Remember - once that hammer goes down, the deal is sealed. The trick is to stick to your budget once you’ve settled on a number (remember to take into account the buyer’s premium plus VAT). It’s easy to get swept up in the excitement of the Auction. Establish your budget, and stick to it.
No. All outstanding rates and taxes, water and electricity, and home owners association or sectional title levies (where applicable), must be paid up by the seller prior to transfer.
Yes, absolutely! In order to ensure that you, as a buyer, will not have to miss an opportunity to purchase a property at one of our Auctions if you cannot or choose not to attend in person, we have just the solution..
It's really easy to register, simply:
Send an email to firstname.lastname@example.org and you will receive easy-to-follow instructions.
Yes, however the offer submitted must be on standard auction terms and conditions.
Yes. However, auctions are non-suspensive transactions and as such your offer at an auction sale is NOT subject to your obtaining a bond. Should you wish to obtain a bond this is acceptable, however it is worth repeating that the sale is not subject to your obtaining finance. If, for any reason you are not granted a bond, or do not qualify for the amount to which you have bid, you will still be held liable and responsible to fulfil all your obligations in terms of the agreement signed at the auction.
The deposit and buyer's premium are payable immediately on the fall of the hammer, regardless of whether the sale is subject to confirmation. These monies are payable upfront and immediately, and cannot form part of any financing that you may have applied for.
Guarantees for the balance of the bid price is due 21 days after acceptance by the seller.
Yes. It is possible to bid on behalf of another person or entity, and the relevant authorizing documents must be provided by the bidder, at the auction. However, the person who bids on behalf of any other entity will be required to sign personal surety on the auction day. Should the person or entity or any other nomination not be able, for whatever reason, to take transfer of the property, then the person who bids at the auction will be deemed the Purchaser and will become responsible for all the terms of the agreement of sale.
All properties sold at FIRZT auctions are sold with an undisclosed reserve, and if the reserve price is not met the sale is subject to confirmation by the Seller within 3 days, If the reserve price is met, the property is sold on the fall of the hammer. Properties at “Sales in Execution” Auctions are sold on the fall of the hammer without any confirmation period, and with no reserve. When a property is sold subject to confirmation, it is a formality to protect sellers and creditors from having secured assets being sold well below their market value.
Yes, you do need to register in order to bid. You will only need to provide FICA documention (A copy of your ID or passport, and proof of residence). You will be required to fill in a Registration Form and you will be allocated an exclusive Bidder’s number. The auctioneer will not accept a bid from you unless you produce your Bidder's Card.
If you attend the Auction, no upfront registration deposit is payable.
The seller will reserve his/her right to take the necessary legal action against you should you be in breach of contract or fail to fulfil any of your obligations in terms of the Conditions of Sale. They can exercise their various options, which will be stipulated in the Conditions of Sale. Ultimately you will be held liable and responsible to fulfil your obligations. Should you still remain in breach of contract, all monies already paid by you to the auctioneer and/or seller will be forfeited as “roukoop” (pre-estimated damages). If you harbour any uncertainty, it is preferable not to bid.
Confirmation that your offer has been accepted will be obtained within 3 days after the Auction. During this period you are bound by your offer and will be advised by a broker as to whether the offer is accepted or not. Payment of the deposit and buyer's premium (15% of the bid price ) is required immediately after the auction sale nonetheless. Should the sale for any reason not be confirmed you will be immediately refunded.
The asset becomes your risk from the date of possession (usually transfer date) as stipulated in the Conditions of Sale.
Purchasers bidding at an Auction acknowledge that they have familiarized themselves with the property for which they are bidding. All properties are sold “voetstoots” and the bids are made in public. Therefore, there is no recourse if you have made a mistake and bid for the wrong property or discover later that you are not happy with your purchase. Once you have bid, and your offer has been accepted, you are bound and you will subsequently be required to pay in full for the asset that you have purchased.
No! Our mandate will set out a reserve price, determined by you. You, as the seller, reserve the right to reject the final offer on condition that the reserve price is not met.
A sale via Auction does not imply a desperate situation, but rather a serious seller who does not wish to put their life on hold waiting for a solid offer. Why inconvenience yourself with showdays, multiple viewings, suspensive offers or home inspections?