Frequently Asked Auction Questions
SASS proudly look after the interest of all its members and have representatives in all 9 provinces.
No, the Rules of Court do not permit the sheriff to give legal effect to such offers.
Yes, the Consumer Protection Act 68 of 2008 requires prospective buyers to register.
Yes, the registration fees are payable and refundable when the bid has been unsuccessful. However, the registration fees can also serve as part payment of the commission, of deposits or of the purchase price.
No, when the bid has been knocked down, and the buyer is not able to pay the deposit or the purchase price immediately.
Yes, immovable property auction commission consists of the following: 6% on the first R100 000.00 of the proceeds of the sale, 3.5% on 100 001.00 – R400 000.00 and 1.5% on the balance of the proceeds, subject to a maximum of R40 000.00, excluding VAT, with a minimum of R3 000.00 excluding VAT.
Yes, on condition that you comply with certain formalities. A properly written power of attorney should be submitted. Both the warrantor and the warrantee should satisfy all FICA requirements.
This is an acronym of the name of the so-called Financial Intelligence Centre Act 38 of 2001, as amended.
Transfer fees are calculated according to a fixed tariff, calculated according to a sliding scale that is levied by the conveyancers. Refer to the attached table for an estimate. Consult a lawyer for an appropriate quote.
Specific legal consequences could be applicable, such as responsibility for spilled damages, interest and costs. A buyer who already occupies the property may be evicted.
Please note that ownership and occupation do not have the same meaning. The conditions of sale usually stipulate that the buyer is entitled to ownership after the bid has been knocked down and when the payment of the required deposit and auctioneer’s commission has been made. Immediate occupation cannot always be guaranteed.
Yes, apart from instances in which the exclusions specified in Article 5(2) of the Consumer Protection Act 68 of 2008 apply.
The buyer will have to obtain an eviction order at his or her own expense.
If a lessor’s property is mortgaged, certain of the lessor’s rights are limited as a result; and consequently the rights of the tenant are limited too. As a general rule, the tenant will have to move out.
Yes. However, the property will have to be registered in the successive buyers’ names.
Yes, but it would be advisable to wait until the property has been registered in the buyer’s name.
No, however, interest would be due on the balance of the purchase price if the full purchase price were not paid immediately.
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SASS proudly look after the interest of all its members and have representatives in all 9 provinces.