The Property will be sold on a provisional basis to the highest bidder subject to confirmation of the sale by the Seller. The highest bidder will be bound by his/her/their bid which will be irrevocable for a period of THIRTY (30) days from the date of signature of the agreement/conditions of sale and the addendum signed by the Purchaser.
Only 4% Auction Commission Payable !!! (vat inclusive)
4% auctioneers commission (vat included) payable into our trust account. We should have an answer back from Nedbank within 7-14 working days, where we have cases of severe low offers it could take a bit longer. If the bank accepts the offer then the commission is deemed earned. If the bank does not accept the offer the client can either withdraw and the commissions is refunded in full within 48hrs or the client can raise his/her offer. Should the bank accept the offer and the client cannot come up with the guarantees (bond/cash) we have done our work and the client will lose the auction commission. Documentation will not be submitted to the bank or our head office unless we have the proof of the auctioneers’ commission payment.
RIGHT OF REFUSAL AND ERROR:
The Auctioneers herewith reserve the right to refuse any bid without giving any reason for such refusal. In the event of a dispute between bidders or between any bidder and the Auctioneers, the Auctioneers decision pertaining to the dispute will be final, including a possible decision by the Auctioneer to re-auction the property. In the event of any error being made by the Auctioneers, such error will not be binding on the Seller or the Auctioneers. In the event of the Seller declining to sign and accept the agreement/conditions of sale, he/she/they shall not be called upon to furnish reasons therefore.
SALE:
These conditions will form part of the deed of sale, whether the Property is sold by public auction or by private treaty. The highest bidder will, immediately after the sale, sign the agreement/conditions of sale and if the Purchaser purchases on behalf of a principal, he will divulge the name of such principal upon signature hereof. The Seller however, will sign the conditions only upon confirmation of the sale.
DEPOSIT:
The deposit shall be paid by the Purchaser or as per agreement between the seller and the purchaser. If the sale was on condition that the Purchaser obtain a mortgage bond, on the grant of such mortgage bond; If the sale was not subject to the Purchaser obtaining a mortgage bond, on signature of the agreement/conditions of sale to the Auctioneers by way of bank guaranteed cheque acceptable to the Auctioneers and in their sole and exclusive discretion
AUCTION COMMISSION:
The Purchaser is responsible for Auctioneers’ commission in addition to the highest bid (i.e. the commission is to be paid in addition to the highest bid). The commission as provided for above shall be paid to the Auctioneers by way of guaranteed cheque acceptable to them in their sole and exclusive discretion on fall of the hammer on the day of the auction.
The commission shall be deemed to have earned on confirmation of the sale by the Seller and which amount shall be non-refundable and shall not be repaid to the Purchaser in the event of transfer not taking place for any reason whatsoever, including but not limited to the instance where the Purchaser does not qualify or obtain a mortgage bond if required in terms of clause 8 below. The Purchaser acknowledges that he/she/it shall have no recourse against the Seller if, in the opinion of the Purchaser, the registration does not take place due to a breach of the agreement/conditions of sale by the Seller. IF YOUR OFFER IS ACCEPTED BY THE BANK & YOU DO NOT GET FINANCE YOU WILL LOSE THE AUCTION COMMISSION.
BREACH:
In the event of the Purchaser being in breach of any of the conditions hereof as at the due date thereof, the Seller or his/her/ their agent will be entitled without prior notice to the Purchaser to:
Cancel the sale by written notice transmitted by fax to the Purchaser’s fax number which appears in clause 1.5 of these conditions and all amounts paid by the Purchaser to date will be forfeited as "roukoop" and genuine pre-estimated damages and the Seller reserves his/her/their rights to claim any further damages from the Purchaser – or Immediately claim the full purchase price and due compliance with the terms and conditions hereof, The Purchaser hereby undertakes to pay all attorney and client costs on an attorney and own client scale, tracing fees and collection charges incurred by the Seller and / or the auctioneer to obtain payment of the amounts due in terms of these conditions including interest at the maximum permissible rate from date of signature hereof to date of payment.
WAIVER:
Notwithstanding any express or implied provisions of this Deed of Sale to the contrary, any latitude or extension of time which may be allowed by the Seller or Purchaser in respect of any matter or thing that the Purchaser are bound to perform or observe in terms hereof, shall not under any circumstances be deemed to be a waiver of the Seller's or Purchaser’s rights at any time, and without notice, to require strict and punctual compliance with each and every provision or term hereof.
The Purchaser hereby undertakes to pay all attorney and client costs on an attorney and own client scale, tracing fees and collection charges incurred by the Seller and / or the auctioneer to obtain payment of the amounts due in terms of these conditions including interest at the maximum permissible rate from date of signature hereof to date of payment.
The agreement/conditions of sale shall be subject to the suspensive condition that the Purchaser (or the Seller on the Purchaser's behalf) is able to raise a loan upon the security of a first mortgage, as provided for in clause 1.4 above, at prevailing bank rates and terms. Should such loan not be procured within 19 (nineteen) days from date of signature hereof or any such date as the parties may agree in writing this sale shall be automatically cancelled and of no force and effect. All applications for the loan to the bank must be dealt with exclusively by Homeloans 4u mortgage originators (hereinafter referred to as "the mortgage originator") and the Purchaser shall make available all the required documentation to the mortgage originator in order to facilitate this. The Purchaser undertakes and agrees to take all steps and sign all documents reasonably necessary to give effect to this clause. The Purchaser hereby authorises the Seller to procure the appointment of the Conveyancers for the registration of any mortgage bond(s) that may be required for the purposes of this transaction. The Seller’s conveyancers shall invest any amounts paid to them in terms of 3.1 in accordance with Rule 77 of the Rules of the Law Society of the Transvaal in the PURCHASER’S name in an interest-bearing account subject to the provisions of Section 78 (2A) of the Attorneys Act, 1979.
Important Note:
Nedbank does not guarantee vacant occupancy. Properties are guarded by means of guards on site (Map/Gap security) or Gas Alarms. Where Gas alarms have been installed we need 24hr notice before property can be viewed. As Auctioneers & Agents we do not set the rules, place the guards. We are not charge of any of the evictions.
Gap Guards take a break between 07h00-09h00 and 14h00-18h00 / Map guards breaks 09h00 to17h00 unless otherwise arranged for special viewing
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