How to buy a property on Auction - Property Auction House

Buying a property

Identify the property you wish to bid on
Contact the auction specialist and request the bidder’s information pack
Familiarise yourself with the bidder’s pack information i.e. terms and condition of sale, the title deeds, the zoning certificate and information on any lease agreements
Establish the address where the auction will be held
Arrange to view the property and familiarize yourself with the condition of the property, it is sold as it stands ‘voetstoots’
Research the area and values
Decide on the maximum you are prepared to pay for the property and make sure your finances are in place for that amount
Remember your bid is NOT subject to you obtaining finance
Register online or on the day of the auction, you will need your ID and proof of address
On the day of the auction make sure you get a bidder’s card with bidder’s number, you can’t bid without it

Make sure you read and understand the ‘rules of the auction’
Are you married in community of property? Bring along a certified letter of consent to participate in the auction or bring your spouse along
If your bid is successful you will be required to immediately complete the sale agreement
A successful bid is final and legally binding, you cannot withdraw the bid and the conditions of sale cannot be altered
The auctioneer’s commission of 10% over and above the purchase price is payable on the day by way of EFT or direct bank deposit. No cash will be accepted
The seller will confirm or reject your offer within 7 days (the Confirmation Period)
Guarantees must be provided within 21 business days from date of acceptance of your offer