FREQUENTLY ASKED QUESTIONS

• May I view a property before the auction?

Properties are available for viewing by appointment or alternatively an hour prior to the auction.

• Is there a reserve price?

Although sellers, banks, or attorneys have an anticipated figure in mind, this figure may fluctuate during the marketing campaign based on market feedback. Auction Central will present the highest bid from the auction regardless of price.

• Is the property sold immediately to me if I am the highest bidder?

Although you are legally bound by your bid on the fall of the hammer, all properties are sold subject to a confirmation period. Sometimes the bank, attorneys, or seller need to verify if the price achieved is sufficient to settle the property debt and make arrangements if there is a shortfall.

• Can I bid by phone or online?

Yes, you can bid by phone by relaying bids telephonically to one of our representatives at the auction. You can also watch the auction live online on our website and relay your bid to us over the phone. Pre-registration is required along with a registration deposit to bid remotely.

• Where do the auctions take place?

Most of our auctions generally take place on-site at the property. However, please refer to your bidder’s pack for the auction venue.

• Is my deposit refundable if I do not get a bond?

Sellers at auction are motivated and need to know that the purchaser is committed and serious. Auction offers are binding on the fall of the hammer. The purchaser needs to ensure they have done their homework and confirmed with their financial institution to what amount they are comfortable bidding. When the sale is confirmed, the deposit is transferred to the transferring attorney and becomes non-refundable. If your offer is declined, your deposit will be refunded.

• Who is liable to pay outstanding rates & taxes, levies?

The seller. You will get the property with a clean financial bill of health, unless otherwise stated in the conditions of sale.

• What other costs are there?

Besides the bidder’s premium, unless otherwise stated in the conditions of sale, the only other costs that are applicable are transfer fees or VAT.

• Can I use my transferring attorney?

Ultimately the choice is the seller’s.

• Will the property be vacant by the time registration of transfer has taken place?

As per the standard sale agreement, occupation is on registration of transfer. Unless you are buying a property with a lease, the lease terms apply. Please refer to the sale agreement and bidders pack for occupation confirmation.

• How do I register to bid at an auction?

You can register to bid at an auction by completing the registration form available on our website or at the auction venue. You will need to provide a valid ID, proof of residence, and a registration deposit.

• What is a bidder’s premium?

A bidder’s premium is an additional fee that the successful bidder must pay on top of the winning bid price. This fee is typically a percentage of the final bid amount and will be clearly stated in the auction terms and conditions.

• What happens if I cannot attend the auction in person?

If you cannot attend the auction in person, you have the option to bid by phone or online. You will need to pre-register for remote bidding and provide a registration deposit.

• What should I bring with me to the auction?

When attending the auction, you should bring a valid ID, proof of residence, and the required registration deposit. It is also advisable to bring any relevant documentation or information that will help you make an informed bid.

• What happens if the property does not reach the reserve price?

If the property does not reach the reserve price, it may be withdrawn from the auction. The seller may choose to negotiate with the highest bidder after the auction to reach a satisfactory agreement.

• Can I make an offer on a property before the auction?

Yes, you can make a pre-auction offer on a property. The seller may accept your offer, in which case the property will be withdrawn from the auction. Contact our team for more information on making pre-auction offers.

• What is the confirmation period?

The confirmation period is the time frame after the auction during which the seller, bank, or attorneys verify that the highest bid is sufficient to settle any outstanding property debts. The sale is only finalized once this confirmation is received.

For any other questions, please contact us directly at www.auctioncentral.co.za.