At the Auction

It is important to remember to bring the following things with you to an auction:

• Your Identity Document or Passport
• Your bidder's deposit by bank guaranteed cheque
• Your pre-registration information (if you pre-registered online)

Registration

As mentioned you will need to register as a bidder, if you have not already done so at the property viewing. You will be required to fill in a Buyer's Registration Card, and will be asked to sign acknowledgement of the Conditions of Sale. You will also be asked to pay a refundable registration fee in order to register and provide the necessary authorities as previously mentioned.

Your Buyer's Registration Card is numbered and this number is then allocated to you as a Bidder and is only valid for the duration of that auction. It is important that you safeguard this card at all times in order to prevent another person from bidding on your number, as in terms of the law your bid is a legal, verbally binding contract with the seller and auctioneer.

Condition of sale amendments

The auctioneer will announce any amendments to the terms of the sale, if any. Sometimes there may be alterations to the conditions of sale and you should obtain the latest copy at the auction, so that you are fully acquainted with any changes.

Furthermore, the auctioneer will make an announcement if there are any amendments or alterations to the conditions of sale.

Questions

There will be time to ask questions prior to the commercial or residential property auction. During the auction, a public question and answer session will not be facilitated as it holds up the sale process and is difficult in a large auction environment. Registered bidders can privately ask any questions, at any stage during the auction process from company representatives who will be on the auction floor to assist.

Please inform the auctioneers' assistants should you have any enquiries and they will willingly come over to you.

Pre-briefing auction education

A Buyer Education Seminar may be held 45 minutes prior to each Renaissance Multiple Auction Event, facilitated by a senior member of our team, with the intention of providing a platform for first-time buyers to have the bidding process explained to them in detail. This also affords them the opportunity to ask any questions regarding the general auction process.

Bidding

Please make sure that you know which property (lot number) you are bidding on. An Order of Sale sheet will be available. The sale moves at a relatively quick pace. Make sure that you make adequate contact with the auctioneer or their assistants so that your bid gets acknowledged.

Signing of Conditions of Sale

When you have successfully won a bid to buy your chosen residential property on auction, you will be ushered to the Buyers Lounge where you will be asked to sign the Conditions of Sale. Should you be interested in bidding for further residential or commercial properties on auction, or want to see the rest of the sale, you are welcome to do so. Simply advise an Auction Alliance team member who will get your details, the moment the property has been knocked down to you.

Auctioneer's commission

After the property has been knocked down to you, you will also be asked to pay the Auctioneer's Commission plus VAT, as well as a deposit on the purchase price of the property. We regret that cash payments are not permitted in terms of current FICA Law. Please remember the Auctioneers' commission when you are bidding and that it is payable over and above the purchase price.

VAT

Prospective buyers should ascertain whether VAT is payable on the purchase price prior to the auction.

At the end of the auction

After buying property, signing the contract and making payment, you are free to leave. The seller's attorney will contact you with regard to the conveyancing procedure.