Conditions of sale at a sheriff auction:
A sale agreement is signed by the sheriff and the buyer. The buyer's responsibilities include:
Paying a deposit of 10% of the purchase price in cash or a bank guaranteed cheque, immediately on buying.
Paying commission on date of purchase by the buyer.
Guarantees for the balance of the purchase price, together with interest within 14 or 30 days
The buyer is responsible for the payment of any outstanding levies, water and electricity, rates and taxes.
The buyer is responsible for occupation of the property
A sale in execution is a public auction held by a Sheriff of the Court. This means a court order has been
obtained by us to attach and sell the property to recover the money that has not been repaid on a home
loan. We cannot accept or decline offers on these properties as we are not the legal owners.
These properties are advertised in the Government Gazette as well as in any two local newspapers
distributed in the area in which the property is situated. We also market these properties to estate
agents and the public.
The Sheriff's commission is based on the purchase price and is calculated as follows:
6% on the first R30 000 plus VAT
3,5% on the balance of the price
The minimum commission payable is R440 plus VAT and the maximum R8 750 plus VAT.
Create Similar Mail Alert
Other properties on auction you might be interested in