1. Can I submit a bid before the Auction?
Yes, you are welcome to submit an online bid before the Auction. Simply click on the yellow “online bid” button at the bottom of each page. Remember to add the WEB reference number.
2. What does “Auction with Reserve” mean?
An “Auction with Reserve” is an auction in which the Seller or his Agent reserves the rights to accept or decline any and all bids. A minimum acceptable price may or may not be disclosed and the Seller reserves the rights to accept or decline any bid within a specified time. The property will be sold to the highest bidder but subject to confirmation by the Seller who has 2 business’ days to accept or reject the offer
3. How does an Auction work?
- A Seller grants a mandate and instruction to sell to the Auctioneer
- The property is put on auction following an extensive marketing campaign
- Interested Buyers pay refundable registration fees
- Bidding takes place at a public venue.
- The Auctioneer accepts highest bid from qualified Buyer.
- The Buyer pays a deposit and the Auctioneer’s commission.
- Buyer signs agreed Terms and Conditions of Sale.
- Seller accepts the Terms and Conditions of Sale.
- Conveyancers attend to registration of transfer.
- Both Buyer and Seller satisfied with results
4. Do I need to register in order to bid?
Yes, you will be required to fill in and sign a Buyer’s Registration Form which pertains the Conditions of Sale. You will receive copy of your Buyer’s Registration Form as well as a Bidder’s Number. It is important that you safeguard this Bidder’s Number at all times in order to prevent another person from bidding on your number, as in terms of the law your bid is a legal, verbally binding contract with the Seller and Auctioneer. You can register to bid on the day of the Auction at the registration table.
5. When do I have to pay the Auctioneer’s fee?
The auctioneer’s fee of 10% of the purchase price plus VAT thereon is payable at the drop of the hammer to the auctioneer’s attorney’s trust account. Kindly use your buyers’ card number and surname as reference
6. How do I choose an Auctioneer?
Firstly, it’s essential to ensure that you choose an Auctioneer who is competent and qualified. Marietjie Keet has more than 24 years experience in real estate and is also the most highly qualified female auctioneer in the country
7. Can I bid on behalf of someone else or an entity?
A person who attends the auction to bid on behalf of another person, must produce a letter of authority that expressly authorises him/her to bid on behalf of that person. Where a person is bidding on behalf of a company, the letter of authority must appear on the letterhead of the company and must be accompanied by a certified copy of the resolution authorising him or her to bid on behalf of the company.
8. When is the balance of the purchase price due?
The balance of the bid price is due on registration of transfer in the case of a Real Estate purchase