Rules of the Auctions
Auctions are a process of buying and selling property by offering them up for bid.
As a potential Buyer you must take note of some basic rules when participating in an auction.
- All properties on auction are sold “voetstoots” (which means “as is”). It is therefore advisable to inspect the property you are interested in before the auction date.
- A winning bid at an auction is legally binding and cannot be retracted later without financial loss. It is essential to get a copy of the Conditions of Sale of the property before the auction day.
- Auction sales are also non-suspensive; mortgage finance must be arranged before the auction is concluded.
- Auctions often provide good opportunities to buy property because auctioneers handle sales in execution, property repossessions and liquidations.
RULES OF AUCTION
Place of Auction: TBA
Date and time of Auction: TBA
These Rules of Auction comply with Section 45 of consumer Protection Act 68 of 2008 and the Regulations thereto (”the CPA”).
In accordance with the provisions of the CPA, the Stilbaai Auction House. and the Auctioneer, hereby declare as follows:
1. Each lot is, unless announced to the contrary, regarded to be subject of a separate transaction;
2. The sale in respect of any lot is complete when the Auctioneer announces its completion by the fall of the hammer and the statement “Sold”, and until then a bid may be retracted;
3. Unless otherwise announced, all lots are sold subject to a reserve price and to a five day acceptance period in favour of the seller;
4. Unless otherwise announced, the Stilbaai Auction House. and the Auctioneer are entitled to bid on behalf of the seller up to the reserve price;
5. The auction will commence on time and will not be delayed to allow any specific person or persons to take part in the auction;
6. Acknowledges that, should his/her bid be knocked down as the highest bid in respect of any lot bid upon, a buyer’s premium of 10% plus VAT shall be payable over and above the bid price, unless otherwise stated;
7. Any bidder who intends to bid on behalf of another must produce a letter of authority that complies with Regulation 26(3) of the CPA, which states that such a letter must expressly authorise such a bidder to do so, and that both such principal and the bidder must submit documentation in support and verification of their identities in terms of the Financial Intelligence Centre Act (”FICA”), and such bidder must sign a bidder’s record containing such details;
8. Acknowledges and understands, that should his/her bid be the highest bid on any lot, he/she will then be obligated to sign the Auctioneer’s standard agreement of sale by public auction, which agreement the bidder acknowledges to have acquainted himself/herself therewith;
9. The Stilbaai Auction House has a Trust account which is audited in terms of The Estate Agency Affairs Act and all monies will be paid for the benefit of the seller minus the agreed commission;
10. The Auctioneer will announce the reason for the auction unless such reason is the normal and voluntary disposal of the property by the owner;
11. All bidders must register prior to the commencement of the auction, read the Rules of Auction, comply with all FICA requirements and provide proof of ID, residence, authority to transact on a formal letterhead;
12. The bidders record and vendors roll required to be kept in terms of the CPA will be available for inspection free of charge during normal working hours at the offices of the Stilbaai Auction House;
13. Any person present at the auction may object to the Rules and such objection shall be recorded in the vendors roll;
14. The costs of an auction are as follows:
• cost of advertising TBA
• cost of the event and conducting an auction TBA
Total cost TBA
15. The conduct of the auction is subject to the control of the Auctioneer who has the sole right to regulate the bidding;
16. The auction shall be on the rise and the property sold shall be sold to the highest bidder, subject to the Rules of Auction;
17. These Rules have not been amended after their initial publication.
Signed by the Auctioneer:
Auctioneer full name: Johan Cronje representing the Stilbaai Auction House
Address: OK Building, Main Road West, Stilbaai, 6674
Contact number: 083 309 3894