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Terms

RULES OF AUCTION

  • All Auctions comply with Section 45 of the consumer Protection Act 6.8 of 2008 and governing regulations thereto.
  • AuctionInc. auctions are subject to reserve price unless specifically stated.
  • All lots are sold as per the condition of sale and standard terms and conditions and are subject to acceptance by the seller within 3 (three) days. Each lot is offered as a separate transaction.
  • The Auctioneer holds the sole right to regulate the advance in bidding.
  • In terms of the Estate Agency Affairs act all moneys received for the benefit of the buyer or seller will be retained in a trust account. On acceptance of the offer by the purchaser, these will be paid over to the conveyances less the agreed commission.
  • On registration all bidders will read these rules of auction and comply with all ID, residence, valid tax number and FICA requirements.
  • Any bidder bidding on behalf of a company or other individual must produce an authority to transact on the correct documentation as well as the company’s tax clearance certificate.
  • According to Section 45 of the consumer Protection Act 6.8 of 2008 and governing regulations thereto, AuctionInc may bid on behalf of the seller up to but not exceeding the mandate price.
  • The property can only be transferred with a valid sellers and buyers tax certificate
  • The highest bidder shall pay a 15% deposit (of final bid price) by way of eft to AuctionInc to be held in trust until such time as offer has been accepted by seller. If the offer is not accepted, AuctionInc shall refund the deposit in full.
  • Buyers commission of 10% + VAT (of final bid) shall be payable to AuctionInc.
  • The purchaser shall complete a sales agreement as soon as possible after the auction. An AuctionInc representative will be in contact to attend to the signing and collection of the documentation.

 

A 15% deposit is payable on the fall of the hammer by way of EFT.

Example:

The 15% is made up as follows on a bid price of R1 000 000:

Bidder’s premium 10%

R100 000

VAT on bidders premium

15%

R15 000 Residual deposit towards 3.5%

R35 000

TOTAL DEPOSIT 15%

R150 000

 

TRUST ACCOUNT BANKING DETAILS

                Account Name                      Masingita Property Services (Pty) Ltd

                Bank                                       First National Bank

                Account Number                 623 252 81 799

                Branch Name                        Hyde Park (255 805)

 

THESE RULES DO NOT:

  • exclude liability in respect of inaccurate information provided in the advertising of the auction.
  • exclude liability in respect of the rules of auction not meeting the requirements of the regulation of the consumer   protection act 68 of 2010 (herein after referred to as the regulations).              
  • exclude the rules of inspection.
  • contains any qualification, reservation or reduction of the requirements of the regulations unless provided for.

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