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New Timed, Live and Attended auctions explained
1) Potential buyers at sheriff auctions now have the opportunity to register and buy at our new online auctions via Timed, Live and Attended auctions.
2) Many buyers will already be familiar with these online auctions due to them using auctioneer’s websites to purchase the items that they require. Existing online sites, for example, currently include BidorBuy, E-bay, Tirhani Auctioneers, Park Village Auctioneers, Van’s, WBC, Auction Nation, MFC, Aucor, Strauss & Co, Stephan Welz to name a few.
3) Sheriffs operate differently, as they conduct Sales in Execution which is the execution of a duly issued court order, and are governed by certain Acts and Rules. The Rules determine that sheriffs must sell whatever assets they are entrusted with by means of a Public Auction. Public Auction means that everyone from the public may participate if they wish to do so.
4) To comply with the Rules, sheriffs must host a public auction and are therefore not allowed to turn any person who wants to participate in a sheriff’s auction away.
a) This is true even in extreme circumstances like Covid-19 and its accompanying regulations. Sheriffs may, however, limit personal attendance of potential buyers as per these Covid-19 Regulations.
5) We have therefore created the opportunity for everybody to participate in a sheriff’s auction by way of the following:
a) Allowing 30 physically reserved places for attended buyers (Attended Auction).
b) Timed auctions (prior to the Live auction), to allow for any buyers wishing to make an offer prior to the Live/Attended auction.
c) Live streamed online auction of the Attended auction which will be held at our venue.
i) This allows for buyers to participate as though in attendance of the Attended Action. ii. Online buyers can place bids in real time which reflect at the Attended Auction.
6) The process would unfold as follows:
a) First, the Timed Auction is opened to allow for interested buyers to make an offer prior to the Live/Attended auction.
i) The highest bid obtained during the Timed auction will be the opening bid on the Live/Attended auction.
b) Second, the Live/Attended auction is hosted 24 hours after the Timed auction period has ended.
c) At the end of the Live/Attended auction the sheriff will announce whether the property has been sold or not.
7) Some sheriffs may conduct their auctions as a group like we do (Sheriff Halfway House, Randburg West and Sandton South). It would be done, for example, in different sessions and in a rotational order. Our first Live auction was held on the 18th August 2020 at 11h00 and was conducted as follows:
a) Session One at 11h00 – Sheriff Halfway House/Alexandra.
b) Session Two at 11h30 – Sheriff Randburg West.
i) This allows for many sheriffs to participate at different times and buyers will be informed as to which properties will be up for sale at the stated respective times.
Any interested buyer needs to register online as a bidder prior to the auction. Only Attended auction buyers with reservations may register in terms of the CPA and FICA at the venue prior to the start of the auction.
Terms and Basic Conditions of sale - Immovable Property
1) Online registration prior the start of the Timed auction.
2) Online registration 48 hours prior to the start of the Live auction.
3) FICA Registration for Attended auctions at 614 James Crescent, Halfway House, Midrand.
4) Refundable Registration fee of R 50 000.00 upon registration by EFT in the sheriff’s Trust Account
5) Refundable Registration fee of R 50 000.00 upon registration for Attended auctions (only 30 participants allowed) at 614 James Crescent, Halfway House, Midrand by way of EFT at the venue.
6) Bookings are essential through email@example.com or firstname.lastname@example.org.
7) It is recommended to utilise the online registration and bidding process during the Timed and Live auctions as opposed to attending the Attended Auction.
8) Only 30 participants are permitted at the Attended auction due to Covid-19 Regulation
1) Opening bid as well as increments to be determined by the auctioneer.
2) Highest Bidder determined by the auctioneer at the Live/ Attended Auction is deemed to be the purchaser of the immovable property.
3) Bidding during Timed, Live and Attended auction:
a) The highest bid achieved at the Timed Auction, which will end 24 hours before the Live/Attended auction, will be the opening bid on the Live auction.
i) Timed Auction bidders are automatically registered for the Live Auction
1) 10% of the purchase price as a deposit together with the Sheriffs commission is payable immediately (fall of the hammer) by EFT into the trust account of the relevant Sheriff.
2) Sheriff’s commission:
a) 6% on the first R100,000.00
b) 3.5% from R100,001.00 to R 400,000.00
c) 1.5% on the balance of the purchase price with a maximum of R40,000.00 plus VAT thereon.
3) Balance of purchase price by way of EFT or bank guarantee within 21 court days from the date of the auction.
4) All outstanding municipal accounts on request.
5) All outstanding Body Corporate or Homeowners accounts on request.
6) Registration fees (see Registration section).
7) VAT on purchase price if applicable.
8) Transfer duty.
9) Transfer cost payable as determined by transferring attorneys.
10) Transferring attorneys are appointed by the Plaintiff/Execution Creditor.
11) Failure to comply with any of the payment requirements will result in immediate cancellation of the sale without any further notice.
Rules of the Auction
Public Auction Conducted by the Sheriff of Higher and Lower Court
The envisaged auction sale will take place as per notices of sale in execution “Fixed Property” The sale in execution will commence at the mentioned time and will not be delayed to enable any specific person or any other person in general to take part in a sale in execution.
The auction will be conducted by either the Sheriff or his appointed deputy. The first mentioned being the duly appointed sheriff in terms of section 2 of the Sheriff act 90 of 1986, as amended, or the duly appointed deputies.
Section 45(2) of the Consumer Protection Act states:
“...(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”
A person attending an auction to bid must register as bidder and comply with the requirements of;
The Consumer Protection Act 68 of 2008, as amended;
The Financial Intelligence Centre Act 2001 (FICA) in respect of the establishment and verification of identity.
Further requirements for registration as a bidder:
A person attending the auction to bid on behalf of another entity must produce a letter of authority, expressly authorising him/her to bid as such. If a person will be 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 authorising him/her to do so. Both the bidder and mandator must comply with the requirements of the Financial Intelligence Centre Act 2001 (FICA), in respect of the establishment and certification of Identity.
In accordance with the prescription of Section 22 of the Sheriff’s act 90 of 1986 as amended, all proceeds of the sale together with the commission as prescribed in the applicable court rule tariffs, will be deposited into the Sheriff’s trust account.
The reason for auction will be announced at the commencement thereof.
The bidder’s record (Reg 26(2) of Act 68 of 2008), as amended and the Vendu Roll – Reg 28(4) of Act 68 of 2008, (as amended) are available for inspection during office hours.
A breakdown of the total cost of advertisement and conducting an auction together with a statement indicating additional cost and how such costs are computed will on request be available after the auction as soon as practically possible.
If these rules of auction are amended after their initial publication, such amendment will expressly be indicated by the auctioneer.
These rules will not be read out at the auction in order to validate it and will be made available for inspection at the abovementioned address of the office of the Sheriff Halfway House – Alexandra, at least 2 hour prior to commencement of the auction.
Movable goods offered for sale may be done at the address advertised, 2 days prior to the commencement of the sale in execution.
Immovable property for sale, cannot be guaranteed due to the nature of the sale.
It is hereby certified that the rules of the auction are drafted to the best of (our) knowledge in accordance with the requirements of Regulations 21 of the Consumer Protection Act of 2008 as amended.
GENERAL NOTIFICATION TO ALL CONSUMERS
In order to further comply the sheriff should make available, display or announce further information related to the auction as such:
This is a sale in execution pursuant to a judgement obtained in the relevant Court. Rules of this auction are available 24 hours before the sale at the office of the Sheriff and subject to:
Registration as a buyer, subject to certain conditions, is required in terms of the Consumer Protection Act.
FICA requirements: proof of identity and address particulars;
Payment of registration deposit and compliance with the registration conditions;
All other conditions of sale imposed by the Sheriff in terms of relevant legislation;
The Sheriff or his deputy will conduct the sale (auction);
Advertising costs at current publication tariffs and sale costs according to the court rules will apply
By clicking “I agree to the terms and conditions above” you agree to all Terms and Conditions as well as the Complete Conditions of Sale listed in the first line of the Terms and Conditions