;

– in the case of a livestock or game auction as contemplated in Regulation 33 of the Act, they are the same as for previous auctions and are generally available on the auction house or the auctioneer’s website, or

– at the auction house or the auctioneer’s business premises during business hours; or

– in the case of a closed auction, they were made available to all persons to whom an invitation to take part in that auction was issued.

The sale by auction is subject to a reserve price.

The auction house, the auctioneer and/or the auction house’s agent shall be entitled to bid up to the reserve price on behalf of the seller, but shall not be entitled to make a bid exceeding the reserve price.

The rules of auction comply with section 45 of the Act and the Regulations.

As provided for in section 45(2) of the Act, when properties are put up for sale by auction in lots, each lot is, unless there is evidence to the contrary, regarded to be the subject of a separate transaction.

The auction will commence at the published time and will not be delayed to allow any specific person or more persons in general to take part in the auction.

Anyone that intends to bid at the auction must register his/her/its identity on the bidder’s record prior to the commencement of the auction. Such registration must meet the requirements of Chapter 1 of the regulations in terms of the Financial Intelligence Centre Act, Act 38 of 2001, as amended from time to time, in respect of the establishment and verification of identity of the person, and the person must sign the registration entry.

A person (“the representative”) who attends the auction to bid on behalf of another person (“the principal”) must produce a letter of authority that expressly authorises the representative to bid on behalf of the principal and the representative and the principal must meet the requirements set out in the clause above. Where the representative is bidding on behalf of a company or a close corporation or a trust, the representative must, prior to the auction, furnish the auction house with a currently dated letter on the letterhead of such company or close corporation or trust (whichever is applicable) (which letter in the case of a trust must be signed by all the trustees of such trust) and must be accompanied by a certified copy of the resolution by the board of directors of the company or members of the close corporation or all the trustees of the trust (whichever is applicable) authorising the representative to represent such company, close corporation or trust, whichever is applicable, at the auction and to bid on its behalf.

The bidder’s record and the vendor’s roll will be made available for inspection at the offices of the auction house during business hours, without the charge of a fee. The bidders’ record will also be available for inspection at the auction.

The auction house has a trust account which is audited in terms of the Estate Agency Affairs Act, Act 112 of 1976, as amended from time to time and into which all monies will be paid for the benefit of the seller, minus the agreed commission.

The auctioneer will during the auction announce the reason for the auction unless the reason is the normal and voluntary disposal of property by the seller.

The conduct of the auction is subject to the control of the auctioneer who has the sole right to regulate the bidding procedure.

The sale shall be by the rise and fall of the hammer and the property shall be sold to the highest bidder subject to these rules of auction and the sale agreement.

If no bid equals or exceeds the reserve price, the property may be withdrawn from the auction, however, the seller shall be entitled to instruct the auctioneer to accept any lower bid.

Should any dispute arise between the bidders and/or any of the bidders and the auctioneer, the decision of the auctioneer shall be final and binding.

Any error by the auctioneer may be corrected by him.

No bid may be withdrawn after the fall of the hammer until the expiry of the offer period that is provided for in the sale agreement being five business days after the date on which the relevant purchaser signs the sale agreement, during which time the offer shall be open for acceptance by the seller or his agent (or the auction house on the seller’s behalf) and if the offer is accepted, the sale shall be deemed to be a sale by auction for purposes of the Act.

The highest bidder shall sign the Sale Agreement immediately on the fall of the hammer.

Find the property of interest

Select properties from our site, and study the due diligence documentation.

Review disclosures, terms and conditions

You can find the terms and conditions for the sale and disclosures for the property on each property details page.

Perform inspections and appraisals

We encourage you to perform your research, as all properties available for auction are sold “voetstoots,” meaning financing cannot be subject to any suspensive conditions, i.e. bank valuations, after the fall of the hammer. Our executive team is available for on-site inspections.

Determine your price

Auction reveals the true value of a property, a value set by those who are interested in buying it and who compete against one another for the right to own it.

Confirm your financing

You should have your financing lined up before you bid. Unless otherwise stated, all sales close within 30 days.

Know the auction date, time and location

The auction date, time and location are clearly stated on each property details page.

Register to Bid

Use our site to pre-register for the auction. Onsite or pre-registration requires full FICA documentation, and payment of a refundable registration fee of ZAR50,000, unless otherwise stated in our documentation.

Terms

When you place a bid, you’re confirming that you have inspected the properties, that you read and agreed to the Sales Contract and the terms and conditions of that particular auction. A sample Sales Agreement is located on our web site.

Due diligence

Conducting a property due diligence is your responsibility. We will provide an information pack that will be located on our web site and will also be available at the auction, as a hand-out on request. Properties are sold “voetstoots” without any further inspections or repairs.

By bidding you agree to all disclosures.

Deposit

An EFT deposit needs to be made immediately after the fall of the hammer. This will be announced by the auctioneer before the start of the auction. The deposit includes the auctioneers fee (exclusive of VAT) and a 5% deposit for the property based on the hammer price.

Approval

All sales are subject to seller confirmation, unless the auction is designated as “without reserve” by the auctioneer. Most approvals are received within 5 days or less; you will be notified by our staff should your bid be successful or not.

Possession

You will be given access to and possession of the property after registration.

The critical hour before the auction

You need to arrive about an hour or two before the auction is scheduled to begin. Auction commences on scheduled time. On-site auctions are open for final inspection up to two hours before auction time.

To bid on site, bring all FICA documentation and complete the brief registration form. You can also do this on-line.

Pay the auction refundable registration fee via EFT with fast clearing or bank guaranteed cheque, on the day.

You will receive a numbered bidder’s paddle for use during the auction.

Auction time

The auctioneer will introduce the team and confirm the terms and conditions of the auction.

The Auctioneer will call for bids and will end by declaring “Sold to the Highest Bidder!” who needs to sign a Sale Agreement.

EFT required deposit as per auction rules.

AUCTIONS GO FAST!

We make the auction easy to follow, first-time attendees are usually surprised to see the sale conclude within a few seconds.