- All Auctions comply with Section 45 of the Consumer Protection Act 6.8 of 2008 and governing regulations thereto.
- On registration, all Bidders must supply their FICA documentation such as ID / passport, recent proof of residence as well as registration documents and tax clearance certificate if Bidding on behalf of a legal entity. Bidders should also have a valid tax number.
- If registering and Bidding on behalf of a company, trust or CC, the Bidder must furthermore present a resolution on behalf of the legal entity, authorizing the Bidder to purchase (Bid on) the property, which shall bind the Bidder / directors / trustees / members as personal surety for the fulfilment of the legal entity’s obligations with regards to the transaction.
- If the Bidder is signing in their personal capacity and they are married In Community of Property, their spouse needs to be present as well to sign.
- Bidders may request a copy of the Auction Sales Agreement to familiarise themselves with its contents.
- All properties are sold with reserve (Minimum Net Selling Price). If no Bid equals or exceeds the reserve, the property may be withdrawn from the Auction. The Seller may in its discretion accept a Bid lower than the reserve.
- The Bid price excludes the Buyer's Premium (being 10% of the Bid price + VAT), and is payable by the Purchaser.
- The Auctioneer has the sole right to regulate the advance of the Bidding. Should there be a dispute between Bidders, the Auctioneer may either re-Auction the property or declare the successful Bidder. In the event of any error being made by the Auctioneer, such error shall not be binding on the Seller or the Auctioneer. The Auctioneer’s decision shall be final and binding on all parties who shall have no claim whatsoever against the Auctioneer in respect of the Auctioneer’s determination. However, should the Auctioneer have made an error, and that error is not corrected, such error shall not be binding upon the Seller by the Bidder or Auctioneer.
- The Auctioneer or his proxy may Bid on behalf of the Seller/s or financial institution to protect their interests. However, once the Reserve has been met, the Auctioneer or his proxy shall desist from Bidding.
- The Property shall be sold to the Bidder of the highest accepted Bid ("the highest Bidder") subject to a 3 (three) day Confirmation Period and the terms hereof.
- All properties are sold voetstoets (“as it stands”) and a Property Condition Report, also known as a Disclosure Document, is legally required to be signed off by both Seller/s and Purchaser/s. Neither FIRZT nor the Seller/s has any duty or responsibility to affect any repairs to any property.
- By Bidding, all Bidders warrant that they have thoroughly inspected the property, or choose not to do so, and they are satisfied with what they are Bidding for.
- All outstanding rates & taxes, levies, and the like, remain the responsibility of the Seller/s until transfer.
- A Certificate of Compliance is required for electrical compliance and gas and electric fence certification where applicable, and is the responsibility of the Seller to provide.
- The highest Bidder shall immediately sign the Auction Sales Agreement, which terms and conditions may not be altered in any way.
- A property cannot be purchased subject to any condition, such as the sale of another property or obtaining finance.
- A down payment of 15% of the Bid price is payable immediately at the Auction into the FIRZT Realty Trust Account.
- The Purchaser’s offer shall be open for acceptance by the Seller until 6pm on the expiry of the 3rd (third) day of the Confirmation Period, during which period the offer cannot be withdrawn by the Purchaser.
- Should the Seller reject the Purchaser’s offer, the down payment paid by the Purchaser shall be refunded.
- Should the Seller accept the Purchaser’s offer, this shall constitute an Agreement of Sale and the Deposit received by FIRZT shall be paid to the conveyancers.
- The balance of the Full Purchase Price shall be secured by a written guarantee from a registered bank or financial institution within 21 business days of the signature date of the Auction Sales Agreement.
- Transfer duty is calculated on the Full Purchase Price.
- Bidders acknowledge and understand that any sale of immovable property by way of public auction shall be binding on the bidder, and does not need to be recorded in a written agreement, in accordance with the provisions of Section 3(1) of the Alienation of Land Act 68 of 1981.
Disclaimer and Indemnity
Whilst all reasonable care has been taken to provide accurate information, and to ensure that the requirements of a virtual/electronic/online and / or on-site or off-site auction has been complied with, neither FIRZT Realty Company, its directors, staff or brokers nor the Seller/s guarantee the correctness of any information provided and none of them will be held liable for any direct or indirect damages or loss, of whatsoever nature, suffered by an person as a result of errors or omissions in the information provided, whether due to the negligence or otherwise of FIRZT Realty Company, its directors, staff or brokers or the Seller/s or any other person.