How to go about buying on auction:
  • Identify the property you wish to bid on.
  • View a copy of the relevant ‘Property Brochure’, available from our Auction House two (2) weeks prior to the auction date, or download the brochure from the Auctioneer’s website www.proauctioneers.co.za.
  • The Property Brochure includes, where relevant, the conditions of sale, the title deeds, the site plan, the zoning certificate, and information on any rental or lease agreements.
  • Establish where the auction will be held – most auctions are held on site at the property that will be auctioned, but occasionally they are held at larger or more convenient venues.
  • Arrange to view the property in advance or set aside time to view the property on the day of the auction.
  • Decide on the limit you can afford or are prepared to spend.
  • Study the ‘Rules of the Auction’.
  • Be aware that if your bid is successful, it is final and legally binding – it cannot be withdrawn or renegotiated and the conditions of sale cannot be altered.
  • If your bid is successful, you will immediately be obliged to proceed to the Auctioneer’s desk to sign the Offer to Purchase (the Sales Contract).
  • Auctioneer’s commission: Once the Seller has accepted your offer to purchase, you will be required to pay the Auctioneer’s commission of 10% of the purchase price, plus VAT, into the Auctioneer’s Attorneys’ Trust Account.
  • Purchase price: Once the Seller has accepted your offer to purchase, you will also be required to pay a deposit of 10% of the purchase price and deliver guarantees on the balance of the purchase price within 60 days from the date of acceptance. Guarantees are for the Purchaser’s convenience only – if you are not granted a bond by the bank, you are still liable for the full payment, therefore ensure that you have made arrangements for the necessary finance.
  •  If you are married in community of property, ensure that you have a certified letter of permission from your spouse to participate in the auction, or that your spouse attends the auction with you.
  • You can bid on behalf of a third party if you have a certified letter from the third party (on their company letterhead in the case of a business, accompanied by a certified copy of the resolution authorising you to bid on behalf of the company) granting you permission to do so.
  • On the day of the auction allow yourself time to register as a bidder and to thoroughly inspect the property, as the property is sold in the condition as presented by the Seller on the date of the auction.
  • You will not be permitted to bid unless you have registered and can show your ‘bidder’s card’ with bidder’s number.