1 Bedroom, 1 bathroom. 33 Square meter unit.
The subject property is located in a lower middle income suburb close to amenities and is surrounded by similar type properties.
The subject property offers a sectional title unit within an access controlled complex.
The complex offers an average appearance.
No vacant occupation guaranteed.
GPS: -26.412511,28.123047
DISCLAIMER: IMPORTANT NOTICE TO BIDDERS.
All property descriptions and images provided in this pack or in marketing materials are for guidance purposes only.
They do not form part of any contract and are not guaranteed by the Auctioneer or Seller.
The property is sold "as is" (voetstoots). Bidders are required to conduct their own independent legal, physical, and municipal due diligence prior to placing a bid. Placing a bid confirms you have inspected the property and rely entirely on your own findings.
THIS SALE IS SUBJECT TO THE FOLLOWING TERMS AND CONDITIONS:
1. PROCEDURE:
1.1. The property will be sold to the highest bidder, subject to confirmation of the
sale by the Seller, which confirmation or refusal will be given in writing, without
furnishing any reasons, within seven (7) working days from the date of the
auction (“the Confirmation Period”). The Seller’s written confirmation of the sale
is referred to in this agreement as “Confirmation”.
1.2. For the purpose of calculating the Confirmation Period, the first working day
after the auction shall be taken as the first day of the period. “Working day”
means any day other than a Saturday, Sunday or South African public holiday.
1.3. During the Confirmation Period the offer made by the Purchaser shall be
irrevocable.
1.4. The Seller may confirm the sale at any time within the Confirmation Period and
need not wait until the Confirmation Period has expired.
1.5. Should the Seller not confirm the sale within the Confirmation Period, the
Confirmation Period may be extended by mutual written consent of the Seller
and the Purchaser, which shall form an addendum to this agreement. Failing
such extension, or should the Seller refuse to confirm the sale, the Purchaser’s
offer shall lapse and the deposit and the Purchaser’s Commission shall be
refunded to the Purchaser in full, without deduction and exclusive of interest,
within three (3) working days, into the bank account from which the payment
was received.
1.6. Each bid shall constitute an offer to purchase the property for the amount bid.
The fall of the hammer does not constitute acceptance by the Seller. The
highest bid is accepted only on Confirmation.
1.7. Every bidder shall, before being permitted to bid, register with the Auctioneer
and pay a registration deposit of R20 000 by electronic funds transfer (EFT) into
the Auctioneer’s trust account (“the Registration Deposit”). The highest bidder
(the “Purchaser”) shall sign these Conditions of Sale immediately on the fall of
the hammer, whereupon the Purchaser’s Registration Deposit shall be credited
towards the deposit payable in terms of clause 2.1. Should the highest bidder
fail or refuse to sign these Conditions of Sale, the Registration Deposit shall be
forfeited to the Auctioneer as pre-estimated liquidated damages, and the
Auctioneer may immediately re-offer the property for sale or refer the next
highest bid to the Seller for Confirmation. The Registration Deposit of every
unsuccessful bidder shall be refunded in full, without deduction, within three (3)
working days after the auction, into the bank account from which it was paid.
1.8. The Purchaser is bound by the terms of this agreement from signature. The
Seller is bound from Confirmation.
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Purchaser Auctioneer Seller
Registered with the Property Practitioners Regulatory Authority (PPRA)
1.9. This auction is subject to a reserve price determined by the Seller. The
Auctioneer may bring the hammer down on the highest bid, which will be
submitted to the Seller for Confirmation. If no bid equals or exceeds the reserve
price, the property may be withdrawn from the auction, and the Seller shall be
entitled to instruct the Auctioneer to accept any lower bid. In terms of section 45
of the Consumer Protection Act, 68 of 2008 (“the CPA”), notice is hereby given
that only the Auctioneer or his agent shall be entitled to bid on behalf of the
Seller, up to but not equal to or exceeding the reserve price.
1.10. This sale is further subject to the Auctioneer’s Rules of Auction, which were
available for inspection before the auction. In the event of a conflict between
the Rules of Auction and these Conditions of Sale, these Conditions of Sale
shall prevail.
1.11. These Conditions of Sale serve as the agreement of sale, whether the property
is sold by public auction or by private treaty.
1.12. In the event of a dispute between bidders, or between any bidder and the
Auctioneer, the property shall immediately be re-auctioned.
1.13. In the event of any error being made by the Auctioneer, such error shall not be
binding on the Seller or the Auctioneer.
1.14. This sale does not include any movable assets found on the property, save for
any items specifically mentioned in these Conditions of Sale.
2. PURCHASE PRICE:
The purchase price, inclusive of Value Added Tax (VAT) where applicable, is to be paid
as follows;
2.1. A deposit of five percent (5%) of the purchase price, payable by electronic funds
transfer (EFT) only into the Auctioneer’s trust account on signing these
Conditions of Sale, for the benefit of the Seller. No cash will be accepted. The
deposit shall be held in the Auctioneer’s trust account pending Confirmation.
The Auctioneer shall pay the deposit into the trust account of the Conveyancers
within seven (7) working days of Confirmation.
2.2. From Confirmation, the deposit shall form part of the purchase price and shall
be non-refundable, save where this agreement becomes null and void in terms
of clause 3.5. Should the sale not be confirmed, the deposit shall be refunded
in terms of clause 1.5. The Auctioneer shall not be entitled to deduct any
commission, advertising or other costs from the deposit.
2.3. The balance of the purchase price shall be secured, to the satisfaction of the
Conveyancers, by a written guarantee from a registered financial institution,
payable free of exchange against registration of transfer of the property into the
name of the Purchaser. The Purchaser may elect to secure the balance of the
purchase price by payment in cash to the Conveyancers, who shall hold same
in trust pending registration of transfer. The guarantee shall be furnished, or
cash paid, to the Conveyancers within forty five (45) days of Confirmation.
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Purchaser Auctioneer Seller
Registered with the Property Practitioners Regulatory Authority (PPRA)
2.4. Should the Purchaser make payment of the full purchase price prior to
registration of transfer, such payment will be invested by the conveyancer and
the interest earned on such investment will accrue to the Purchaser.
3. TRANSFER COSTS:
The Purchaser shall be bound, on request, to pay:
3.1. Survey charges, if any, and costs of diagrams and stamps as well as VAT
thereon, if necessary;
3.2. Transfer Duty
3.3. All costs pertaining to the giving and taking of transfer, including VAT thereon;
3.4. Transfer duty or VAT, whichever is applicable, it being recorded that where
VAT is applicable it is included in the purchase price.
3.5. The Seller, the Purchaser and the Auctioneer agree that in the event that the
arrear rates and taxes, levies and or electricity or any other statutory liability in
this regard exceeds the purchase price, this agreement shall become null and
void and all monies paid by the Purchaser, including the deposit and the
Purchaser’s Commission, shall be refunded to the Purchaser in full, without
deduction, within three (3) working days, into the bank account from which the
payment was received.
4. PURCHASER’S COMMISSION AND COSTS:
4.1. The Purchaser shall be liable to pay the Auctioneer a purchaser’s commission
calculated at seven percent (7%) of the purchase price, plus VAT thereon at the
prevailing rate (“the Purchaser’s Commission”). The Purchaser’s Commission
is payable in addition to, and does not form part of, the purchase price.
4.2. The Purchaser’s Commission is payable to the Auctioneer by electronic funds
transfer (EFT) only on signing these Conditions of Sale and shall be held in the
Auctioneer’s trust account until Confirmation, when it shall be deemed fully
earned. From Confirmation the Purchaser’s Commission is non-refundable,
save where this agreement becomes null and void in terms of clause 3.5.
Should the sale not be confirmed, the Purchaser’s Commission shall be
refunded in terms of clause 1.5. The parties acknowledge that the Auctioneer is
the only and effective cause of this transaction and that the Auctioneer
introduced them to one another.
4.3. The Seller shall not be liable for any commission, advertising costs or any other
costs or fees whatsoever in respect of this sale, and no such amount shall be
deducted from the purchase price or any other monies payable to the Seller.
4.4. The Purchaser warrants that neither the property nor the Seller was introduced
to the Purchaser by any person or entity other than the Auctioneer, and that no
other person or entity has any claim for commission arising out of this
transaction. The Purchaser indemnifies the Seller against all claims, loss or
damage arising from any claim for commission by any other person or entity.
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Purchaser Auctioneer Seller
Registered with the Property Practitioners Regulatory Authority (PPRA)
5. REGISTRATION OF TRANSFER:
As soon as the Purchaser has paid or guaranteed the full purchase price together with
all costs and disbursement as mentioned above the property will be transferred into
the name of the Purchaser which transfer will be affected by the attorneys nominated
by the Seller. The conveyancing attorneys (“the Conveyancers”) being;
Company Name:
Contact Person:
Telephone Number:
Email Address:
6. DOMICILIUM CITANDI ET EXECUTANDI
6.1. The Purchaser hereby appoints the email address and Physical Street address
wherever it appears in this agreement as the addresses where the purchaser
shall receive any notice, legal notice or legal process emanating from this
agreement.
6.2. The Seller hereby appoints the physical address stated on page 1 of this
agreement as its domicilium citandi et executandi.
6.3. Anyone of the parties may change their abovementioned appointed address by
giving the other party seven (7) days written notice thereof prior to the change
to a new address.
7. BREACH:
7.1. Should any party fail to comply with any of the terms and conditions as set out
in this agreement and that defaulting party does not remedy such breach within
a period of ten (10) days after written notice has been given to the defaulting
party at his chosen domicilium citandi et executandi, calling upon the defaulting
party to remedy such breach, then the aggrieved party shall be entitled without
prejudice to any other remedies available, to:
7.1.1. Cancel the sale by way of written notice either per hand or by Email;
7.1.2. Claim specific performance in terms of the agreement;
7.1.3. Claim damages from the defaulting party.
7.2. If the sale is cancelled and the aggrieved party is the Seller, the Seller shall be
entitled, at its election, either to retain the deposit together with any interest
accrued thereon as “rouwkoop” or pre-estimated liquidated damages, or to
claim its actual damages from the Purchaser.
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Purchaser Auctioneer Seller
Registered with the Property Practitioners Regulatory Authority (PPRA)
7.3. If the Purchaser fails to pay the full deposit or the full Purchaser’s Commission
on signing these Conditions of Sale as set out in clauses 2.1 and 4, the Seller
and/or the Auctioneer will be entitled, immediately and without giving written
notice to the Purchaser, to cancel the agreement and proceed to sell the
property either on auction or private treaty, and the Auctioneer shall be entitled
to recover the Purchaser’s Commission from the Purchaser together with legal
costs on the scale as between attorney and own client.
7.4. It is specifically agreed that the Auctioneer’s claim for the Purchaser’s
Commission lies against the Purchaser only and shall not be recoverable from
the Seller.
7.5. If the Purchaser is late in making any payment in terms of this agreement, then
the Purchaser shall become liable to pay the Seller interest on such unpaid
amounts at a rate of one percent (1%) above the prime overdraft rate as
charged from time to time by Nedbank, calculated pro rata from the date of
breach until such time as the breach is remedied.
7.6. The Purchaser shall be liable for all costs on the scale as between attorney and
own client, tracing fees and collection charges incurred by the Seller to obtain
payment of any amount due in terms of this agreement.
8. MAGISTRATE’S COURT JURISDICTION:
The parties hereto consent to the jurisdiction of the Magistrate’s Court in terms of
section 45 read with section 28 of the Magistrates’ Courts Act 32 of 1944, as amended.
Notwithstanding the aforegoing, this shall not preclude either party from approaching
the High Court of South Africa for any relief sought.
9. AS IS:
9.1. The property is sold as described in the Title Deed subject to the servitude’s
and conditions contained therein, any proceeding Title Deeds, leases or other
real right. The Seller shall not be liable for any lack or error in the description
and size of the property that might be manifested upon it being surveyed and
shall not be liable for any encroachment on or by the property of any kind.
9.2. THE PURCHASER IS BUYING THE PROPERTY ON AUCTION AND IN ITS
CURRENT CONDITION (“VOETSTOOTS”). In terms of section 55(6) of the
CPA, the Purchaser confirms that he/she was expressly informed, before
bidding, that the Property may have defects, whether visible or hidden,
and that neither the Seller nor the Auctioneer gives any warranty or
guarantee about the condition of the Property. By placing a bid, the
Purchaser expressly agrees to accept the Property in that condition.
Purchaser initial: ________
9.3. The Purchaser acknowledges that he/she had reasonable opportunity to
inspect the Property, its nature, condition, extent and locality prior to the auction,
and chose to proceed with bidding on the Property. By bidding on the Property
the Purchaser accepts the condition of the property.
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Purchaser Auctioneer Seller
Registered with the Property Practitioners Regulatory Authority (PPRA)
9.4. Neither the Seller nor the Auctioneer nor the secure creditor, nor their agents
made any representation to the Purchaser in respect of any aspect to induce
the purchaser to conclude this agreement.
9.5. The Purchaser acknowledges that neither the Seller nor the Auctioneer shall be
liable to provide any building plans or related certificates or to arrange the
connection of the electricity and water services or any other services related to
the property.
9.6. The Purchaser acknowledges that the Seller is a financial institution that has
never occupied the Property and has no knowledge of any defects, whether
latent or patent, in the Property. The Seller’s mandatory disclosure form in terms
of section 67 of the Property Practitioners Act 22 of 2019, recording this
position, is attached to and forms part of this agreement.
9.7. Neither the Seller nor the Auctioneer shall be responsible for the accuracy of
any statement made in any advertisement or other notice of the sale of the
property relating to its situation, improvements, quality, extent or any other
detail, and no compensation shall be claimable in respect of any such error.
Prospective purchasers must verify the accuracy of any such statement before
the sale.
10. ZERO RATE VAT TRANSACTION (if applicable):
If the Seller is a VAT vendor and the property is sold as a going concern or part of an
enterprise which is capable of separation, then the Seller and the Purchaser
specifically agree that:
10.1. The Property sold is an income earning enterprise and will still be an income
earning enterprise on the date of transfer.
10.2. The Seller is a VAT Vendor as defined in the Value Added Tax Act 1991, and
the Purchaser is also such a VAT vendor or will be such a VAT Vendor at the
date of submission of a request for a transfer duty receipt to the South African
Revenue Service and as at the date of registration of transfer.
10.3. This sale is therefore a Zero Rated Taxable supply in terms of Section 11(1)(e)
of the Value Added Tax Act of 1991.
10.4. The South African Revenue Service rules that the sale does not qualify to be a
zero rated VAT transaction, then the Purchaser shall be liable to pay value
added tax at the standard rate calculated on the purchase price within five (5)
working days of receipt of a written request from the seller or the conveyances.
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Purchaser Auctioneer Seller
Registered with the Property Practitioners Regulatory Authority (PPRA)
11. POSSESSION AND OCCUPATION:
11.1. Possession and occupation of the property shall be given to the Purchaser on
registration of transfer, unless the Seller and the Purchaser agree in writing on
an earlier date of occupation, in which event the Purchaser must have paid the
deposit, furnished the Conveyancers with proof that the guarantee for the
balance of the purchase price has been approved, signed the transfer and bond
documents and paid the transfer and bond costs, and not be in breach of this
agreement. The benefit, risk, profit and loss in respect of the property shall pass
to the Purchaser on the date of occupation, from which date the Purchaser shall
be liable for all rates, taxes, levies and other charges in respect of the property.
11.2. The Seller will be liable for all rates, taxes, levies and other charges in respect
of the property up to the date of registration of transfer or the date of occupation
by the Purchaser, whichever is earlier. To obtain the clearance certificates
required for transfer, the Purchaser shall pay on demand to the Conveyancers
all amounts that the Conveyancers determine to be the Purchaser’s pro rata
liability for rates and other charges levied against the property. Any indication
of rates, taxes and levies given by the Auctioneer is only an approximation
based on recent figures obtained from the local authority, and no warranty is
given in respect of the actual figures.
11.3. Neither the Seller nor the Auctioneer warrants that the Purchaser will obtain
vacant occupation and possession of the property, and the Purchaser
purchases the property subject to any existing lease or right of occupation held
by any other party. Should the property be occupied by any unauthorised
person on the date of registration of transfer, the Purchaser shall be
responsible, at the Purchaser’s own cost, to lawfully attend to such occupants
with due regard to the Prevention of Illegal Eviction from and Unlawful
Occupation of Land Act 19 of 1998 and any other relevant legislation. The Seller
shall not be obliged to commence or conclude any eviction application.
11.4. Should the Purchaser take occupation before registration of transfer, the
Purchaser shall pay the Seller occupational rental of one percent (1%) of the
purchase price per month, being R________________ per month, monthly in
advance on or before the first day of each month, without deduction or set-off,
to the Conveyancers. The occupational rental shall be adjusted pro rata for any
incomplete month. Should this agreement be cancelled, the Purchaser shall
vacate the property immediately.
11.5. If the Purchaser takes occupation before registration of transfer, the Purchaser
shall keep all improvements on the property in good order and repair. The
Purchaser may not make any alterations or additions to the property without the
prior written consent of the Seller, and shall under no circumstances be entitled
to any compensation for any alterations or additions made, whether with or
without consent.
11.6. After registration of transfer the Seller shall notify the local authority of the
termination of any consumer agreements for the supply of water, electricity or
other services to the property, and shall not be liable for any loss or damage
arising from such termination. The Purchaser shall forthwith after registration of
transfer substitute any deposits or guarantees paid to the local authority by the
Seller.
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Purchaser Auctioneer Seller
Registered with the Property Practitioners Regulatory Authority (PPRA)
12. CAPACITY OF PARTIES:
Should the bidder act as a representative for a Company, Closed Corporation, Trust
or any other entity formed or to be formed as Purchaser or on behalf of another person
as Purchaser, such bidder would have been registered as a proxy bidder and would
have supplied to the Seller or Auctioneer proof of his proxy to bid as a representative.
The person bidding will however be personally liable as Purchaser for the proper
performance of all the terms and conditions of this agreement. If the proxy giver does
not adopt and/or ratify the purchase within a period of two (2) working days after
Confirmation, or if such entity is for any reason whatsoever not bound or cannot be
bound as Purchaser under this agreement or his principal is not bound as Purchaser
under this agreement as a result of any defect in his mandate or for any other reason
whatsoever, furthermore upon adoption and ratification of this agreement by any entity
as aforesaid, the said representative shall be the Purchaser and shall be liable as a
surety in solidum and co-principal debtor to the Seller for the prompt and proper
performance by the entity of each and every of its obligations arising out of the
acceptance and ratification of this agreement.
Without limiting the aforegoing, the person signing as Purchaser on behalf of a
company or close corporation to be formed, or a trust, shall be personally liable as
Purchaser if the company or close corporation is not incorporated or registered before
the date on which the guarantee is to be delivered, if it does not ratify this agreement,
or if, despite ratification, it fails to comply strictly with this agreement, and shall be so
liable where the trust is not registered.
Should the power of attorney or authority in terms of which any person signs this
agreement as Purchaser be invalid for any reason, that person shall be personally
liable for all the obligations in this agreement. Where the Purchaser purchases on
behalf of a principal, the name of such principal shall be disclosed on signature of this
agreement.
Where there is more than one Purchaser, the Purchasers shall be jointly and severally
liable in solidum for the due performance of all obligations in terms of this agreement.
13. COMPLIANCE CERTIFICATES
13.1. The Purchaser agrees that there is no obligation on the Seller to furnish an
electrical certificate of compliance, entomologist (beetle) clearance certificate,
water compliance certificate, gas certificate of conformity or electric fence
system certificate. Where any such certificate is required by law or by the local
authority for transfer, the Purchaser shall, at his own cost, obtain it, employ a
certified professional to effect any repairs required for its issue, and furnish it to
the Conveyancers for the purpose of transfer. The Seller shall have no liability
whatsoever should the electrical, water, gas or other installations be found to
be faulty, or the timber in the buildings be found to be infested. Should the
Purchaser fail to provide any such certificate required for transfer, this
agreement shall be null and void, and any amounts paid to the Conveyancers
on account of the purchase price and deposit shall be refunded to the Purchaser
together with any interest earned thereon.
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Purchaser Auctioneer Seller
Registered with the Property Practitioners Regulatory Authority (PPRA)
13.2. The Spatial Planning and Land Use Act, 2013 (SPLUMA) has regulated that
each Municipality must publish Municipal By-Laws to provide for
implementation of the provisions of SPLUMA. The onus will be on the
Purchaser to rectify either the zoning or the approval of the building plans at the
relevant Local Municipality
13.3. Any costs incurred by the rectification of the zoning and/or approval of building
plans and/or approval of additional building plans will be for the account of the
Purchaser.
13.4. It is recorded that the Purchaser shall be responsible for payment of any
prescribed fees to obtain a SPLUMA Certificate from the Local Municipality.
14. SPECIAL CONDITIONS
Any additional or special conditions shall be reduced to writing, signed by the Seller,
the Purchaser and the Auctioneer and are to be included as an annexure to this
agreement.
15. FINANCIAL INTELLIGENCE CENTRE ACT (FICA)
15.1. The Auctioneer is an accountable institution in terms of the Financial
Intelligence Centre Act 38 of 2001 (“FICA”) and is obliged to identify and verify
the Purchaser, any person bidding on behalf of the Purchaser and, where the
Purchaser is a legal entity or trust, its beneficial owners.
15.2. The Purchaser shall, on registration as a bidder and in any event before signing
this agreement, provide the Auctioneer with: a copy of his/her identity document
or passport; proof of residential address not older than three (3) months; his/her
income tax number; and information on the source of the funds to be used for
this purchase. Where the Purchaser is a company, close corporation, trust or
other entity, the Purchaser shall also provide its registration documents, trust
deed and Letters of Authority (for trusts), the resolution authorising the bidder,
and the full names and identity documents of all beneficial owners, directors,
members or trustees.
15.3. The Purchaser shall disclose whether he/she, or any beneficial owner, is a
foreign or domestic politically exposed person, a prominent influential person,
or an immediate family member or known close associate of such a person,
and warrants that neither he/she nor any beneficial owner is listed on any
targeted financial sanctions list.
15.4. The Purchaser warrants that the funds used for this purchase are not derived
from any unlawful activity. The Auctioneer may refuse to accept any bid, or to
proceed with this agreement, if the Purchaser fails to provide the information
required in this clause, and may report any transaction to the Financial
Intelligence Centre as required by law without notice to the Purchaser. The
Auctioneer shall not be liable for any loss arising from its compliance with FICA.
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Purchaser Auctioneer Seller
Registered with the Property Practitioners Regulatory Authority (PPRA)
16. PROTECTION OF PERSONAL INFORMATION (POPIA)
16.1. The Auctioneer collects and processes the personal information of the
Purchaser, his/her spouse, representatives and beneficial owners in terms of
the Protection of Personal Information Act 4 of 2013 (“POPIA”) for the purposes
of concluding and performing this agreement, complying with FICA and other
legislation, and giving effect to the transfer of the Property.
16.2. The information requested in this agreement is compulsory. If it is not provided,
this agreement cannot be concluded or performed.
16.3. The personal information may be shared with the Seller, the Conveyancers,
financial institutions providing finance to the Purchaser, the Financial
Intelligence Centre, the South African Revenue Service, the Property
Practitioners Regulatory Authority, the Deeds Office and any other person
where required by law. The Auctioneer will not transfer the personal information
outside the Republic of South Africa.
16.4. The personal information will be retained for at least five (5) years after the
conclusion of the transaction, as required by FICA, and will thereafter be
securely destroyed.
16.5. The Purchaser has the right to access and request correction of his/her
personal information, to object to its processing, and to lodge a complaint with
the Information Regulator. The Auctioneer’s Information Officer is Elizce
Daubermann, legal@cahi.co.za, (012) 940 8686.
16.6. Where the Purchaser provides the personal information of his/her spouse or
any other person, the Purchaser warrants that he/she is authorised to do so.
16.7. Direct marketing: I consent to receiving information about future auctions from
CAHi Auctioneers. Yes [ ] No [ ] (Consent may be withdrawn at any
time.)
17. RESOLUTIVE CONDITIONS
17.1. Should the Seller not be the registered owner of the property on the date of
signature of this agreement, this agreement shall be subject to the resolutive
condition that it shall be of no force and effect should the Seller not become the
owner of the property within six (6) months of the date of this agreement. In this
event any amounts paid on account of the purchase price and deposit shall be
refunded to the Purchaser together with any interest earned thereon, and the
Purchaser shall have no claim against the Seller for any damages.
17.2. Offers to purchase from employees of Nedbank Limited and any of its holding
and subsidiary companies are subject to the approval of the Nedbank Home
Loans Executive Committee, in its sole discretion. Should such approval be
declined, this agreement shall be null and void.
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Purchaser Auctioneer Seller
Registered with the Property Practitioners Regulatory Authority (PPRA)
17.3. The purchase of the property by an employee of Nedbank Limited or any of its
holding and subsidiary companies is further subject to the consent of the
Prudential Authority (formerly the Registrar of Banks) in terms of the
Regulations relating to Banks under the Banks Act 94 of 1990. Such application
will only be submitted once Nedbank Limited has received proof of finance
granted to the Purchaser. Should consent be declined, this agreement shall be
null and void, and all amounts paid on account of the purchase price and
deposit shall be refunded to the Purchaser together with any interest earned
thereon.
18. SEQUESTRATION AND INSOLVENCY
18.1. Should the property be the subject of liquidation and/or sequestration
proceedings which delay the transfer of the property, or render transfer
impossible due to circumstances beyond the Seller’s control, the Purchaser
shall have no claim against the Seller for any damages suffered.
18.2. Should transfer be delayed due to liquidation and/or sequestration proceedings,
the Purchaser may cancel this agreement by written notice to the Seller, in
which event any amounts paid on account of the purchase price and deposit
shall be refunded to the Purchaser together with any interest earned thereon.
18.3. Should the Purchaser elect to proceed with this agreement, the Seller shall be
indemnified against any loss or damage incurred by the Purchaser due to such
proceedings. The Purchaser warrants that he/she is aware of the legal
implications of purchasing a property subject to liquidation and/or sequestration
proceedings.
19. GENERAL
19.1. This agreement constitutes the entire agreement between the parties, and no
prior verbal warranty or representation not recorded in this agreement shall be
of any force or effect.
19.2. No variation of, addition to, consensual cancellation or novation of this
agreement, and no extension of time, waiver, indulgence or suspension of any
of its provisions, shall be of any force or effect unless recorded in writing and
signed by the parties. Any extension of time or other concession granted by the
Seller shall not be a waiver of the Seller’s rights.
19.3. In this agreement, unless the context indicates otherwise, words importing the
singular include the plural and vice versa, and words importing one gender
include the others.
19.4. The parties signing this agreement confirm that they have read and understood
all of its terms and conditions and agree to be bound by them. The Seller
warrants that the person signing on its behalf is duly authorised to do so.
19.5. Copies of sections 45 and 65(2) of the CPA are attached to this agreement.
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Purchaser Auctioneer Seller
Registered with the Property Practitioners Regulatory Authority (PPRA)
20. PURCHASE PRICE
20.1. The Purchaser binds himself hereby for due fulfilment of the above-mentioned
Conditions of Sale with which he is fully acquainted. The Purchaser hereby
chose as his/her domicilium citandi et excecutandi as supplied herein.
20.2. The Purchaser, being the highest bidder for the Property at the auction, hereby
offers to purchase the property from the Seller for the amount of
R__________________________
(___________________________________________________rand)
(including VAT, where applicable)
20.3. The deposit and the Purchaser’s Commission payable by the Purchaser on
signing these Conditions of Sale are recorded in the Accounting Schedule at
the end of this agreement, which forms part of this agreement.
Property
Estimate
R0 - R0
