Bidder’s Info and Registration Fee
How to REGISTER to bid for Online or Telephone Bidding
Click https://www.firzt.co.za/register-to-bid-online/ and follow the instructions
OR
Step 1 Send a blank email to register@firzt.co.za
Step 2 You will receive an email with instructions, banking details, etc.
Step 3 Email your FICA Docs and pay a Refundable Deposit of R10,000 (Ts & Cs Apply)
Step 4 You will receive notification of successful Registration, and a link to Bid Online
For weekday Auctions, online registrations close 1 hour prior to the start of the Auction.
For weekend Auctions, online registrations close at 1pm on the Friday preceding the Auction.
All registered bidders must thoroughly inspect the property (even if only by electronic means) and must familiarize themselves with the respective Bidder’s Information Pack before the bidding starts and must not bid unless he or she has done so.
A bidder’s successful registration is subject to the satisfaction of FIRZT Realty Company, and a full refund of the registration fee shall be made within 2 business days if the bidder’s offer is unsuccessful.
A prospective bidder cannot participate in online nor telephonic bidding, if not successfully registered as a bidder.
Please contact the broker at the time of Auction if you are bidding telephonically if they don't contact you first.
Every bid shall constitute an offer to purchase the property for the amount bid (excluding buyer’s premium plus VAT), which the Seller or the Auctioneer may accept or reject in their absolute discretion.
Confirmation of Bank Account Details
Payment of the Registration fee, Deposit and Buyer’s Premium must be done via EFT only, into the Firzt Realty Sales Account. The Firzt Realty Sales Account can be found in the pre-listed public beneficiaries (such as Eskom, CoJ) section on most online banking websites.
FIRZT Realty Company will never confirm its banking details in an email or any other document.
For reference purposes please quote your Surname and address of the property you are bidding for.
Please send POP to register@firzt.co.za
Reserve Price
The reserve price is the mandated minimum price that the seller wishes to sell for. This price is not disclosed to the public, nor registered bidders.
All properties sold by FIRZT Realty company are sold with Reserve, meaning that the property will be sold to the highest bidder but subject to confirmation by the Seller who has 3 days to accept or reject the bid, unless such bid is equal to or greater than the reserve price, in which case the Seller must accept the bid, subject to the conditions of the Auction Sale Agreement.
Auctioneer
The conduct of the Auction is subject to the control of the Auctioneer on the day who has the sole right to regulate the bidding procedure.
In the event of any dispute between the bidders, the decision of the Auctioneer shall be final and binding.
The auctioneer or his / her agent shall be entitled to bid up to the reserve price on behalf of the seller, but shall not be entitled to make a bid equal to or exceeding the reserve price.
Start time and Questions
Auctions commence at the date and time advertised and will not be delayed to accommodate any persons who arrives late.
Within an hour prior to the start of the auction, bidders will be able to ask or post online questions regarding the auction procedure and / or the property for sale.
Currency
Property sales are conducted per rising bid in South African Rands.
Inspection of property
The bidder acknowledges that he/she was afforded a reasonable period of time and opportunity to inspect the Property prior to the commencement of the auction as contemplated in terms of Regulation 28(5)(b) of the CPA, which inspection FIRZT Realty Company has provided to the Bidder either in person, or electronically as photos or a video of the Property
The bidder further agrees that he/she has viewed the property and that he/she has ascertained the state of the property, pursuant to having been provided with photos or a video of the property and is satisfied that he / she has exercised his / her right to inspect the property prior to the commencement of the auction.
Bidder’s Acknowledgement
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.
No arrears on property
The Purchaser shall not be held liable for any arrears on the property unless otherwise stipulated in the Auction Sales Agreement.
Bidding on behalf of another
A person who attends the auction to bid on behalf of another person, must have, prior to the Auction commencing, furnished FIRZT Realty Company with a letter of authority that expressly authorises him/her to bid on behalf of that person. Where a person is bidding on behalf of a company, the letter of authority must appear on the letterhead of the company and must be accompanied by a certified copy of the resolution authorising him or her to bid on behalf of the company.
Seller’s VAT status
Onus is on the bidder to know the Vat status of the Seller.
Highest Bidder & Acceptance of the Auction Sales Agreement by the Seller
Bidders acknowledge that in the event of the Auctioneer declaring a bid to have been knocked down (when the auctioneer, by the fall of his hammer, or by any other audible or visible announcement or online electronic message, signifies to the bidder that he/she is entitled to the property on paying the amount of his/her bid, and according to fulfilling the terms of the Auction Sale Agreement) such declaration shall be deemed to constitute the fall of the hammer and the bidder shall be liable for performance.
The successful bidder who signs the Auction Sales Agreement in a representative capability, waivers the legal exceptions of excussion and division and acknowledges that they shall be deemed to have bound themselves as surety for and co-principle debtor in solidum with the third party whom they represent for the due and punctual payment and performance of all obligations of that third party.
The highest bidder ("the Purchaser") shall sign the Auction Sales Agreement immediately on the fall of the hammer, ie when the bid has been knocked down. A broker will contact the Purchaser immediately in the case of an online Auction to sign and fulfil the obligations of the Auction Sales Agreement.
The Purchaser’s bid shall remain open for acceptance by the Seller or by the Auctioneer on behalf of the seller, until expiry of the confirmation period, which is 3 days from date of signature of the Auction Sales Agreement by the Purchaser.
If no bid equals or exceeds the reserve price, the property may be withdrawn from the auction.
The Seller shall be entitled to instruct the auctioneer to accept any lower bid.
The Purchaser’s bid shall be deemed to have been accepted only when the Seller has signed the Auction Sales Agreement and the Seller shall not be required to notify the Purchaser of the acceptance of its bid prior to expiry of the confirmation period.
FIRZT Realty Company may require the execution of documents to be performed by means of electronic signature and/or contemporaneous remote view together with the exchange of documents to be performed by electronic means (such as scanning and emailing).
The Purchaser hereby nominates FIRZT Realty Company as its agent for the purpose of receiving and accepting notification of acceptance of the Sales Agreement.
Payment of Deposit, Buyer’s Premium (Commission) and remainder of Purchase Price
Upon signature of the Auction Sales Agreement by the purchaser, the purchaser will immediately pay to FIRZT Realty Company, less the amount of the Online Registration fee if received, a Deposit of 3.5% of the purchase price, as well as the buyer’s premium (commission earned by FIRZT Realty Company) equal to 10% (ten per cent) plus VAT of the purchase price. The Balance of the Purchase Price plus Vat (if Vat is applicable) is payable in cash against registration of the Property to be secured by bank guarantees approved by the Seller and furnished to the Conveyancing Attorneys within 21 (Twenty One) business days after confirmation of Sale, or if any part is paid in cash, to be deposited with the Conveyancer within the same period, to be held in a trust account pending transfer of the property.
If Seller rejects the Auction Sales Agreement
Should the Seller reject the Purchaser’s bid (which they are entitled to only if the bid is less than the reserve price), FIRZT Realty Company will refund to the purchaser any Online Registration Fee, as well as any Deposit and Buyer’s Premium paid to them in terms of the Auction Sales Agreement within 2 business days.
Extra consent needed
In the event of the sale requiring the consent of any statutory authority or any court of law, then this auction sale is subject to the granting of such consent.
Consumer Protection Act
The rules of the auction meet the requirements of the Consumer Protection Act, Act 68 of 2008 (“the Act”) to the best of the FIRZT Realty Company’s knowledge.
Section 45 (1) to (4) are brought to the registered bidders’ attention: “Auctions 45. (1) In this section, ‘‘auction’’ includes a sale in execution of or pursuant to a court order, to the extent that the order contemplates that the sale is to be conducted by an auction. (2) When goods are put up for sale by auction in lots, each lot is, unless there is evidence to the contrary, regarded to be the subject of a separate transaction. (3) A sale by auction is complete when the auctioneer announces its completion by the fall of the hammer, or in any other customary manner, and until that announcement is made, a bid may be retracted. (4) Notice must be given in advance that a sale by auction is subject to - (a) a reserved or upset price; or (b) a right to bid by or on behalf of the owner or auctioneer, in which case the owner or auctioneer, or any one person on behalf of the owner or auctioneer, as the case may be, may bid at the auction.”
Section 55 (1) expressly states that the cooling off period does not apply to goods bought on auction: “Consumer’s rights to safe, good quality goods 55. (1) This section does not apply to goods bought at an auction, as contemplated in section 45.”
Withdrawing property from Auction
The Seller and/or FIRZT Realty Company are entitled to withdraw the property from sale prior to the Auction.
Auction Buyer’s Database
Bidders’ contact details will be added to the FIRZT Realty Company database so that we can provide you with details of our upcoming auctions.
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 auction has been complied with, neither FIRZT Realty Company, its directors, staff or brokers nor the Seller/s guarantee the correctness of the information provided herein 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.
For all of our upcoming Auctions, please visit https://www.firzt.co.za/results/auctions/