Property on Auction

Auctions are a process of buying and selling property by offering them up for bid.

As a potential Buyer you must take note of some basic rules when participating in an auction.

  • All properties on auction are sold "voetstoots" (which means "as is"). It is therefore advisable to inspect the property you are interested in before the auction date.
  • A winning bid at an auction is legally binding and cannot be retracted later without financial loss. It is essential to get a copy of the Conditions of Sale of the property before the auction day.
  • Auction sales are also non-suspensive; mortgage finance must be arranged before the auction is concluded.

Auctions often provide good opportunities to buy property because auctioneers handle sales in execution, property repossessions and liquidations.

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