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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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