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.
2.2) The bidder may need to pay a Refundable Registraion Deposit in order to be eligible to bid on the property. The deposit becomes non-refundable once the auction ends and the bidder is the highest bidder on the auction. If the bidder is not the highest bidder, the deposit will be refunded to them within 72 hours.
Please see Refundable deposit information on the bottom of this form.
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) The highest bid is subject to confirmation by the seller, and the highest bidder remains bound and may not withdraw the bid until the seller confirms or the acceptance period expires.
9.1.1) No offers will be accepted after the auction has concluded. The highest bid on the date of auction will be final and binding, and no other offers will be considered until the seller has provided written feedback on the offer made by the highest bidder.
9.2) No special conditions will be acceptable for auction properties, and all properties are sold voetstoots or 'as-is'.
9.3) The highest bid is subject to the seller’s confirmation and acceptance. The seller has 21 (twenty-one) days from the auction date (the ‘Confirmation Period’) to accept or reject the offer. During this period, the highest bidder remains bound by their bid and may not withdraw the offer.
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 must be secured by means of one or more bank guarantees, issued by a registered financial institution and acceptable to the seller, within 45 (forty-five) calendar days from the acceptance date. These guarantees must be delivered to the seller’s appointed conveyancer before the guarantee date specified in the Offer to Purchase. The balance of the purchase price is payable upon registration of transfer.
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 agreed in writing, occupation of the property may only be granted upon the successful transfer of ownership into the purchaser’s name. Should early occupation be agreed upon, the purchaser shall be liable for occupational interest calculated at 1% (one percent) of the purchase price per month, payable in advance, until registration of transfer. This amount is payable to the seller’s appointed conveyancers and must be settled before taking occupation.
16) Certificates of Compliance:
16.1) The purchaser shall be responsible for obtaining and paying for all compliance certificates required for transfer, including but not limited to electrical, plumbing, gas, entomology, and any other certificates required by law. These must be provided to the transferring attorneys before registration of transfer. The seller is not responsible for the costs of obtaining these certificates unless otherwise stated in the Offer to Purchase.
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