Buying a property
How to buy a property on Auction?
- 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