Auction Rules and Terms and Legal Conditions

• 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 if bidding on behalf of a legal entity.
• 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. 
• Whilst reasonable precautions have been taken in compiling the information provided to the purchaser and contained in this document, neither the seller nor FIRZT shall be liable for any loss, damage or expense whatsoever or however caused, arising from reliance on any information provided, nor do they guarantee the completeness or accuracy thereof.
• 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 If no bid equals or exceeds the reserve, the property may be withdrawn from the Auction.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% plus VAT of the bid price), and is payable by the purchaser.
• 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 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.
• The highest bidder shall immediately sign the Auction Sales Agreement, which terms and conditions may not be altered in any way by the bidder.  You may request a copy from our brokers or our offices.
• A property cannot be purchased subject to any condition, such as the sale of another property or obtaining finance.
• A deposit amount as stipulated on the Property Description page in the property's Bidder's Pack shall be payable by the highest bidder, 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