WHAT YOU NEED TO KNOW WHEN BUYING A PROPERTY ON AUCTION

FOR MORE INFORMATION, PLEASE COMPLETE THE FORM BELOW

FREQUENTLY ASKED QUESTIONS

How long do I have to pay the balance amount after I have paid the 10% on the fall of the hammer?

This will be stipulated on the Offer to Purchase and may vary from property to property

What other costs are involved in purchasing the property?

The PURCHASER shall be liable, in addition to the Purchase Price, for all costs of registration of Transfer of the PROPERTY including but not limited to: (if applicable) transfer duty, revenue stamps, mortgage loan costs, attorney’s fees, deeds office registration fees, such proportion of the assessment rates (rates & Taxes, water, electricity, sanitation and all other charges)

When will VAT be applicable?

VAT will always be applicable on the commission. The PURCHASER shall furthermore, in addition to the PURCHASE PRICE, be responsible for the payment of VAT calculated at 15% of the PURCHASE PRICE should SELLER be a registered VAT vendor, regardless of whether he was aware of this fact on date of signature hereof by himself.

Can I lose my 10% Deposit?

The buyer may lose the deposit in the case of guarantees not being delivered in the set time stipulated in the Offer to Purchase. The buyer will receive written notice after 1 week, after guarantees still has not been delivered the buyer loses the deposit.

FOR MORE INFORMATION, PLEASE COMPLETE THE FORM BELOW

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