CONDITIONS OF SALE FOR THIS ONLINE AUCTION (movable and immovable assets)

By clicking the “I agree” button or signing these terms and conditions I/we indicate our acceptance to these terms and conditions.

AUCTION NAME: INSOLVENT ESTATE PROPERTY & MOVABLE ASSETS ONLINE & ON-SITE AUCTION -  MIDFIELD ESTATE , MIDSTREAM, GP

AUCTION DATE: 12 SEPTEMBER 2024

REGISTRATION DEPOSIT: R25,000

BUYER’S PREMIUM ON PROPERY: 6 % + VAT

BUYER'S PREMIUM ON MOVABLE ASSETS: 10% +VAT

VAT (YES / NO): YES

VEHICLE DOCUMENTATION FEES: R 1 950 + VAT

PROPERTY DEPOSIT: 15%

CONFIRMATION PERIOD: 21 BUSINESS DAYS

AUCTIONEER COMMENTS:

Conditions of Sale are always stipulated by documents that accompany any particular auction that is being advertised on SA Auction's website.

It is of utmost importance to study all Conditions of Sale documents and it is binding by law.

The following Terms & Conditions serve as binding conditions to all auctions hosted by SA Auction:

1.  I/we (hereafter referred to as the purchaser) indemnify and hold harmless CLEAR CREEK TRADING 66 (PTY) LTD t/a SA AUCTION (hereafter referred to as SA AUCTION) in respect of any claim of whatsoever nature, including but not limited to death, loss, injuries or damages of whatsoever nature and howsoever arising, which the purchaser may have against SA AUCTION arising out of or in connection with the auction.

2.  The purchaser regard these terms and conditions as binding on he/she/its executors, Legatees, Heirs, Successors in title and or assigned respectively, as specified during the announcements irrespective of whether he/she/it is present at the time such announcements are made.  Special terms and conditions relating to each auction and/or to any of the lots may be announced prior to the commencement of the auction and/or during the auction.

3.  The purchaser will adhere to all relevant FICA requirements on auction.

4.  The auctioneer shall have the right to control, regulate and record the auction. The recording of the auction shall be prima facie evidence of the auction proceedings.

5.  The auctioneer may accept or reject bids in his sole discretion without providing reasons. This would include rejecting an offer previously accepted by the auctioneer. In the event of a dispute between bidders, the auctioneer will have the discretion to put the property (movable/immovable) up for auction again and his decision shall be final and binding. The auctioneer may, without penalty or prior notice, withdraw any item(s) from any group of assets (“lots”) on auction at any time before the sale thereof or during the auction.

6.  The deposit will be refunded to the bidder when he/she leaves the auction, provided that he/she is not the highest bidder on any item and relevant FICA requirements on auction are adhered to.

7. Every bid (the act of clicking on the bidding button or submitting a bid price by the bidder) shall constitute an offer to purchase for the amount bid.

8.  The highest bidder accepted by the auctioneer shall be the purchaser if NO RESERVE or SUBJECT TO CONFIRMATION is applicable.

9.  No “ringing” shall be permitted and if the auctioneer suspect that the bidders are involved in such activity, he shall be entitled to suspend or terminate the auction or to prohibit those bidders suspected of such activity from making any further bids. In this context ringing are defined as a group of buyers at an auction who collude not to bid against one another in order to keep the auction price low.

10.  The auctioneer is entitled to correct any bona fide error in the conduct or conclusion of any sale or arising from any incorrect information to the items for sale. In the event that the error is capable of not being corrected, then the auction shall be deemed not having taken place and no party at the auction will have any claims against the auctioneer or the seller arising from the cancellation of the auction.

11.   All sales are done in one of the following manners:
11.1 NO RESERVE - "no reserve" means that there is no established minimum price for the item being auctioned. This means that no matter what the winning bid, the owner must sell it for that amount; or
11.2 RESERVE - “Reserve” means a minimum price that has to be attained for the bid to be accepted. In compliance with the National Consumer Protection Act and the Regulations thereto, Vendor Bidding is permitted at the auction, and the seller, auctioneer or a Vendor Bidder representing the seller or the auctioneer may bid up to an amount and not exceeding the Reserve price.  If no bid equals or exceeds the reserve price, the property may be withdrawn from the auction.

11.3 SUBJECT TO CONFIRMATION - “Subject to confirmation” means that the owner has to accept or reject the bid after finalization of the auction. The Seller has 2 (two) business days (“the Confirmation Period”) to accept or reject the offer. No bid may be withdrawn after the fall of the hammer until the expiry of the Confirmation Period. During this time the offer shall be open for acceptance by the Seller or his agent and if the offer is accepted, the sale shall be deemed to be a sale by auction for purposes of the Act.  Higher offers may be made prior to confirmation or registration of transfer (whichever occurs first).  Such higher offers must be made to the auctioneer on the same terms and conditions as the offer on the auction, but the original bidder at the auction shall have the right to equal such offers which offer will be preferent to any other offers.  The purchaser from the auction must exercise this right within 24 hours (excluding public holidays and weekends) after being so notified by the auctioneer, by submitting and equivalent offer and supplementing his deposit accordingly.

12.  These Rules of Auction comply with the provisions of Section 45 of the Consumer protection Act, 68 of 2008.  Sub sections (1), (2) and (3) of this Section provides as follows:

“(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 good are put up for sale by auction in lots, each lot is, unless there is evidence to be contrary regarded to be the subject of a separate transaction.

(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, until that announcement is made, a bid may be retracted.”

13.  All items are sold “voetstoots”. No representations or warranties are made by the auctioneer or the seller.  The purchaser shall be deemed to have, thoroughly examined the items and have irrevocably accepted the condition and state thereof.  Neither the seller nor SA Auction gives warranties or guarantees of or makes any representation in regards to the condition of sale of any items.  SA Auction shall not be liable for any errors of description of any items.

14.  Neither the auctioneer nor the seller shall be liable in consequence of any representation made by them at or before the auction; in particular no warranties are made regarding immovable property, motor vehicles in respect of year, make or model thereof, and/or outstanding tickets or the roadworthiness thereof. It is specifically agreed that it is the sole responsibility of the Purchaser to acquaint and familiarize them with the property they are bidding on.

15.  Risk on each item passes onto the purchaser on the fall of the hammer or electronic notification of a successful bid once a particular lot closes on an online auction, even though upliftment/delivery has not yet taken place.  The purchaser shall bear the risk of items remaining at SA Auction’s premises, in particular for any shortages or damage which may occur.  The purchaser shall remove the items form SA Auction’s premises within 3 (three) days of the auction.

16.  On the acceptance of a successful bid a document detailing (herein after referred to as the “Invoice”) the exact identification of the item sold, the price, any additional cost including but not limited to Commission, and terms of payment are generated by the auctioneer and does the registrant hereby accept the content thereof as summary of the sale and amount due. Such invoice will be sent by email to the Purchaser before close of the next business day.

17.  The purchaser shall remove his purchases at the conclusion of the auction, and only after full clearance of his payment as set out in the Invoice have been effected and all agreements required by SA Auction has been properly signed by both parties.

18.  Should the purchaser fail to remove any item after clearance of his payment, a storage fee of R350.00 plus VAT per item per day shall be charged to the purchaser. Furthermore, should any items purchased not be removed after a period of 21 (twenty one) calendar days, the items will be sold by the auctioneer at the expense of the purchaser and without any further notice thereof to the purchaser.  Alternatively, by written arrangement between the auctioneer and the purchaser, the auctioneer will store the items at the expense of the purchaser. Storage cost will be determined by the parties before conclusion of such an agreement.

19.  The purchaser shall be liable for the costs of repair for any damages caused by him to the auction premises or any other item while removing his purchases or otherwise.

20.  Should any item purchased be financed by the purchaser through a financial institution, proof of approved finance must be presented to the auctioneer during the bidder registering process. Such proof must be sent to the auctioneer at least 12 (twelve) hours before the close of the auction. Such proof must be sent to admin@sagrouponline.co.za and it remains the duty of the Purchaser to confirm that such proof was indeed received by the Auctioneer. No item may be purchased subject to finance approval.

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21.  The purchase price of each item, including the amounts as set out in the invoice, will be paid by the purchaser by way of cash, a Bank Guaranteed cheque or Electronic Funds Transfer.Cash payments above R 20 000.00 will not be accepted on premises. If payment is made in Cash, a 2% (two percent) handling fee will be charged.

22.  The full Invoice amount must be paid to the auctioneer within 48 (forty eight) hours of the conclusion of the auction.  Commission plus VAT thereon is payable on conclusion of the auction. Ownership will only pass to the purchaser on clearance of payment of the full amount as set out in the Invoice.

23.  The bid price does not include Value Added Tax (VAT), unless otherwise specified by the auctioneer. Value Added Tax (VAT) will be calculated on top of the bid price.

24.  Buyer’s commission plus VAT shall be charged and is payable by the purchaser, unless otherwise stated.

25. Where registration documents are applicable, documentation fees will be charge.

26.  If any item is sold Subject to Confirmation by the seller, the confirmation period may be between 24(twenty four) hours – 21 (twenty one) days (depending on the type of matter) from the date of the auction, unless otherwise stated by the auctioneer or advertised, during which period the purchaser shall not be entitled to withdraw his/her offer.

27.  Any item that is Subject to Confirmation will be paid for in full by the highest bidder on conclusion of the auction.  Should the bid not be accepted by seller within the adequate period as noted on Clause 24 above, then the auctioneer will refund to the purchaser the full amount paid to the auctioneer for the item. No interest is payable by the auctioneer.

28.  SA Auction shall be entitled, without penalty to cancel the sale should the required documents not be signed and delivered to SA Auction within 21 (twenty one) days of the date on which the sale becomes unconditional.  The said 21 (twenty one) day period may be extended by SA Auction for a further 14 (fourteen) days in SA Auction’s sole and absolute discretion.  In the event of any purchaser failing to pay the full purchase price any item within the applicable time (as per the relevant announcement) and/or failing to remove the items as foresaid, and/or otherwise failing to comply with any of these terms and conditions without prejudice to any other rights which SA Auction enjoys, the purchaser shall irrevocably forfeited to SA Auction any deposit paid by the purchaser, for and on the purchaser’s behalf.  SA Auction shall in addition have a lien over the items and/shall have the right to re-sell the items without notice to the purchaser.  Should SA Auction re-sell such items and should the net proceeds thereof (after deducting commission and all costs incurred or to be incurred by having to re-sell the items) be less than the sale price, the purchaser shall forthwith upon demand pay SA Auction as pre-estimated, liquidated damages, less any deposit forfeited.  This shall be without prejudice to the seller and/or SA Auction’s right to claim all amounts/damages which it/they may claim in law.  SA Auction shall under no circumstances be liable to the purchaser for any losses or damages suffered by the purchaser as a result of the auction or termination of any sale concluded in respect of any lots in questions, and/or the failure or inability of SA Auction to deliver any of the items.

29.  If the purchaser breaches any of these Conditions of Sale, he/she shall be liable to pay any cost incurred by the auctioneer as a result of the breach, including administration costs, storage costs, and legal costs as between the attorney and own client including collection commission.

30.  The purchaser chooses his domicilium citandi et executandi at the address supplied by himself during the registration process.

31.  The parties hereto consent to the jurisdiction of the Magistrate’s Court, in terms of section 45 read with section 28 of the Magistrate’s Court Act of 1994 as amended. Notwithstanding the foregoing, this shall not preclude either party from approaching the High Court of South Africa for any relief sought. If any party approaches the High Court it is specifically agreed to the jurisdiction of the Free State High Court.

32.  These Conditions of Sale constitute the whole agreement between the parties as to the subject matter hereof and no agreement, representation or warranty between the parties other than those set out herein are binding on the parties. The parties accepting these Terms and Conditions confirm that they have read and understood all of the terms and conditions contained herein and agree that they are bound hereto.

33.  No extension of time, waiver, indulgence or suspension of any of the provisions of this agreement which any party hereto may have given shall be binding unless recorded in a written document signed by all parties.

34.  By signing this document the signatory hereby cedes, assigns, transfers and makes over unto and in favour of the seller and/or the auctioneer his/her/its right title and interest to all his/her/its movable property and if necessary immovable property registered in his/her/its name, such as is sufficient to satisfy his/her/its indebtedness to the seller and to the auctioneer.

35.  To this end the signatory hereby authorizes the sheriff of the High Court or his deputy in the jurisdiction of the High Court in which the goods in question were sold in terms of the auction to act on his/her/its behalf in rem suam and if necessary to sign all necessary documentation for and on his/her/its behalf necessary to give effect to this clause and the terms and conditions set out herein.

36.  In the event of the signatory opposing any legal proceedings instituted in terms of these clauses, any variations or amendments hereto shall be of any force or effect unless reduced to writing and signed by both parties.

37.  No indulgence which the auctioneer may grant to the purchaser shall prejudice or constitute a waiver of the rights of the auctioneer or the seller, who shall not thereby be precluded from exercising any rights against the purchaser which may have arisen in past or might arise in the future.All contracts on the sale of properties to be signed directly after the action, and purchaser shall pay the required deposit on sale of property.

38.  The signatory (person who agrees to the Terms and Conditions set out on the website) to this agreement binds himself/herself as surety and co-principal debtor together with the company, close corporation, trust, association or any other entity reflected on the face of the terms and conditions set forth more fully above for the due fulfillment by the principal debtor of all the principal debtor’s obligations and liability arising out of the sale of any goods to the principal debtor. In this regard the signatory as surety and co-principal debtor renounces the legal exceptions of excussion and division, nonnumeratepecuniae, non causadebiti, errorecaluli no value received and revision of account with which the signatory hereto is fully acquainted and understand.

39.  Any person, who registers for any auction held by  SA Auction, whether online or on-site, agrees to all the combined Terms & Conditions of SA Auction.

40.  Winning bid information:  A winning bid is understood to be the highest bid at the close of the auction. Should there be a contestation to the winning bid, SA Group will refer the matter to an external IT company who will investigate the bids leading up to the close of the auction. The decision provided by the external company will be final and no correspondence will be entered into.

Please note that online bids are dependent on the bidders internet connection and SA Group can not be liable for any bids that are not received due to poor connection or unforeseen circumstances.

 In the event that there is a problem with www.saauctiongroup.co.za (the website) bidders will be notified of same and a corrective course of action will be followed for all stakeholders.