Pre-Judgement Sale Conditions

1. The sale shall be subject to the following conditions:

 

1.1 The property shall be sold by the auctioneer (Sheriff Halfway House - Alexandra), to the highest bidder (herein referred to as the purchaser), without reserve but subject to confirmation by the seller and any bondholder who holds a registered bond over the property, within 7 (seven) Court days from the date of sale, and subject to the condition that there is no defect in title, prohibiting registration of transfer in the name of the purchaser.

 

1.2 The purchaser is unconditionally and irrevocably bound to his bid until 17h00 on the 7th Court day after the sale and the onus to establish whether the bid was confirmed will rest upon the purchaser.

 

1.3 Should this sale not be confirmed by the seller and/or any bondholder/s, this agreement shall be deemed null and void and all monies paid by the purchaser, including commission, shall be refunded to the purchaser.

1.4 The seller and the bondholder/s reserve the right of confirming this sale at any time, within the 7 (seven) Court days confirmation period.

 

2. The sale shall be for South African Rand, and no bid of less than R10,000.00 (Ten thousand rand) shall be accepted.

 

3. If any dispute arises about any bid, the property may again be put up to auction. If the auctioneer makes any mistake in selling, such mistake shall not be binding on any of the parties, but may be rectified, If the auctioneer suspect that a bidder is unable to pay either the monies referred to in conditions 6 and/or 9 or the balance of the purchase price, he may refuse to accept the bid of such bidder, or accept it provisionally until the bidder shall have satisfied him that he is in position to pay all such amounts. On the refusal of a bid under such circumstances, the property may immediately be put up to auction again.

 

4. The purchaser shall, as soon as possible after the sale and immediately on being requested by the auctioneer to do so, sign this agreement, and if the purchaser bought qua qualitate (in a representative capacity) the purchaser shall disclose the name and address of his principal or person, and exhibit his written authority.

 

5. In the event of the purchaser being a company, a corporation or a partnership, or in the event of the purchaser signing as a nominee or a trustee, then and in all such events the person signing these conditions shall be deemed to have bound himself as surety and co-principal debtor for all the obligations of the purchaser (and, if applicable, jointly and severally with any other person signing these conditions on behalf of the purchaser) and hereby renounces the benefits of execution and division, no value received and errors in calculation, the effect to which he acknowledges himself to be aware of.

 

6.The purchaser shall pay a deposit of 10% of the full purchase price, by Electronic Fund Transfer into the Trust account of either the Agent or Sheriff Halfway House immediately upon the conclusion of the sale.  Should the purchaser default, the auctioneer shall be entitled to put the property up for auction again forthwith.

 

7. The balance together with interest of 11,45% on the full purchase price, calculated and capitalized monthly in advance, from the date of confirmation to the date of registration of transfer, both days inclusive, shall be secured by the purchaser by way of a bank guarantee, to be approved by the transferring Attorneys, to be furnished to the said Attorneys within 21 (twenty one) Court days of date of confirmation. Subject to the further proviso that should any bondholder be entitled to a higher rate of interest then that rate of interest shall be applicable.

 

8. If the purchaser fails to carry out any of his/her obligations under the conditions of sale the seller and the bondholder(s) shall be entitled to, summarily on the report of the auctioneer and after due notice to the purchaser, without prejudice to any of his rights -

 

8.1 Demand specific performance of the agreement, or

 

8.2 Cancel the agreement, put the property up for sale again and demand damages including any damages that the seller may suffer in having to sell the property again.

 

8.3 The purchaser shall be liable for and pay, within ten days of being requested to do so by the appointed conveyancer, the following:

 

(i)  All amounts due to the municipality servicing the property, in terms of the Local Government Municipal Systems Act, 2000 (Act 32 of 2000) for municipal service fees, surcharges on fees, property rates and other municipal taxes, levies and duties that may be due to a municipality; and where applicable

(ii) All levies, charges and costs due to a Body Corporate in terms of the Sectional Titles Act, 1986 (Act no 95 of 1986) and The Sectional Titles Schemes Management Act or any amounts due to a Homeowners Association or other association that renders services to the property.

 (iii)  The costs of transfer, including conveyance fees, transfer duty and any other amount necessary for the passing of transfer to the purchaser.

 

 (iv) All the above mentioned amounts shall be payable by the purchaser as a liability over and above the purchase price.

 

8.4. The purchaser shall be entitled to obtain transfer forthwith upon payment of the whole           purchase price and subject to his/her/its compliance with all the conditions hereof.

 

9. The auctioneer or agent shall be entitled to auctioneer's commission of 5% on the full purchase price, which commission is payable by the purchaser by way of Electronic Fund Transfer or bank guaranteed cheque immediately after the conclusion of the sale.

 

10. This sale shall only come into effect upon the purchaser, the auctioneer, the agent and seller signing these conditions and the purchaser complying with conditions 6 and 9 hereof, and failing which, this agreement shall be null and void, and of no force or effect.

 

11. The purchaser shall be entitled to possession of the property from the date of registration into the name of the Purchaser. The Seller, Vinmans CC or any of The Representatives, Members or Directors, neither the Auctioneer, give no warranty that the purchaser will be able to obtain personal and/or vacant occupation of the property or that the property is unoccupied. Any procedures to evict any occupiers will be done by the purchaser in his sole discretion and costs. 

 

12. The auctioneer, seller or bondholder/s may demand that any improvements on the property/ies shall immediately be insured by the purchaser, as from the date of confirmation of the sale, for the full value of the same, and that the insurance policy be handed to the transferring attorneys and kept in force until registration of transfer. If the purchaser fails to comply with this obligation, the seller may effect the insurance at the purchaser’s expense.

 

13. The property is sold as represented by the title deeds and diagrams and neither the auctioneer, agent, bondholder/s nor the seller will be liable for any deficiency that may be found to exist and renounce all excess. The property is sold without warranty or representation, and also subject to all servitudes and conditions specified in the title deed. Neither the auctioneer, agent, bondholder/s nor the seller is aware of any defect in the property and neither the auctioneer, agent, bondholder/s  nor the seller shall be responsible for any defect in respect of the property which may exists at the date of sale or which may come into existence thereafter.

 

14. The agent and the auctioneer shall appoint an Attorney to the attend to the transfer. 

  
15. The purchaser agrees that there is no obligation on the seller to furnish an electrical installation certificate of compliance issued under the Regulation in terms of the Occupational Health and Safety Act of 1993. The purchaser will be obliged, at his own cost, to obtain such certificate and the necessary certificates to the effect that the buildings on the property/ies are free from timber destroying insects, if applicable, as from the date of occupation.

 

16. Should a bona fade error be committed by the auctioneer, agent and seller in respect of the sale and/or any mandate, this sale may be cancelled forthwith and the property be put up for auction again. Such error shall not be binding on any of the parties. Should this sale be declared null and void and/or cancelled for whatsoever reason, then and in such event neither the auctioneer, agent nor the seller and/or their representatives shall be held responsible for any loss or damage that might result from such cancellation.

 

In such event the auctioneer or seller will refund to the purchaser all monies referred to in conditions 6 and/or 9, without any claim on interest.

 

17. The terms and conditions of this agreement shall constitute the sole agreement between the parties concerned and no variation or amendment thereto shall be binding unless reduces to writing and signed by the parties hereto.

 

18. The parties hereto agree to the jurisdiction of the Magistrate's Court in respect of any legal action arising from this agreement and the purchaser chooses the address as stated hereunder as his domicilium citandi et executandi.

            

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