Buying

It is critical that you familiarise yourself with the Conditions of Sale pertaining to the particular property on which you are planning to bid, as well as investigate the property in terms of Local Authority documents and other pertinent documents, which will be made available to you in the form of a Bidder's Information Pack on request.

A Bidder's Information Pack is available from our offices 2-3 weeks prior to the scheduled auction date. This pack includes legal and official documents such as the Conditions of Sale, Site Diagrams, Title Deeds, Site Plans, Zoning Certificates, Lease Agreements and Rental Schedules. These information packs will assist you in making an informed decision when buying properties. Please note that the information supplied in these packs is supplied to Auction Alliance by the seller and the local authorities.

If you are interested in bidding on a specific property, it is best that you arrange to view the property before the auction day. The advertisement will clearly state whether a specific date and time has been set aside for viewing of the property or whether viewing is by appointment.

You will be afforded the opportunity at the viewing to pre-register for the auction. This assists you with not having to queue to register on the auction day. You will be asked to pay a refundable registration fee by cheque in order to register for the property auction.

A Bidder's Card cannot be issued until this registration deposit is paid. If you are buying property on behalf of another person or on behalf of another entity (company, close corporation or trust), you will still be required to register in your personal capacity.

However, on signature of the auction contract at the end of the auction, you will be required to show proof of your authority to bid on the third party's behalf. If no such authority is available and acceptable to the Auctioneers, then you will have to register in your personal capacity. It is important that you acquaint yourself with the property as all properties are sold "voetstoots" ("as is").

Auction sales are entirely non-suspensive on property finance and, as such, it is important that you make the necessary arrangements to obtain finance on the property prior to the auction day. You will be required to make payment of the deposit on your bid price, as well as the Auctioneer's commission, immediately on the fall of the hammer, and will thus need to have access to this cash immediately.

Furthermore, the balance of the purchase is due on registration of transfer, but you will need to present your guarantee of funds to the Seller's Attorney within a stipulated timeframe. Should you require finance, contact one of our Business Development Managers or our Finance division.

We highly recommend that you make every effort to attend the auction sale or get a representative to do so. However, if you are truly unable to attend the auction but still wish to submit a bid, you may register by means of a Proxy Bid. This is a form that is to be completed by you and sent to our offices, together with a certified copy of your identity document, as well as payment of 16.4% of your bid price into our Trust Account. This is a security precaution, and the amount is fully refundable on an unsuccessful bid.

It is imperative that you obtain a copy of the final Conditions of Sale prior to bidding in a property auction in order to familiarise yourself with all terms and conditions, as your bid is legally binding and you may therefore not retract a bid after the fact.