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Yes, one can go to the banks for a loan when buying on auction however purchasing property on auction is not dependant on bank finance so please only bid if you have the funds available.

It’s vital to go to your bank prior to attending an auction to ensure they will grant a bond. You will need to know how much they will loan you and this depends on your financial standing as well as the value of the property you intend to purchase.

An on-site auction is held on-site at the property that is on auction at a predetermined time and date. The on-site auction is specific to bidders interested in the purchase of that particular property.

A multi-property auction is held at one of our exclusive venues where numerous properties are auctioned. The multi-property auction extends itself to a broad spectrum of bidder’s who may be looking at a specific property or at the purchase of various other properties available at the auction.

This is permissible on rare occasions and should be discussed with the broker directly.

Certain properties have a viewing session an hour prior to the auction. Other properties may be viewed by setting up an appointment with the broker who will arrange a convenient time with the seller. This is not always possible but the broker will do his/her best to set this up.

A 15% deposit is payable on the fall of the hammer by way of EFT.

The 15% is made up as follows on a bid price of R1 000 000:

Bidder’s premium 10%  R100 000

VAT on bidders premium 15% R15 000

Residual deposit toward purchase 3.5%R 35 000

TOTAL DEPOSIT 15% R150 000

Arrive an hour prior to the auction to view the property, register for the auction and receive a bidders card.Ensure you have read the rules of auction and that you comply. Please bring your FICA documentation (copy of your ID and proof of address - less than 3 months old). Sign the bidder’s record and registration form. Any successful bidders bind themselves to the conditions of sale.  These conditions of sale are binding for all of the properties on auction. The Sales Agreement (Conditions of sale) cannot be altered under any circumstances and apply in totality. Should the bidder not be an RSA citizen, a copy of the passport and proof of residence is required. 

Anyone bidding on behalf of a company or individual must produce an authority to transact and bring the documentation listed below.

If purchasing in a company name you will need:

• The company’s tax clearance certificate.
• A copy of the company registration form CM1, CK41, CM 46, CM 49,
• Front page of the memo of articles
• A utility bill from the company
• CM 29 or official resolution from the company giving permission for the representative from the company to bid.

Should the bidder not be an RSA citizen, a copy of the passport and proof of residence is required. 

All our auctions comply with Section 45 of the Consumer Protection Act 6.8 of 2008 and governing regulations thereto. In terms of the Estate Agency Affairs Act all moneys received for the benefit of the buyer or seller will be retained in a trust account. On acceptance of the offer by the purchaser, these will be paid over to the conveyancers less the agreed commission. Property auctioneers should be accredited by EAAB (the Estate Agents Affairs Board) and  SAIA (The South African Institute of Auctioneers).

The auctioneer will explain how the bidding process works prior to the auction. Bidding can be done by raising your hand or lifting your bidder’s number as long as the auctioneer sees your bid.

There is no starting price, so the first bid is taken by the auctioneer from the attendees.  The auctioneer holds the sole right to regulate the advance in bidding. All AuctionInc. auctions are subject to reserve price which is confidential.

The Auctioneer and a representative of AuctionInc. are entitled to bid on behalf of the owner.  If there is not competitive bidding the auctioneer has the right to withdraw the property from auction.

Should there be a dispute between buyers, the auctioneer will resell the property or declare purchaser.  The Auctioneers decision to that effect is final. 

The purchaser bears all the costs relating to the transfer of the property.

The seller is responsible for suppling an electric and gas certificate for the property. And all outstanding Rates and Taxes/Levies will be paid up until date of occupation by the seller.

The seller has a legal right to assign the transferring attorney who will require valid sellers and buyers tax certificate to conclude the transfer.

Yes, your deposit is refundable if you are not the successful purchaser or if your offer is declined.