The Sale by auction is subject to a reserve price, unless specifically stated to the contrary by the auctioneer.
The auctioneer or his agent may bid up to the reserve price on behalf of the owner, but shall not be entitled to make a bid equal to or exceeding the reserve price.
Section 45 of the Consumer Protection Act, Act 68 of 2008 (“the Act”) is quoted below:
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.
A person who attends the auction to bid on behalf of another person (i.e. on behalf of a company, trust, other natural person or legal entity) must produce a letter of authority that expressly authorizes him or her to bid on behalf of that person. Where a person is bidding on behalf of another entity the letter of authority must appear on the letterhead of the entity and must be accompanied by a certified copy of the resolution, if required, authorizing him or her to bid on behalf of the entity.
UBIQUE AFSLAERS does have a trust account into which all money will be paid for the benefit of the seller, minus any commission payable to UBIQUE AFSLAERS in terms of the Conditions of Sale that apply to the auction.
The auctioneer will during the auction announce the reason for the auction.
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 the FICA (Financial Intelligence Centre Act, 2001) in respect of the establishment and verification of identity of the person and the person must sign the registration entry.
The bidder’s record and the vendor or vendu roll will be made available for inspection at the office of UBIQUE AUCTIONEERS, 37 Poortman Street, Potchindustria, Potchefstroom, during normal business hours free of charge. It will also be available for inspection at the auction.
The conduct of the auction is subject to the control of the auctioneer who has the sole right to regulate the bidding procedure.
The sale shall be by the rise and the goods or property shall be sold to the highest bidder subject to the auction rules and the Conditions of Sale applicable to each specific sale.
Every prospective bidder must read the Conditions of Sale and must not bid unless he or she has done so and has satisfied him or herself as to the conditions that apply to the auction.
Every bid shall constitute an offer to purchase the property or goods for the amount bid, which the seller or the auctioneer may accept or reject in their absolute discretion. The seller and auctioneer are entitled, in their absolute discretion to withdraw the property or goods from the sale prior to acceptance by the seller.
If no bid equals or exceeds the reserve price, the property or goods may be withdrawn from the auction. The seller shall be entitled to instruct the auctioneer to accept any lower bid than the reserve price put on the article by the seller.
In the event of any dispute between the bidders the decision of the auctioneer shall be final and binding.
Any error by the auctioneer shall be entitled to be corrected by him upon discovery.
No bid may be withdrawn after the fall of the hammer until the expiry of the confirmation period that is provided for in the Conditions of Sale, during which time the offer shall be open for acceptance by the seller of his agent and if the offer is accepted the sale shall be deemed to be a sale by auction for purposes of the Act.
The highest bidder in respect of immovable property, being the Purchaser, shall sign the Conditions of Sale immediately after the fall of the hammer.
The Purchaser and bidder are referred to sections 2(1) and 3(1) of the Alienation of Land Act 68 of 1981 which are quoted below. The Purchaser and bidder are specifically referred to section 3(1) of the Act.
The purchaser’s offer shall remain open for acceptance by the seller or by the auctioneer on behalf of the seller, until expiry of the confirmation period.
The purchaser’s offer in respect of immovable property, shall only be deemed to have been accepted when the seller or his agent or whichever may be applicable has signed the Conditions of Sale on behalf of the Seller in the space provided at the end of the Conditions of Sale.
Should the Seller reject the purchaser’s offer, the auctioneer will repay to the purchaser any deposit and commission paid in terms of the Conditions of Sale.
In the event of the sale requiring the consent of any statutory authority or any court of law, then this auction sale will be subject to the granting of such consent.
The purchaser may be liable for and pay the auctioneer’s commission as stipulated in the Conditions of Sale, plus VAT thereof, which commission shall be payable into the trust account of the auctioneer and be due to UBIQUE AFSLAERS upon the seller signing the Conditions of Sale as acceptance of the purchaser’s bid. In respect of commission earned by the auctioneer on movable assets, such commission will be payable at the rate of 10% of the bid plus VAT thereon, which will be payable immediately on conclusion of the sale.
These rules of auction comply with section 45 of the Consumer Protection Act, Act 68 of 2008.