Bidder Registration and Rules of Auction
Please sign the below Rules of Auction and Submit.
We will send you your Username and Password with which you can bid on this page on the day of auction.
1) Identity and Bidder Verification
1.1) The following Rules of Auction ensure fair participation and a clear understanding of the property sale process. By signing this Rules of Auction document, you (the bidder) acknowledge that you have read, understood, and agreed to be held liable to all the rules set out in these clauses stated below, which will reflect on the Offer to Purchase document (OTP) document which has been attached to this document as well.
1.1.1) Upon signature of this document, the signatory agrees that each bid they make on the date of auction will be held to the same legal standard as that of a legitimate offer on the property, and should they be the highest bidder after the auction has concluded, the auctioneer may demand immediate payment of applicable deposits.
1.2) Every prospective bidder must provide his or her positive identification, juristic registration documents, and proof of residence in terms of the Financial Intelligence Centre Act (FICA), No. 31 of 2001 published in Notice R1595 in Gazette 24176 of 20 December 2002.
1.3) All monies and deposits which are deposited in the regular trust account or business account of the auctioneer will not earn any interest.
1.4) The rules of auction need not be read out at the auction to be valid, as long as they were made available to the general public.
2) ADMISSION AND REGISTRATION
2.1) To register as and bid on the property, prospective Bidders must fill and sign the bottom of this document and upload the following documents:
- A copy of the ID of the person bidding.
- Proof of Residence/Address.
- If bidding to buy in the name of another Person, Company or Trust, a signed letter from the Directors or Trustees giving the bidding individual permission to bid on and purchase the property in the name of the business entity.
3) Deposit after Bidding:
3.1) The highest bidder after the auction has concluded must pay a 10% deposit based on the fall of the hammer price. This amount is payable. It is agreed by both the purchaser and the Seller that once the offer is accepted by the Seller the commission of the auctioneer shall be deemed earned by the Auctioneer on the date of acceptance.
3.2) Only EFT payments will be allowed.
3.3) If the seller is a VAT-registered vendor, the purchase price may be subject to Value-Added Tax (VAT) at the applicable rate. The purchaser will be liable for the VAT amount as per the Offer to Purchase. The purchaser is also responsible for all transfer costs, including but not limited to conveyancing fees, deeds office fees, and any other charges necessary for the registration of transfer. The seller and auctioneer make no guarantees regarding the VAT status of the property, and it remains the responsibility of the purchaser to verify the seller’s VAT status.
3.4) Should the Seller reject the Purchaser's offer or default for whatever reason, the purchaser will not be charged any fee or commission. Such fee or commission will immediately be refunded to the purchaser, including the refundable registration deposit.
4) Acknowledgement and Recording:
4.1) Auction-All Pty Ltd may film, photograph, or otherwise record the auction and authorize the use of such recordings for dispute resolution or other commercial purposes.
5) Reason for the Auction:
5.1) Bank Instruction
6) Registration
6.1) If this is your first time participating in an auction, it is important for you to familiarize yourself with the Rules of Auction as buying property on auction is final and irrevocable. By registering for the auction, you agree that you have read and fully understand the Rules of Auction. DO NOT BID UNLESS YOU AGREE TO BE BOUND BY THE RULES OF AUCTION, INCLUDING GENERAL CONDITIONS OF AUCTION, YOUR BID SHALL BE TAKEN AS PROOF THAT YOU HAVE READ, UNDERSTOOD AND ACCEPTED THE RULES OF THE AUCTION; HENCE THEY WILL BECOME FINAL AND IRREVOCABLE UPON YOU BECOMING THE HIGHEST BIDDER AND PURCHASER.
7) Type of Auction:
7.1) Online Auction: This auction will take place Online on the Auction-All online bidding platform. Closing times will automatically be extended by 2 (two) minutes should a bid be placed within 2 minutes before the time lapses. The final Bid will be registered if no one puts in a counteroffer within the last 2 (two) minutes, or when the timer lapses.
7.2) On-Site Auction: This auction will take place on-site, meaning at or in front of the property itself. Bidders are encouraged to contact the agent and ask for a location, and then attend the auction in person on the specified date and time.
8) Bidding:
8.1) Online Auction: This auction will take place Online on the Auction-All online bidding platform (www.auction-all.com). Closing times will automatically be extended by 2 (two) minutes should a bid be placed within 2 minutes before the time lapses. The final Bid will be registered if no one puts in a counteroffer within the last 2 (two) minutes, or when the timer lapses.
8.2) On-Site Auction: Bidders can attend the auction on-site and can bid according to the calls made by the auctioneer.
9) Confirmation Period:
9.1) If the reserved price is not met - in terms of regulation 28 (6) and the seller has to accept or decline the highest bid after the completion of the auction, the highest bidder is bound by the auction rules and shall not have the opportunity to withdraw his bid until the seller has confirmed the sale or the stipulated acceptance period has expired. Negotiations between the highest bidder and the seller may arise during such acceptance period and should any subsequent bids be received within a 7 (Seven) day period after the auction has concluded. The new bidder will register in terms of the rules of auction and will have only one opportunity to submit a higher bid. The highest bidder of the first instance shall have the sole right of refusal to equal or better such subsequent bid obtained. The highest bid subject to approval by the seller is deemed not to be sold in terms of section 45 (3) and sub-regulation 28 (6) of the CPA until the seller has accepted the offer.
9.2) No special conditions will be acceptable for auction properties, and all properties are sold voetstoots or 'as-is'.
9.3) The purchaser's offer shall be irrevocable and open for acceptance by the seller within 30 (Thirty) days after the day of the auction (“CONFIRMATION PERIOD”). The seller may accept the purchaser's offer at any time prior to the expiry of the confirmation period.")
10) Date of Sale:
10.1) The date of sale shall, for purposes of this auction, be deemed to be the date of acceptance by the seller. The auctioneer shall thereafter notify the purchaser in writing of such acceptance by electronic mail, SMS, WhatsApp, pre-paid registered post or by hand delivery or facsimile, at the sole discretion of the auctioneer.
11) Offer:
11.1) The bid price (hammer price) is offered by the highest bidder.
12) Commission:
12.1) The auctioneer’s commission is 5% +VAT (Five Percent plus VAT) of the full bid amount (hammer price) and is payable by the SELLERS upon successful registration of transfer. The commission is deemed earned upon the seller’s acceptance of the highest bid and will be payable upon registration of transfer. The auctioneer’s commission is calculated on the purchase price, excluding VAT where applicable. If the sale is cancelled due to the purchaser’s breach, the purchaser shall remain liable for any costs incurred due to such breach, but the auctioneer’s commission remains payable by the SELLERS as per the Offer to Purchase agreement.
12.2) The Auctioneer hereby declares that no commission will be charged to both the Seller and the Purchaser for any single sale.
13) Transfer Costs in Case of Fixed Property:
13.1) The purchaser shall be liable and obliged to pay on demand from the transferring attorneys all normal costs of transfer for the property, including stamp duty and Value Added Tax (VAT) where applicable, and all other costs incidental to the registration and transfer of the property.
13.2) The balance of the purchase price is payable by the purchaser within 30 (Thirty) days of acceptance of the offer by the Seller, in cash, by electronic transfer, bank-guaranteed cheque or by a written guarantee ('pre-approval') from a registered financial institution to the seller's Conveyancer/Transferring Attorney, free of exchange against registration of transfer of the property into the purchaser's name.
14) Warranties:
14.1) The Auctioneers and the Seller give no warranties or guarantees on any items on the auction, express or implied. If such a warranty or guarantee is given, it can only be given by the auctioneer and no one else. Auction-All (Pty) Ltd reserves the right to refuse to accept the bid of any bidder should they be unable to satisfy Auction-All (Pty) Ltd on any of the above notices or the Rules of Auction.
15) Ownership and Occupational Interest:
15.1) Occupation will be taken on registration of the property in the purchaser's name. NO VACANT OCCUPATION IS GUARANTEED BY THE SELLER OR THE AUCTIONEER.
15.2) Unless otherwise stated on the Offer to Purchse/Conditions of Sale, the purchaser can take occupation of the property after the property has transferred or registered in their name. Should occupation only be provided on date of Registration, the purchaser can only take occupation before registration if all parties have agreed to it. In such cases, the purchaser agrees to pay occupation interest of 12% (Twelve Percent) per annum on the outstanding purchase amount.
16) Certificates of Compliance:
16.1) The Purchaser shall be responsible, at its own expense, for the provision of all Compliance Certificates, to enable the successful transfer of the property. The purchaser will provide the transferring attorneys with all the certificates at their own cost once requested to do so.
17) Rates and Taxes, Levies and Utilities:
17.1) The Seller will pay all outstanding rates, taxes water, electricity and any utility bill applicable to the property until the date of registration. Should it be agreed in writing by all parties that the occupation is before the date of registration, the purchaser will then be liable for all rates & Taxes and utility bills from the date of occupation.
If you need any more information please contact our office:
info@auction-all.com | 087 1950 343