What you should know

  1. Auctions are often cancelled at the last minute so it's worth phoning the sheriff of the property you're interested in to make sure the auction is going ahead.
  2. You are required to put down a R2000 refundable deposit before the auction. Cash or bank guaranteed cheque,
  3. If you are the successful bidder you will have to pay a 10% deposit of the value of the property and 3.5% auctioneers fees (Max R8500.00 + vat) in cash.
  4. At the fall of the hammer all risk passes to you. 
  5. You are liable for paying all outstanding rates, taxes, electricity and water to the municipality or body corporate, so try and find out how much this is before bidding - If the auctioneer has these figures they'll announce the figures before the auction.
  6. Be aware of legal fees as you have to pay the legal fees of the attorneys acting on behalf of the debtor as well as the the transferring attorneys fees..
  7. After purchase of the property and before transfer takes place you will be liable for interest on the value of the property. Look at it as a occupational rent, and be aware of what interest rate you're being charged. It's normally a few percent above prime.
  8. If people are living in the property that you have purchased, it's your responsibility to evict them

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