What you need to know when purchasing on an auction
Potential buyers should register and pay a deposit (if applicable) to participate in the auction, and valid FICA documents should be submitted.
On the fall of the hammer the highest bidder should pay a minimum of 10% deposit.
To ensure transparency and to protect the consumer, all potential buyers will receive a mandatory disclosure document (where applicable) which will include all the latent & patent defects according to the Property Practitioners act.
There is a deadline for the balance of the amount to be paid or for guarantees to be delivered. This will be clearly set out in the Offer To Purchase.
It is advised that you as a potential buyer know that you have pre-approval from your bank if necessary.
Auctions can take place online or on-site; it is important to know how the auction is taking place beforehand.
It is of utmost importance to ensure that potential buyers read and understand the Rules of Auction & Offer To Purchase.
Not all properties that are on auction are distressed properties or properties in poor conditions, auctions are becoming the preferred way to sell & buy properties in South Africa.
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