Auction Rules

The rules of auction comply with section 45 of the Consumer Protection Act, Act 68 of 2008 (" the Act"). The following provisions are brought to the purchasers attention: Section 45

(1) 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.

(2) 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. by or on behalf of the owner or auctioneer

• The owner or auctioneer must not bid or employ any person to bid at the sale;
• The auctioneer must not knowingly accept any bid from a person contemplated in Paragraph (a); and
• The consumer may approach a court to declare the transaction fraudulent, if this subsection has

been violated.

(3) a Sale by auction is complete when the auctioneer announces 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.

(4) Notice must be given in advance that a sale by auction is subject to—

• a Reserved or upset price; or
• a Right to bid by or on behalf of the owner or auctioneer, in which case the owner or auctioneer, or any one person on behalf of the owner or auctioneer, as the case may be, may bid at the auction.

(5) Unless notice is given in advance that a sale by auction is subject to a right to bid by or on behalf

of the owner or auctioneer—

• The owner or auctioneer must not bid or employ any person to bid at the sale;
• The auctioneer must not knowingly accept any bid from a person contemplated in paragraph(a) ; and
• The consumer may approach a court to declare the transaction fraudulent, if this subsection has been violated.

(6) The Minister may prescribe requirements to be complied with by an auctioneer, or different categories of auctioneer, in respect of—

• The conduct of an auction;
• The records to be maintained with respect to property placed for auction; and
• The sale of any such property by auction.

The auction will commence at the published time and will not be delayed to enable any specific person or persons in general to take part in the auction.

During the auction the auctioneer shall announce the reason for the auction, unless that the reason is the normal and voluntary disposal of goods by the owner.

All buyers have to register prior to bidding for any lot on the auction sale, according to regulation 26(2) and must comply with all the requirements for registration, failing which , a bid will not be accepted.

It is compulsory that all bidders be required to present the following documentation in order to register:

1. Identity document (original or certified copy)
2. Proof of residence
3. In event of bidding on behalf of a Company, Trust, Closed Corporation, you will be required to present a letter on the entity's official letterhead authorizing you to bid. Also a resolution by the directors, trustees or members of the entity authorizing you to do so.
4. Copy of entity's FICA documents
5. VAT registration Certificate
6. Income tax reference number and proof of marital status.

Every prospective bidder must read the Conditions of sale and must not bid unless he or she had done so.

The bidders record and vendor roll will be available for inspection during normal business hours.

The conditions for the sale of Movable and Immovable assets and the rules of Auction are binding on all buyers or prospective buyers .

The auctioneers vendor roll of sale is final and binding on all buyers.