CONDITIONS OF SALE 24 BOUGAINVILLEA ROAD MALVERN ... of Sale - 24...¢  24 bougainvillea road, malvern,

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  • CONDITIONS OF SALE

    24 BOUGAINVILLEA ROAD

    MALVERN

    QUEENSBURGH

    KWAZULU NATAL

  • ROOTONE PTY LTD

    _ ________________________________________________________________________________________ _____ 24 BOUGAINVILLEA ROAD, MALVERN, QUEENSBURGH PAGE 2 OF 14

    CONDITIONS OF SALE

    ON REGISTRATION

    In terms of which

    IAN WYLES AUCTIONEERS

    of 14 KLINKER PLACE

    BRIARDENE

    DURBAN

    4001

    (hereinafter called the : "Auctioneer")

    MANDATED ON BEHALF OF AND DULY INSTRUCTED BY THE REGISTERED OWNERS FOR:

    ROOTONE PTY LTD TITLE DEED: T21154/1969

    (hereinafter called the "Seller")

    INTENDS TO OFFER FOR SALE BY PUBLIC AUCTION TO PROSPECTIVE PURCHASERS CERTAIN FIXED

    IMMOVABLE PROPERTY MORE FULLY DESCRIBED AS:

    Erf 565 [REM OF QUEENSBURGH], QUEENSBURGH, ETHEKWINI, KWAZULU NATAL

    IN EXTENT

    2561 m²

    SITUATED AT:

    24 BOUGAINVILLEA ROAD, MALVERN, QUEENSBURGH

    (hereinafter called the "Property")

  • ROOTONE PTY LTD

    _ ________________________________________________________________________________________ _____ 24 BOUGAINVILLEA ROAD, MALVERN, QUEENSBURGH PAGE 3 OF 14

    IAN WYLES AUCTIONEERS undertakes in terms of what is herein set out and its mandate and authority

    granted to it by the seller, to sell the aforementioned property by Public Auction on behalf of the Seller to

    the Purchaser on the following terms and conditions and according to the published Rules of Auction.

    1. AUCTION PROCEDURE

    The sale is subject to the Rules of Auction as displayed and available on our Website:

    www.ianwyles.co.za

    1.1 The rules of auction comply with section 45 of the Consumer Protection Act, Act 68 of 2008

    (‘The Act’) and with the Consumer Protection Act Regulations (‘the Regulations’) that have

    been published in terms thereof in Government Gazette No. 34180 on 1 April 2011 (Volume

    550) and any amendments thereto from time to time.

    1.2 Section 45 Subsection (2) of the Act provides that : ‘When goods are put for sale by auction

    lots, each lot is, unless there is evidence to the contrary, regarded to be the subject of a

    separate transaction’.

    1.3 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.

    1.4 Registration to bid at the auction :

    1.4.1 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 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.

    1.4.2 A person who attends the auction to bid on behalf of another person (i.e. on behalf of a

    company) 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 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 authorizing him or her to bid on behalf of the company.

    1.5 The bidder’s record and the vendor roll will be made available for inspection at the offices of Ian

    Wyles Auctioneers during normal business hours without the charge of a fee. The bidder’s

    record will also be available for inspection at the auction.

    1.6 Ian Wyles Auctioneers has a trust account. All money due to the seller in terms of the Rules of

    Auction will be paid into this trust account for the benefit of the seller, minus any commission

    payable to Ian Wyles Auctioneers.

    1.7 The Auctioneer will during the auction announce the reason for the auction unless that reason is

    the normal and voluntary disposal of property, by the seller.

    1.8 The Purchaser shall upon the fall of the hammer sign these Conditions of Sale.

    http://www.ianwyles.co.za/

  • ROOTONE PTY LTD

    _ ________________________________________________________________________________________ _____ 24 BOUGAINVILLEA ROAD, MALVERN, QUEENSBURGH PAGE 4 OF 14

    2. PURCHASE PRICE

    Payment of the purchase price shall be as follows:

    2.1 A deposit of 5% (FIVE PERCENT) of the Purchase Price shall be payable to the Agent on the

    signing of these Conditions of Sale by the Purchaser or R50 000.00 whichever is greater.

    (in words)

    The Purchaser shall pay the Auctioneer’s commission at the rate of 10% (TEN PERCENT) plus VAT, calculated on the purchase price of the Property:

    (in words) which amounts will be held in Trust pending acceptance by the Seller.

    2.2 It is specifically agreed that the commission is earned and payable immediately to the

    Auctioneer upon acceptance of the offer, together with all other agreed expenses and disbursements payable by the Seller. The said amounts will be deducted by the Auctioneer from any funds paid to it by the Purchaser and standing to the credit of the Seller. The parties agree that payment of any portion of the purchase price and the commission (even if made in separate payments) is deemed to be one indivisible transaction and payment of all amounts due under this agreement is required in order for the Purchaser to discharge its payment obligations arising from this agreement.

    The balance of the deposit shall be payable to the Seller within 30 days of the signing of these

    Conditions by the Purchaser. The Purchaser shall not be entitled to interest on the deposit.

    The Purchaser shall pay the Sellers or the Sellers conveyancer the balance of the purchase price

    R....................................................................... within 30 days of confirmation of the sale or

    furnish the Seller within the aforesaid period, with a Bank, Building Society or other guarantee

    acceptable to the Seller for the balance of the purchase price free of exchange at Durban on the

    date of registration of transfer of the property into the Purchaser's name.

    2.2 The Purchaser hereby authorises the Auctioneer, upon acceptance of this agreement by the

    Seller to pay over to the Seller or its conveyancers the balance of the deposit less disbursements, if

    any.

  • ROOTONE PTY LTD

    _ ________________________________________________________________________________________ _____ 24 BOUGAINVILLEA ROAD, MALVERN, QUEENSBURGH PAGE 5 OF 14

    3. ACCEPTANCE

    3.1 This document constitutes an Offer to Purchase by the Purchaser, which is subject to written acceptance by the Seller within 14 (FOURTEEN) calendar days (hereinafter referred to as “the offer period”) from date hereof and shall remain irrevocable and open for written acceptance by the Seller at any time during the offer period. For the sake of clarity, the Purchaser’s offer is open for acceptance until 17h00 on the 14th (FOURTEENTH) calendar day after the signature hereof by the Purchaser, the counting of the 14 (FOURTEEN) calendar days to commence on the 1st (first) calendar day after date of signature hereof and shall endure until 17h00, 20 SEPTEMBER 2018 being the 14th (FOURTEENTH) calendar day thereafter.

    3.2 During the offer period, the Seller or the Auctioneer may continue to market the property in

    the normal course of business as they may deem fit and in consequence of same, they may take in one further and better written Offer to Purchaser from a prospective Purchaser, to be submitted for the Seller’s consideration.

    3.3 The Auctioneer shall advise the Purchaser in writing (which may either be by telefax or by

    electronic mail) of any higher written offer (hereinafter referred to as “a competing offer”) which is received from any third party during the offer period. The Purchaser shall, for a period of 24 (twenty-four) hours (hereinafter referred to as “the option period”) after transmission of the written advice of the competing offer by the Auctioneer