Important Information To Consider Before Buying At An Auction
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Rules of Auction
These Rules of Auction comply with the Consumer Protection Act 68 of 2008 and the Regulations thereto (“the CPA”), and all other relevant South African Immovable Property laws. Per the provisions of the CPA, the Auctioneer hereby declares as follows:
General
The auction will commence at the advertised time and will not be delayed for any person to participate in the auction.
No alcohol or drugs may be consumed on the auction premises and any individuals suspected of having consumed such will be required to leave immediately.
The Seller or Auctioneer may withdraw the Property from the auction before the time set for the start of the auction without providing a public reason or explanation.
On the fall of the hammer, the highest bidder (the “Purchaser”) is bound to the Agreement of Sale.
Every bid constitutes an irrevocable offer to purchase the property.
In terms of the CPA, the "cooling off period" does not apply to goods bought on auction.
Should the Auctioneer commit any bona fide error in conducting the auction, such mistake shall not be considered binding either upon the Seller or the Purchaser but shall be rectified.
This auction is per rising bid and the currency is South African Rand.
The winning bidder is required to pay a deposit of 10% of the winning bid price on the fall of the hammer.
Ring bidding and shill bidding will not be tolerated as it is a criminal offense.
The Vendor’s Roll will be available for inspection free of charge at the auctioneer's offices for five years from the date of auction.
Registration
All bidders must register before the start of the auction.
By registering for the auction, the bidder agrees to the auction rules and the Agreement of Sale.
All registered bidders must have thoroughly inspected the Property on auction before placing any bid.
No cash shall be accepted at the registration desk.
Representatives will be held personally liable for all aspects of the Agreement of Sale if the represented party fails to meet their obligations.
Role of the Auctioneer
All aspects of the auction are subject to the control of the Auctioneer, including the right to reserve admission.
The Auctioneer reserves the right to re-offer the Property for auction if, in its opinion, the bidding does not reflect a fair market value.
In the event of any dispute between bidders, the decision of the Auctioneer is final and binding.
The Auctioneer acts as an agent for the Seller and shall not be liable for any claims and/or damages and/or legal disputes between the Seller and the Purchaser resulting from the sale of the Property.
The Auctioneer reserves the right to bid on behalf of third parties, sellers, and absentee bidders.
Seller Bidding
Unless declared in advance that the auction allows the Auctioneer, the Seller, or their Agent to bid on behalf of the Seller, they cannot place bids themselves or have someone else bid on their behalf.
In terms of the CPA, Seller Bidders, if allowed, may bid up to, but not equal to, or exceeding the reserve price.
The Auction
The Auction proceedings will be recorded.
These Rules of Auction form an integral part of the sale by auction and thus the Agreement of Sale.
The property is sold “voetstoots” as it now stands.
The Seller hereby renounces all claims to any excess and will not be answerable for any deficiencies in the declared extent of the property.
The bidder is responsible for ensuring that the Auctioneer acknowledges their bids. To do this, clearly raise your bidder number. If the Auctioneer does not recognize your bid, raise your number again and loudly call out 'Yup!' to draw attention.
The sale of the property is complete when the Auctioneer announces its completion by the fall of the hammer and his statement SOLD.
The Bidder understands that should their bid be the highest they are obliged to sign the Agreement of Sale immediately upon the falling of the hammer and now becomes the Purchaser of the Property.
The Purchaser may not alter, amend, or withdraw the Agreement of Sale.
Buyer’s Premium
Upon winning the bid, the Purchaser is responsible for paying a non-refundable auctioneer's commission.
This commission is calculated as 10% of the purchase price, plus VAT, minus the Registration Fee.
Payment must be made immediately upon the fall of the hammer and deposited into the Auctioneer's trust account.
DISCLAIMER
Every effort has been made to provide accurate information; however, neither the Auctioneer, the Seller, Alta Nel Realty & Auctions, eXp Realty (Pty) Ltd, nor any associated companies guarantee its accuracy. None of the above parties will be held liable for any direct or indirect damages or losses of any nature arising from errors or omissions in the information, whether due to negligence or otherwise. This information is for reference only and does not replace a comprehensive due diligence investigation.
Auction Guidelines
Kindly peruse the following Auction Guidelines to ensure a smooth auction transaction. These guidelines aim to assist bidders in making informed decisions regarding buying property at auction. Feel free to contact the Auctioneer before the auction if you have any questions.
IT IS IN YOUR BEST INTEREST TO CAREFULLY PERUSE THESE GUIDELINES BEFORE PARTICIPATING IN BIDDING ON A PROPERTY.
Before the Auction
Following the provisions of Section 3(1) of the Alienation of Land Act 68 of 1981, the sale of immovable property by way of public auction shall be binding on the bidder and does not need to be recorded in a written agreement. However, the terms of sale are documented in an Agreement of Sale for bidder examination before the auction to facilitate a smooth and transparent transaction.
Before registering for an auction, be sure to peruse the relevant Bidder’s Pack which contains valuable information on the Property including the Auction Rules, property details, list of fixtures and fittings included in the transaction, the Condition Report, time and date of the auction, and the Agreement of Sale.
The property is sold "Voetstoots" (as-is), meaning neither the Seller nor the Auctioneer has inspected it on your behalf. If you’re uncertain about its general condition, arrange for a professional inspection at your expense before the auction.
Bidding at the auction implies you have thoroughly inspected the property and are 100% satisfied with the Property.
Bidders are advised to verify whether any municipal or Homeowner’s Association fees (if applicable) are in arrears. If fees are in arrears, the highest bidder, upon becoming the Purchaser, will be responsible for settling these debts before transfer, unless otherwise stated.
Similarly, the Purchaser may also be responsible for the costs of all certificates of compliance that may apply before transfer, unless otherwise stated.
Any errors or omissions in the Bidder’s Pack will be corrected and announced before the auction starts.
Bidders may ask questions regarding the auction procedure and the property on auction at the registration desk before the auction commences or raise their questions in advance using the contact form on the website.
Take advantage of the opportunity the Auctioneer provides to view and inspect the Property during the advertised Open House hours and the 30 minutes before the start of the on-premise auction for a final check.
TAKE NOTE: BIDDERS ARE NOT PERMITTED TO VISIT THE PREMISES WITHOUT PRIOR ARRANGEMENT AND UNLESS ACCOMPANIED BY THE AUCTIONEER OR THEIR REPRESENTATIVE.
Registration
Bidder registration before an auction is mandatory.
As required by South African law, all bidders must provide proof of their identity and physical address (FICA), and also demonstrate tax compliance with a valid SARS Tax Compliance Certificate (SARS PIN), and disclose their source of funds before participating in the auction.
Any bidder who intends to bid on behalf of another natural or legal person (“the Representative”), must produce a letter of authority that expressly authorizes such bidder to do so in compliance with the Consumer Protection Act. Both such principal and the bidder must submit documentation in support and verification of their identities in terms of the Financial Intelligence Centre Act (“FICA”). Such Representative must sign the bidder’s record declaring such representation.
Representatives will bear personal liability for all terms and conditions outlined in the Agreement of Sale if the parties they represent fail to fulfill their obligations in this auction sale.
Bidders — including representatives — who are married in community of property are required to both comply with FICA requirements, and both spouses must attend the auction to sign the Agreement of Sale should their bid be the winning one.
When Representatives bid on behalf of a company, close corporation, or trust
certified true copies of the registration and/or incorporation documents of any such entity (including registration numbers and/or Master’s reference numbers and business addresses);
an original or certified true copy of a Resolution, Power of Attorney, or Letter of Authority authorising the Representative to bid at the Auction; and
copies of IDs and proof of address for all company directors/trustees
must be submitted electronically on the Auctioneer’s website during registration, to enable the bidder to register for and participate in the auction.
If buying in a trust or legal entity, such trust or legal entity must be registered and fully compliant before bidding at this auction.
A Registration Fee is set for each auction. It is payable by each active bidder into the trust account of the Auctioneer’s attorney (the “Attorney”) who will request your FICA documents before they accept, or refund monies paid. This Registration Fee is not subject to VAT.
Payment must be made via EFT, with no additional handling fee applicable. To avoid disqualification, bidders must ensure the fee is reflected in the Attorney’s trust account at least 24 hours before the auction.
The Auctioneer’s registration staff shall verify proof of payment before allowing a bidder to participate in the auction.
The Registration Fee shall be refunded to the losing bidder into the same bank account that it was paid from. Refunded Registration Fees shall be paid by EFT within 7 working days after the Auction and after FICA compliance verification by the Attorney.
All monies paid by the Purchaser will be held in trust until final acceptance or rejection of the bid.
The Auction
Participating in the bidding at the auction signals your acceptance of the property as it stands, the Agreement of Sale, and the availability of funds to purchase the property, pay the deposit, and pay the Buyer’s Premium of 10% on top of the final bid price, plus 15% VAT.
A bidder may retract a bid before the fall of the hammer by which the auctioneer will disqualify the bidder from further bidding. Bid reversals do not apply to online auctions.
The Auctioneer has the final say in any dispute between bidders and any decision to proceed will be made at the sole discretion of the Auctioneer.
On the fall of the hammer,
the Auctioneer will conclude the auction with the words “Sold” to the highest bidder.
The highest bidder, now the Purchaser, must immediately sign the Agreement of Sale, and pay the Buyer’s Premium and the 10% deposit of the winning bid price.
Should the Purchaser fail to comply with the auction rules and terms, the Auctioneer reserves the right to:
disqualify the highest bidder and sell the property to the second-highest bidder, now the Purchaser, on the same price, terms, and conditions as the highest bidder of the first instance.
In addition, the original Purchaser shall forfeit their registration fee, which shall be retained by the Auctioneer as a penalty for non-compliance.
Reserve
The Seller is obliged to accept the winning bid if the reserve price is met, or no reserve price was set.
If the highest bid does not reach the reserve price, the Auctioneer will declare the Property "Sold, subject to confirmation," allowing the Seller the right to accept, reject, or counter the highest bid by 17:00, three (3) business days after the auction (the “Acceptance Period”).
Should a subsequent offer be made from a third party during the Acceptance Period,
such third-party buyers must register as a bidder under the same auction rules for a single opportunity to submit a higher bid on a signed Agreement of Sale and immediately pay the Buyer’s Premium and deposit calculated on the amount offered before the offer will be presented to the Seller and the Purchaser.
The highest bidder of the first instance shall have the sole right of refusal to equal or better such subsequent bid obtained.
Should the Seller counter the highest bid,
such counteroffer shall be made no less than 24 hours before the end of the Acceptance Period.
Should the highest bidder reject the counteroffer, such counteroffer shall not void the highest standing bid, meaning the highest bidder may not withdraw such bid and the Seller retains the right to accept the last standing highest bid.
Should the highest bidder accept the counteroffer, the Agreement of Sale will be adjusted accordingly and presented to the Seller within the Acceptance Period.
Upon acceptance, the Seller will countersign the Agreement of Sale, and hand it to the Auctioneer who will submit all related documents to the Attorney upon receipt and effect any adjustments to the Buyer’s Premium as needed.
Should the Seller reject the bid, the Purchaser will be under no further obligation and all monies held in trust by the Attorney will be refunded to the Purchaser within 7 business days after the final rejection.
Seller Bidding
It is allowed for sellers, their agents, or even the Auctioneer to bid on an auction but only if this is declared in advance. The Bidder’s Pack will indicate if the seller participates in the auction.
If this is not declared, the Auctioneer is not allowed to consider bids from such persons. If the Auctioneer suspects Seller Bidding, the Auctioneer may refuse such bidding and/or even request suspected bidders to leave the auction.
If Seller Bidding is permitted, such seller bids will only be accepted until below the reserve price.
Payments
Upon winning the bid, the Purchaser is liable for the following payments:
On the fall of the hammer:
Buyer’s Premium – a non-refundable commission calculated at 10% of the purchase price plus VAT into the Auctioneer’s trust account
Deposit – a 10% deposit of the purchase price, minus the Registration Fee, payable into the Attorney’s trust account, to be applied as part payment of the purchase price upon registration of transfer.
On request of the Attorney:
Purchase Price – as bid, in cash and/or mortgage loan.
Transfer and Conveyancing Costs
VAT – if applicable, and at the applicable rate, determined by the Attorney.
Other costs may be associated with the specific transaction, such as municipal debts, outstanding levies, absence of approved house plans, COCs (as applicable), and as formally agreed in the Agreement of Sale.
The Purchaser’s Registration Fee will also be added to the Deposit amount held in trust for the benefit of the Purchaser.
The Sale Transaction
Upon receipt of the fully completed forms and the signed Agreement of Sale from the Seller, the Auctioneer will forward all necessary documents to the conveyancers to facilitate the transaction and ensure a seamless transfer of ownership.
The normal property transfer process will be followed for auctioned properties. The Purchaser will have 45 calendar days to secure a mortgage loan or to present proof of funds to the conveyancer’s satisfaction. The standard immovable property transfer process will commence once the loan and/or finances are secured. Allow 6-8 weeks for the transfer process to complete.
Should the Purchaser fail to meet all transfer registration requirements within this period, the Seller reserves the right to impose legal action against the Purchaser to enforce the sale.
In such event, the Seller shall pursue all necessary remedies directly with the Purchaser, without any further involvement or liability on the part of the Auctioneer.
If the Seller is a VAT vendor, VAT at the standard rate may be payable by the Purchaser on top of the bid price, otherwise, normal duties will be payable to the Receiver of Revenue.
If both the Seller and the Buyer are registered for VAT, VAT may not be payable pending conveyancer confirmation from the Receiver of Revenue.
Breach
Should the Seller reject the otherwise qualified Purchaser’s offer, the Attorney will refund the Registration Fee, Buyer’s Premium, and the Deposit to the Purchaser within 7 business days, and the Seller will immediately pay the Auctioneer the agreed penalty as per the mandate and will remain liable for the agreed marketing costs.
Should the Purchaser fail to meet any financial or other obligations under the Agreement of Sale, including securing a mortgage loan, the Purchaser will be liable for the following:
Buyer's Premium: The Purchaser shall forfeit the Buyer's Premium of 10% + VAT of the sales price paid for this Auction.
Re-auctioning Costs: The Purchaser shall be responsible for the marketing costs of re-auctioning the Property, if applicable.
Shortfall Liability: In the event of a re-auction, the Purchaser shall be liable for any shortfall between the original winning bid and the subsequent re-auction sale price, to the extent that such shortfall exceeds the deposit amount.
Deposit Forfeiture: The Purchaser shall forfeit the full deposit (including the original registration fee) in favor of the Seller as liquidated damages.
Rules of Online Auction (not yet complete)
These Rules of Auction comply with the Consumer Protection Act 68 of 2008 and the Regulations thereto (“the CPA”), and all other relevant South African Immovable Property laws. Per the provisions of the CPA, the Auctioneer hereby declares as follows:
General
The auction will commence at the advertised time and will not be delayed for any person to participate in the auction.
No alcohol or drugs may be consumed on the auction premises and any individuals suspected of having consumed such will be required to leave immediately.
The Seller or Auctioneer may withdraw the Property from the auction before the time set for the start of the auction without providing a public reason or explanation.
In terms of the CPA, the "cooling off period" does not apply to goods bought on auction.
Every bid constitutes an irrevocable offer to purchase the property.
On the fall of the hammer, the highest bidder (the “Purchaser”) is bound to the Agreement of Sale.
Should the Auctioneer commit any bona fide error in conducting the auction, such mistake shall not be considered binding either upon the Seller or the Purchaser but shall be rectified.
This auction is per rising bid and the currency is South African Rand.
The winning bidder is required to pay a deposit of 10% of the winning bid price, minus the Registration Fee, on the fall of the hammer.
Ring bidding and shill bidding will not be tolerated as it is a criminal offense.
The Vendor’s Roll will be available for inspection free of charge at the auctioneer's offices for five years from the date of auction.
Registration
All bidders must register before the start of the auction.
By registering for the auction, the bidder agrees to the auction rules and the Agreement of Sale.
All registered bidders must have thoroughly inspected the Property on auction before placing any bid.
No cash shall be accepted at the registration desk.
Representatives will be held personally liable for all aspects of the Agreement of Sale if the represented party fails to meet their obligations.
Role of the Auctioneer
All aspects of the auction are subject to the control of the Auctioneer, including the right to reserve admission.
The Auctioneer reserves the right to re-offer the Property for auction if, in its opinion, the bidding does not reflect a fair market value.
In the event of any dispute between bidders, the decision of the Auctioneer is final and binding.
The Auctioneer acts as an agent for the Seller and shall not be liable for any claims and/or damages and/or legal disputes between the Seller and the Purchaser resulting from the sale of the Property.
The Auctioneer reserves the right to bid on behalf of third parties, sellers, and absentee bidders.
Seller Bidding
Unless declared in advance that the auction allows the Auctioneer, the Seller, or their Agent to bid on behalf of the Seller, they cannot place bids themselves or have someone else bid on their behalf.
In terms of the CPA, Seller Bidders, if allowed, may bid up to, but not equal to, or exceeding the reserve price.
The Auction
The Auction proceedings will be recorded.
These Rules of Auction form an integral part of the sale by auction and thus the Agreement of Sale.
The property is sold “voetstoots” as it now stands.
The Seller hereby renounces all claims to any excess and will not be answerable for any deficiencies in the declared extent of the property.
The bidder is responsible for ensuring that the Auctioneer acknowledges their bids. To do this, clearly raise your bidder number. If the Auctioneer does not recognize your bid, raise your number again and loudly call out 'Yup!' to draw attention.
The sale of the property is complete when the Auctioneer announces its completion by the fall of the hammer and declares it SOLD.
The highest bidder becomes the Purchaser of the Property upon the conclusion of the Auction, provided that they comply with the auction rules and terms. In the event the highest bidder fails to comply, the second-highest bidder shall become the Purchaser of the Property at their bid price.
An Agreement of Sale will be prepared in the Purchaser's name for immediate signing to ratify their winning bid as a binding offer to purchase.
The Purchaser may not alter, amend, or withdraw the Agreement of Sale.
Buyer’s Premium
Upon winning the bid, the Purchaser is responsible for paying a non-refundable auctioneer's commission.
This commission is 10% of the purchase price, plus VAT.
Payment must be made immediately upon the fall of the hammer and deposited into the Auctioneer's Attorney’s trust account.
DISCLAIMER
Every effort has been made to provide accurate information; however, neither the Auctioneer, the Seller, Vincerò Auctioneers, eXp Realty (Pty) Ltd, nor any associated companies guarantee its accuracy. None of the above parties will be held liable for any direct or indirect damages or losses arising from errors or omissions in the information, whether due to negligence or otherwise. This information is for reference only and does not replace a comprehensive due diligence investigation.
FAQ
What types of auctions does Vincerò Auctioneers offer?
We specialize in auctions for both property and movable goods. Our auctions are conducted live onsite, virtually, or entirely online. Each listing specifies the auction format — be sure to check the details.
Is Vincerò Auctioneers compliant with South African auctioneering regulations?
Yes! Vincerò Auctioneers is a registered private company, fully tax-compliant, and accredited by the South African Institute of Auctioneers (SAIA) and the Property Practitioners Regulatory Authority (PPRA). We hold a valid Fidelity Fund Certificate (FFC), and our CEO is a licensed real estate property practitioner with her own FFC.
What are the pros and cons of buying a property at auction?
Advantages:
• Speed: Auctions are quick—no long negotiations or delays.
• Potential Savings: Properties may sell below market value, offering buyers great deals.
Considerations:
• Immediate Costs: Deposits are due on the auction day.
• Sold 'As Is': No guarantees on the property’s condition, so inspections are essential.
How do I participate in a Vincerò Auctioneers auction?
Simply register before the auction begins. Each listing includes a registration link. Read the Rules of Auction and Auction Guidelines before bidding—your bid is legally binding!
Where can I find the Rules of Auction?
Our Rules of Auction and Auction Guidelines for onsite and online auctions are available on our website. Review them carefully before placing a bid.
What fees should I expect when buying at a Vincerò auction?
• Auctioneer’s Commission: 10% of the final sale price + VAT (payable by the buyer).
• Transfer Costs: Handled by the conveyancer and based on the final sale price.
• Bond Registration Fees: If financing, bond registration costs apply.
• Outstanding Rates & Taxes: In some cases, buyers may need to settle the seller’s arrears—check the Bidder’s Pack for details.
Will my registration fee be refunded if I don’t win a bid?
Absolutely! If you don’t make a successful purchase, your registration fee will be fully refunded.
What happens to my registration fee if I win the bid?
It will be applied toward the Buyer's Premium (10% of the final sale price + VAT). If the fee doesn’t cover the full amount, you’ll need to pay the balance immediately.
How can I bid successfully at an auction?
• Do Your Research: Review property details, legal issues, and valuations.
• Inspect the Property: Attend viewings or arrange a professional inspection.
• Secure Financing: Ensure you can cover the deposit (typically 10-15%).
• Set a Budget: Know your max bid and stick to it.
• Factor in Extra Costs: Buyer’s Premium, transfer fees, and potential repairs add up.
• Practice First: Attend auctions as a spectator to get a feel for the process.
• Stay Calm: Avoid emotional bidding—stick to strategy.
• Understand the Rules: Know whether you’re bidding in a confirmation auction or a fall of the hammer auction.
What’s the difference between a ‘Subject to Confirmation’ auction and a ‘Fall of the Hammer’ auction?
1. Subject to Confirmation: The seller has a set period (usually 2-3 days) to accept or decline the highest bid. The sale is only finalized after confirmation.
2. Fall of the Hammer: The highest bid automatically wins, and the sale is legally binding the moment the auctioneer’s hammer falls.
How do I contact Vincerò Auctioneers?
We’re here to assist you! Reach out via:
1 Website Contact Form: Quick and easy—leave your details, and we’ll get back to you.
2 Email: [email protected] for detailed inquiries.
3 Phone: Call us at 062 817 6776 for immediate assistance.
Whether you’re bidding, listing a property, or just exploring auction opportunities, we’re ready to guide you every step of the way!
Contact Us
Have questions or feedback? We're here to help! Reach out via the form, email, or phone. We value your input and will respond promptly.
Address : Centurion, South Africa
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