COMMERCIAL PROPERTY FOR ONLINE AUCTION – CENTRAL PIETERMARITZBURG KZN

GENERAL RULES OF AN ONLINE PROPERTY AUCTION

These Rules of Auction comply with Section 45 of consumer Protection Act 68 of 2008 and the Regulations thereto (”the CPA”).

In accordance with the provisions of the CPA, T.I.C. Auctions CC. and the Auctioneer, hereby declare as follows:

– If a bid is made within 10minutes before the closing of the auction then the auction will be extended for a further 10 minutes and will continue to be extended until there is no further bids received with the last 10 minute period.

– TIC Auctions cannot be held responsible for any missed bids due to any technical issues experienced.

– The sale in respect of any lot is complete when the Auctioneer announces its completion by the fall of the hammer and the statement “Sold”, and until then a bid may be retracted;

– Unless otherwise announced, all lots are sold subject to a reserve price and/or to a 7 day acceptance period in favour of the seller. The onus will be on the highest bidder / Purchaser to establish whether his/her offer was accepted.

– Unless otherwise announced, T.I.C. Auctions CC and the Auctioneer are entitled to bid on behalf of the seller up to the reserve price;

– The auction will commence at 11h00 and will not be delayed to allow any specific person or persons to take part in the auction;

– Acknowledges that, should his/her bid be knocked down as the highest bid in respect of any lot bid upon, a buyer’s premium of 10% plus VAT shall be payable over and above the bid price, unless otherwise stated;

– Any bidder who intends to bid on behalf of another must produce a letter of authority that complies with Regulation 26(3) of the CPA, which states that such a letter must expressly authorise such a bidder to do so, and that both such principal and the bidder must submit documentation in support and verification of their identities in terms of the financial Intelligence Centre Act (”FICA”), and such bidder must sign a bidder’s record containing such details;

– Acknowledges and understands, that should his/her bid be the highest bid on any lot, he/she will then be obligated to sign the Auctioneer’s standard agreement of sale by public auction, which agreement the bidder acknowledges to have acquainted himself/herself therewith;

– T.I.C. Auctions CC has a Trust account which is audited in terms of The Estate Agency Affairs Act and all monies will be paid for the benefit of the seller minus the agreed commission;

– The Auctioneer will announce the reason for the auction unless such reason is the normal and voluntary disposal of the property by the owner;

– All bidders must register prior to the commencement of the auction, read the Rules of Auction, comply with all FICA requirements and provide proof of ID, residence, authority to transact on a formal letterhead;

– The bidder’s record and vendors roll required to be kept in terms of the CPA will be available for inspection free of charge during normal working hours at the offices of T.I.C Auctions;

– Any person present at the auction may object to the Rules and such objection shall be recorded in the vendors roll;

– A registration fee of R20 000 (Twenty Thousand Rand) is required to register to bid. This fee is fully refunded to all unsuccessful bidders and will form part of the highest bidders deposit asper the below;

5.1 5% of the highest bid is payable as a deposit by the highest bidder and is payable by bank transfer or bank guaranteed cheque simultaneously upon signature of the conditions of sale by the highest bidder.

15.2 The balance of the purchase price is payable on date of transfer and the purchaser will furnish an approved bank guarantee within 30 days of confirmation of the sale, payable to the seller or his nominee.

– The Purchaser will be liable for auctioneer’s commission at a rate of 10% plus VAT.

– The conduct of the auction is subject to the control of the Auctioneer who has the sole right to regulate the bidding;

– The property sold shall be sold to the highest bidder, subject to the Rules of Auction;

These Rules have not been amended after their initial publication.

– Auctioneer full name:

Jacques Wynand van Rooyen, TIC Auctions CC

Address:

191 Pietermaritz St, Pietermaritzburg, KZN, 3201

Contact number:

033 394 0231 or 083 656 0891.