O-YES Properties | Terms & Conditions

Terms & Conditions

O-YES Auctions Bidding Terms & Conditions & General Info

Agency

This seller of this property has mandated O-YES Auctions CC to sell this property via an On-site (where applicable) and/or Online Auction.

Contact details of O-YES Auctions:

For all of the upcoming Auctions, please visit the website and view the calendar.

Bidder’s Info and Registration Fee

All registered bidders must thoroughly inspect the property (even if only by electronic means) and must read the Sales Agreement before the bidding starts and must not bid unless he or she has done so.

Online bidders, as well as Telephonic Bidders must register online in order to bid and provide:

  1. Original proof of identity (for individuals or directors), as well as company registration docs
  2. Proof of residence (not older than 3 months)
  3. Payment of a R20,000 Registration fee
  4. Contact information including full name, cell number and e-mail address

A bidder’s successful registration is subject to the satisfaction of O-YES Auctions, and a full refund of the registration fee shall be made within 2 Business days if the bidder’s offer is declined.

The registration fee is refundable should the bidder not be the highest bidder.

A prospective bidder cannot participate in neither online nor telephonic bidding, if not successfully registered as a bidder.

Please contact the broker at the time of Auction if you are bidding telephonically.

Every bid shall constitute an offer to purchase the property for the amount bid, which the Seller or the Auctioneer may accept or reject in their absolute discretion.

Bank Account Details

Payment of the Registration fee, Deposit and Buyer’s Premium must be done via EFT, only into the O-YES Auction Trust Account (Standard Bank account number ending in 6836). When the registration form is received, you will be sent the Banking Details.

O-YES Auctions will never change or confirm its banking details in an email.

For reference purposes please quote your full name when making the transfer.

Reserve Price

The reserve price is the mandated minimum price that the seller wishes to sell for. This price is not disclosed to the public, nor registered bidders.

All properties sold by O-YES Auctions are sold with Reserve, meaning that the property will be sold to the highest bidder but subject to confirmation by the Seller who has 3 business days to accept or reject the bid, unless such bid is equal to or greater than the reserve price, in which case the Seller must accept the bid, subject to the conditions of the Sale Agreement.

Auctioneer

The conduct of the Auction is subject to the control of the Auctioneer on the day who has the sole right to regulate the bidding procedure.

In the event of any dispute between the bidders, the decision of the Auctioneer shall be final and binding.

The auctioneer or his / her agent shall be entitled to bid up to the reserve price on behalf of the seller, but shall not be entitled to make a bid equal to or exceeding the reserve price.

Start time and Questions

Auctions commence at the date and time advertised and will not be delayed to accommodate any persons who arrive late. At the start of the auction bidders will be able to ask or post online questions regarding the auction procedure and / or the property for sale.

Currency

Property sales are conducted per rising bid in South African Rands.

Inspection of property

The bidder acknowledges that it was afforded a reasonable period of time and opportunity toinspect the Property prior to the commencement of the auction as contemplated in terms of Regulation 28(5)(b) of the CPA, which inspection O-YES Auctions has provided to the Bidder electronically as photos or a video of the Property due to the laws currently in place as a consequence of the COVID -19 Pandemic which may preclude the possibility of a traditional / physical inspection of the Property.

The bidder further agrees that he/she has viewed the property and that he/she has ascertained the state of the property, pursuant to having been provided with photos or a video of the property and is satisfied that he / she has exercised his / her right to inspect the property prior to the commencement of the auction

Bidder’s Acknowledgement

Bidders acknowledge to have read, understood and be bound by the Rules of auction. A copy thereof can be found online or emailed to you by the broker.

Bidders acknowledge and understand that any sale of immovable property by way of public auction shall be binding on the bidder, and does not need to be recorded in a written agreement, in accordance with the provisions of Section 3(1) of the Alienation of Land Act 68 of 1981.

No arrears on property

The Purchaser shall not be held liable for any arrears on the property unless otherwise stipulated in the Sales Agreement.

Bidding on behalf of another

A person who attends the auction to bid on behalf of another person, must have, prior to the Auction commencing, furnished O-YES Auctions with a letter of authority that expressly authorises him/her to bid on behalf of that person. Where a person is bidding on behalf of a company, the letter of authority must appear on the letterhead of the company and must be accompanied by a certified copy of the resolution authorising him or her to bid on behalf of the company.

Seller’s VAT status

Onus is on the bidder to know the Vat status of the Seller.

Highest Bidder & Acceptance of the Sales Agreement by the Seller

Bidders acknowledge that in the event of the Auctioneer declaring a bid to have been knocked down (when the auctioneer, by the fall of his hammer, or by any other audible or visible announcement or online electronic message, signifies to the bidder that s/he is entitled to the property on paying the amount of his/her bid, and according to fulfilling the terms of the Sale Agreement) such declaration shall be deemed to constitute the fall of the hammer and the bidder shall be liable for performance.

The successful bidder who signs the Sales Agreement in a representative capability, waivers the legal exceptions of excussion and division and acknowledges that they shall be deemed to have bound themselves as surety for and co-principle debtor in solidum with the third party whom they represent for the due and punctual payment and performance of all obligations of that third party.

The highest bidder ("the Purchaser") shall sign the Sales Agreement immediately on the fall of the hammer, i.e. when the bid has been knocked down. A broker will contact the Purchaser immediately in the case of an online Auction to sign and fulfil the obligations of the Sales Agreement.

The Purchaser’s bid shall remain open for acceptance by the Seller or by the Auctioneer on behalf of the seller, until expiry of the confirmation period, which is 3 business days from date of signature of the Sale Agreement by the Purchaser.

If no bid equals or exceeds the reserve price, the property may be withdrawn from the auction.

The Seller shall be entitled to instruct the auctioneer to accept any lower bid.

The Purchaser’s bid shall be deemed to have been accepted only when the Seller has signed the Sales Agreement and the Seller shall not be required to notify the Purchaser of the acceptance of its bid prior to expiry of the confirmation period.

O-YES Auctions may require the execution of documents to be performed by means of electronic signature and/or contemporaneous remote view together with the exchange of documents to be performed by electronic means (such as scanning and emailing).

The Purchaser hereby nominates O-YES Auctions as its agent for the purpose of receiving and accepting notification of acceptance of the Sales Agreement.

Payment of Deposit, Buyer’s Premium (Commission) and remainder of Purchase Price

Upon signature of the Sale Agreement by the purchaser, the purchaser will immediately pay to O-YES Auctions, less the amount of the Online Registration fee if received, a Deposit of 3.5% of the purchase price, as well as the buyer’s premium (commission earned by O-YES Auctions) equal to 10% (ten per cent) plus VAT of the purchase price. The Balance of the Purchase Price plus Vat (if Vat is applicable) is payable in cash against registration of the Property to be secured by bank guarantees approved by the Seller and furnished to the Conveyancing Attorneys within 21 (Twenty One) days of Signature Date, or if any part is paid in cash, to be deposited with the Conveyancer within the same period, to be held in a trust account pending transfer of the property. This is explained in more detail in the Sales Agreement, which can be emailed to you.

If Seller rejects the Sales Agreement

Should the Seller reject the Purchaser’s bid according to the Sales Agreement and Rules of Auction, O-YES Auctions will repay to the purchaser any Online Registration Fee, as well as any Deposit and Buyer’s Premium paid to it in terms of the Sales Agreement within 2 business days.

Extra consent needed

In the event of the sale requiring the consent of any statutory authority or any court of law, then this auction sale is subject to the granting of such consent.

Consumer Protection Act

The rules of the auction meet the requirements of the Consumer Protection Act, Act 68 of 2008 (“the Act”) to the best of the O-YES Auctions knowledge.

Section 45 (1) to (4) are brought to the registered bidders’ attention: “Auctions 45. (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 goods are put up for sale by auction in lots, each lot is, unless there is evidence to the 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, and until that announcement is made, a bid may be retracted. (4) Notice must be given in advance that a sale by auction is subject to - (a) a reserved or upset price; or (b) a right to bid by or on behalf of the owner or auctioneer, in which case the owner or auctioneer, or any one person on behalf of the owner or auctioneer, as the case may be, may bid at the auction.”

Section 55 (1) expressly states that the cooling off period does not apply to goods bought on auction: “Consumer’s rights to safe, good quality goods 55. (1) This section does not apply to goods bought at an auction, as contemplated in section 45.”

Withdrawing property from Auction

The Seller and/or O-YES Auctions are entitled to withdraw the property from sale prior to the Auction.

Auction Buyer’s Database

Bidder’s contact details will be added to the O-YES Auctions database so that we can provide you with details for upcoming auctions and industry news.

Disclaimer and Indemnity

Whilst all reasonable care has been taken to provide accurate information, and to ensure that the requirements of a virtual/electronic/online and / or on-site auction has been complied with, neither O-YES Auctions, its directors, staff or brokers nor the Seller/s guarantee the correctness of the information provided herein and none of them will be held liable for any direct or indirect damages or loss, of whatsoever nature, suffered by an person as a result of errors or omissions in the information provided, whether due to the negligence or otherwise of O-YES Auctions, its directors, staff or brokers or the Seller/s or any other person.