Rules of Auction

1. 5% Buyer or Seller (Or both) commission plus VAT is payable on the Immovable property.
2. This will be a Vatable transaction and therefor Vat is payable on the total price (purchase price + commission).
3. 10% Deposit payable on the fall of the hammer for immovable properties PAYABLE WITHIN 24-HOURS.
4. 7 Business days confirmation period applicable on immovable property.
5. The highest bidder will be held liable for his bid the entire CONFIRMATION PERIOD.
6. Balance of the purchase price is payable 60 calendar days after acceptance.
7. Occupation is on Registration.
8. Occupation can be given to the perspective buyer on the date of acceptance subject to the condition that the 10 % Deposit, Auctioneers Commission is paid and guarantees within 60 days be delivered. Failure of which the buyer agrees unconditionally to immediately vacate the property. In the event that the buyer has begun preparing or planting the arable lands, such work will be forfeited to the seller and occupation will be taken at the risk of the buyer, no set off in any form will apply in favor of the purchaser.
9. The seller shall be liable to provide any certificates of Compliance in regard to any of the electrical, gas and plumbing installation if applicable.
10. The transferring attorneys will be appointed by the Seller.
11. The SELLER shall be liable for the outstanding rates & taxes as well as any other municipal/water/Eskom fees.
12. After auction the highest bidder shall sign all relevant offer to purchase agreements.
13. All assets are sold VOETSTOOTS and the Auctioneer or Seller shall not be liable for any errors or inaccuracies in the description of the goods in the lot, which he/she bids. So, in others words, sold with NO DUTY TO REPAIR.
14. Payment will only be regarded as affected once the Auctioneers have received actual payment in our account.
15. The risk in any goods sold, including the risk of deterioration, destruction and damage to or of the goods, shall pass to the purchaser immediately upon acceptance.
16. Every purchaser shall be deemed to act as principal unless duly registered as a representative bidder in terms of Regulation 26 (3) of the CPA. In the event of a purchaser acting as a representative fails to legally bind its alleged principal or fail to prove such authority, he or she will be personally liable for all the obligations herein as principal debtor.
17. Subject to confirmation by the Seller.
18. The Auctioneer and Seller reserve the right to withdraw any property from auction.
19. Auction is subject to reserve price.
20. You will be held liable for all of your lots at the fall of the hammer and forfeit your deposit, if payment is not affected.

If you do not understand any of these conditions, please feel free to contact JH Properties.