RULES OF AUCTION
· Physical distancing must be adhered to at all times
· Screening and sanitizing are required before entering the auction room
· Physical distancing must be adhered to at all times
· Screening and sanitizing are required before entering the auction room
SPECIAL CONDITIONS OF SALE: MOVABLE PROPERTY ON AUCTION
1.The sale is held in terms of the applicable legislation, rules and regulations of the Supreme Court Act 59 of 1959, as amended, the Magistrate’s Court Act 32 of 1944, as amended, The Consumer Protection Act 68 of 2008, as amended and the Financial Intelligence Center Act 38 of 2001, as amended.
2.The “Rules of Auction” are deemed to form part of the special conditions of sale and the registration conditions are incorporated herein:
3.By virtue of The Consumer Protection Act 68 of 2008, as amended, every prospective bidder is required to register as a buyer prior to the commencement of the auction. Reg 26(2)
4.Every bidder is required to comply with the Financial Intelligence Center Act 38 of 2001 (FICA), prior to the commencement of the auction. Reg 26(2)
5.The auction shall be under the control of the Sheriff of the Court for Kuilsriver North and South, or duly authorized employee. The Sheriff of the Court or his duly authorized employee in their sole and absolute discretion, shall conduct, regulate and record (mechanically or otherwise) the auction proceedings.
6.By registration as a buyer, the prospective buyer confirms that he/she has familiarized himself / herself with the Rules of Auction and applicable conditions of sale of the relevant lots on auction.
7.The sheriff or his duly authorized representative may withdraw any item from any group of lots on the auction at any time before knockdown, without there being any penalty or the need to any prior notice. Reg 19(3)(a)
8.The highest bidder shall be the purchaser for the respective lot or lots offered for sale at the auction. Reg 28(6)
9.No person(s) may interfere, intimidate, and/or harass a buyer or bidder in any way, any person(s) found to interfere and/or disrupt the proceedings, may be required by the Sheriff/auctioneer to leave the premises. A bidder may report the matter to the SAPS.
10.If the Sheriff makes any mistake in selling, such a mistake shall not be binding on any of the parties by may be rectified according to the discretion of the Sheriff and/or his/her representative;
11.All sales are “voetstoots”. The prospective bidder shall be deemed to have inspected and thoroughly examined the lots and have irrevocably accepted the condition and the state thereof. The Sheriff or his/her representative gives no warranties or guarantees or makes any representations in regard to the condition or state of any of the lots;
12.All bids made at the auction are exclusive of VAT
13.On the fall of the hammer of each and every auction, a sale shall be finally and irrevocably concluded, subject only to ay suppressive terms and conditions as may be application to any lot(s);
14.The risk in and to the lots sold, shall pass to the purchaser on the fall of the hammer, even though delivery has not yet taken place. The purchaser shall bear the risk in and to the lots remaining on the premises of the Sheriff, in particular for any shortages and/or damage that may occur. The purchaser shall remove the lots purchased from the Sheriff’s premises by close of business on the day of the auction;
15.No goods may be removed until paid for in full and after conclusion of the auction in its entirety.
16.No bids of less than R10.00 will be accepted;
17.Payment shall be made in cash and payable in full immediately after the conclusion of the auction sale.
18.Right of admission to the auction/sale room/mart is reserved Reg 28(3) and Reg 28(5).
RULES OF AUCTION:
1.The Rules of the auction comply with section 45 of the Consumer Protection Act, Act 68 of 2008 (“the Act”).
2.The following provisions are brought to your attention : Section 45 subsection (1)(2) and (3) of the Act provides that:
·In this section, ”auction” includes a sale in execution of or pursuant to a court order to the extent that the order contemplates that the sale is to be conducted by an auction.
·When goods are put up for sale by auction in lots, each lot is, unless there is evidence to the contrary, regarded to be the subject of a separate transaction.
·A sale by auction is complete when the auctioneer announce its completion by the fall of the hammer, or in any other customary manner and until that announcement is made, a bid may be retracted.
3.The auction will commence at the published time and will not be delayed to allow any specific person or more persons to take part in the auction.
4.The sale by auction is not subject to a reserve price.
5.A person who attends the auction to bid on behalf of another person (i.e. on behalf of a company or third party) must produce a written letter of authority (power of attorney and/or resolution from members) that expressly authorizes him or her to bid on behalf of that person or company. When the person is bidding on behalf of a company the letter of authority must appear on the letterhead of the company and must be accompanied by a certified copy of the resolution authorizing him or her to bid on behalf of the company.
6.The Sheriff of the Court for Kuilsriver South and North does have a trust bank account in terms of Section 22(1) of the Sheriffs Act 90 of 1986, into which all monies will be deposited, minus any commission payable to the Sheriff in terms of the signed conditions of sale that applies to the auction sale (“the conditions of sale”).
7.The Auctioneer/Sheriff will during the auction announce the reason for the auction.
8.Anyone that intends to bid at the auction must register his or her identity on the bidder’s record prior to the commencement of the auction and such registration
•must meet the requirements of FICA (Financial Intelligence Center Act,2001)
•in respect of the establishment and verification of identity of the person and the
•Person must sign the registration entry.
9.The bidder record and the vendor roll will be made available for inspection at the office of the Sheriff for the jurisdiction of Kuilsriver South and North during normal business hours without any charge of a fee. The bidder’s record will also be available for inspection at the auction. (Regulation 26 and 28(4)).
10.The conduct of the auction is subject to the control of the auctioneer/sheriff who has the sole right to regulate the bidding procedure.
11.The sale shall be by the rise of the bidder’s card and the asset shall be sold to the highest bidder subject to the Auction Rules and Conditions of Sale.
12.Every prospective bidder is required to listen to the Sheriff while he reads the Conditions of Sale and must not bid unless he or she understands the content thereof.
13.Every bid shall constitute an offer to purchase the asset for the amount bid, which the auctioneer/sheriff may accept or reject in his absolute discretion in accordance to the Conditions of Sale. The auctioneer/sheriff is entitled, in their absolute discretion to withdraw the asset from the sale upon instructions from the Execution Creditor, but prior to the fall of the hammer.
14.In the event of any dispute between bidders, the decision of the auctioneer/sheriff shall be final and binding.
15.Any error by the auctioneer/sheriff shall be entitled to be corrected by him.
16.In the event of the sale requiring the consent of any statutory authority, preferent creditor or any court of law then this auction sale is subject to the granting of such consent.
SHERIFF/AUCTIONEER’S COMMISSION AND 10% REQUIRED DEPOSIT AS PER CONDITIONS OF SALE
The Purchaser shall immediately on demand pay the Sheriff's commission calculated as follows:
- 6% on the first R100 000.00, and
- 3.5% on R100 001.00 to R400 000.00, and
- 1.5% on the balance of the proceeds on the sale.
subject to a maximum commission of R40 000.00, plus VAT, in total and a minimum of R3 000.00, plus VAT, (inclusive in all instances of the Sheriff's bank charges and other expenses incurred in paying the proceeds into his or her trust account).The 10% deposit as stipulated in the conditions of sale is payable immediately upon conclusion of the sale by way of cash or electronic transfer.
SHERIFF/AUCTIONEER’S COMMISSION AND 10% REQUIRED DEPOSIT AS PER CONDITIONS OF SALE
1.The purchaser shall be liable for and pay, in addition to the amounts payable in terms of the conditions of sale, sheriffs/auctioneers commission of 6% of the first R30000.00 and thereafter 3.5% on the balance of the purchase price (bid amount), plus VAT thereon, which commission shall be payable immediately upon conclusion of the sale by way of cash, bank cheque or electronic transfer (ONLY BY PRIOR ARRANGEMENT).
2.The 10% deposit as stipulated in the conditions of sale is payable immediately upon conclusion of the sale by way of cash, bank guaranteed cheque or electronic transfer.
Requirements for Prospective Bidders
PROSPECTIVE BIDDERS MUST COMPLY WITH THE REQUIREMENTS OF THE FINANCIAL INTELLIGENCE ACT 38 OF 2001 (FICA) AS AMENDED PRIOR TO THE COMMENCEMENT OF THE AUCTION (Reg 26(2)).
CONSUMER PROTECTION ACT REQUIREMENTS FOR REGISTRATIONFICA COMPLIANCE
1.Identity Document (CERTIFIED COPY).
2.If married in community of property -marriage certificate and spouse's Identity Document (CERTIFIED COPY) :OR
3.If unmarried, please advise;
4.Income tax Number for yourself and spouse;
5.Any ONE of the under mentioned documents provided that they specify the purchaser's NAME and physical residential address (NOT A POSTAL ADDRESS)
Rates and taxes or utilities (e.g water, electricity account)(less than three months old); or Notification of residential address from the S A Department of Home Affairs; or
•Pay Slip / salary advice (less than 3 months old); or
•Telkom account (less than 3 months old); or
•Banks statement (less than 3 months old); or
•Mortgage Statement (less than 6 months old); or
•SARS tax return,IRP5 (less than one year old); or
•Valid television license documentation(less than 3 months old).
COMPANY DOCUMENTS
•CM1 -Certificate of Incorporation (CERTIFIED COPY)
•CM2 -Memorandum of Association (CERTIFIED COPY)
•CM22 -Notice of Registered Office (CERTIFIED COPY)
•CM29–Contents of Register of Directors, Auditors and officers (CERTIFIED COPY)
•CM46-Certificate to commence business (CERTIFIED COPY);
•Tax reference number;
•Copy of Vat Registration Number (CERTIFIED COPY)
•Utility Bill or Telephone account or Bank Statement or any such document which reflects the COMPANY NAME AND PHYSICAL BUSINESS ADDRESS of the company
DIRECTORS (we require all the of this for ALL of the Directors
•Identity Document (CERTIFIED COPY)
•If married in community of property – marriage certificate ; or
•If married out of community of property- marriage certificate and ANC;
•If unmarried, please advise;
•Income Tax Number;
•Any one of the documents as per item 2 to 4 above.
REPRESENTATIVES
If a person / company is to be represented at the auction by an appointed representative , the following is required;
•FOR INDIVIDUALS; a letter of authority/Power of Attorney with the representative's Name and ID, and a certified copy of the ID.
•ON BEHALF OF A COMPANY; a letter of authority on the company letter head with the person’s name and ID number.
•A certified copy of the representative's ID and a Certified copy of a company resolution allowing the representative to bid on the company's behalf.
IF THE ABOVE IS NOT SUPPLIED FOR REGISTRATION, YOU WILL NOT BE ISSUED WITH A BUYERS CARD AND SUBSEQUENTLY NOT ALLOWED TO BID AT THE AUCTION.
