Auction Day
We conduct all our property auctions either on site or at
leading and central city hotels. It is not uncommon for 500 people
to attend our larger multiple events creating a buzz and an
atmosphere which is crucial to the success of the sale.
All Buyers go through a scrutinising registration process which
includes signing acceptance of the Conditions of Sale and
acknowledging that they are aware of the terms and conditions of
the auction contract. Each Buyer has to pay a refundable deposit in
order to enter the auction sale.
For sellers it is important to note that the fall of the hammer
represents a final and binding sale and the successful bidder is
legally obliged to pay a deposit, representing a percentage of the
purchase price, and sign a Memorandum of Sale before leaving the
auction venue. The Conditions of Sale are sent to your attorney and
if sent to an attorney on our panel they will advise us regarding
the transfer process and any legal matters arising.
The buyer has to purchase your property for the price they have
bid, together with the auction commission which is payable to us.
They may not renegotiate and cannot change any of the terms
stipulated. The deposit is held in trust until registration of
transfer.
If you are new to selling property on auction, you may want to
attend one of our auctions. The atmosphere of our exhilarating
auction events can be extremely exciting and competitive. The
prices achieved at the auction can often be higher than those
achieved by private treaty.
The Costs
We charge a fee to cover the inspection of the property,
marketing, advertising and catalogue production cost. The fee will
depend on what has been negotiated with the relevant Business
Development Manager and the amount of advertising is agreed
upon.
In the event of a sale our commission is payable by the
purchaser in terms of the Conditions of Sale. We work on risk; if
there is no success when selling property, there is no commission
payable.
Our mandate deals with the auction entry fee and the buyer's
commission rate.