Terms and Basic Conditions of sale - Immovable Property
1) Online registration prior the start of the Timed auction.
2) Online registration 48 hours prior to the start of the Live auction.
3) FICA Registration for Attended auctions at 614 James Crescent, Halfway House, Midrand.
4) Refundable Registration fee of R 50 000.00 upon registration by EFT in the sheriff’s Trust Account
5) Refundable Registration fee of R 50,000.00 upon registration for Attended auctions (only 30 participants allowed) at 614 James Crescent, Halfway House, Midrand by way of EFT at the venue.
6) It is recommended to utilise the online registration and bidding process during the Timed and Live auctions as opposed to attending the Attended Auction.
a) Only 30 participants are permitted at the Attended auction due to Covid-19 Regulations.
1) Opening bid as well as increments to be determined by the auctioneer.
2) Highest Bidder determined by the auctioneer at the Live/ Attended Auction is deemed to be the purchaser of the immovable property.
3) Bidding during Timed, Live and Attended auction:
a) The highest bid achieved at the Timed Auction, which will end 24 hours before the Live/Attended auction, will be the opening bid on the Live auction.
i) Timed Auction bidders are automatically registered for the Live Auction.
1) 10% of the purchase price as a deposit together with the Sheriffs commission is payable immediately (fall of the hammer) by EFT into the trust account of the relevant Sheriff.
2) Sheriff’s commission:
a) 6% on the first R100,000.00
b) 3.5% from R100,001.00 to R 400,000.00
c) 1.5% on the balance of the purchase price with a maximum of R40,000.00 plus VAT thereon.
3) Balance of purchase price by way of EFT or bank guarantee within 21 court days from the date of the auction.
4) All outstanding municipal accounts on request.
5) All outstanding Body Corporate or Homeowners accounts on request.
6) Registration fees (see Registration section).
7) VAT on purchase price if applicable.
8) Transfer duty.
9) Transfer cost payable as determined by transferring attorneys.
10) Transferring attorneys are appointed by the Plaintiff/Execution Creditor.
11) Failure to comply with any of the payment requirements will result in immediate cancellation of the sale without any further notice.