Auction
Buyers

Auction Buyers

Buyers

Before You Bid

  • Have you registered as a buyer?

  • Did you take your bidding number?

  • Make sure you have the deposit and commission plus 15% VAT of the purchase price.

  • Take note that there is a confirmation period.

  • You will be liable to pay transfer fees or VAT.

  • Do not hesitate to ask questions or for advice.

  • Remember you are legally bound by your bid.

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What Not To Do At An Auction

  • Bid if you have no money to make the purchase or have not made proper financial arrangements.

  • Bid if you are not registered as a bidder.

  • Bid if you are not fully acquainted with or do not understand all the conditions of sale.

  • Be intimidated by other bidders as they may be trying to put you off bidding.

  • Be shy to ask questions.

  • Hesitate or procrastinate when bidding because you may lose the deal.

  • Lose your bidders card. If you do, report it lost immediately.

Need to know?

The hammer price refers to the ‘winning bid’ amount. Once the bidding process is over, a ‘buyer’s premium’ is added to the hammer price. The hammer price + buyer’s premium gives you the final total payment amount.

4 Steps to start bidding

STEP 1

Create a registration request.

STEP 2

Complete the registration process.

STEP 3

Rregister for each auction respectively and submit your updated FICA documents.

STEP 4

Pay the auction deposit that is payable for each auction.
As soon as your proof of payment has been received, you will receive a bidding card.

As the buyer

Sellers are serious
An auction is an organised event, with one goal: To sell the property on a specific day & time.

Auction is a quick transaction
The transaction is concluded at the fall of the hammer.

The Buyer Controls the Price
The Buyer decides the maximum price they are willing to pay before the auction.

Equality
All Buyers are equal and have the same chance of winning the bid, no unfair negotiations, the auction is a public gathering, and everything is transparent.

You can not lose
If your bid is rejected, your deposit is 100% fully refundable; if your bid is successful, the deposit is deducted from the purchase price.

Equality
All Buyers are equal and have the same chance of winning the bid, no unfair negotiations, the auction is a public gathering, and everything is transparent.

You can not lose
If your bid is rejected, your deposit is 100% fully refundable; if your bid is successful, the deposit is deducted from the purchase price.

Before You Bid

Read The Rules Of An Auction

Remember the following

PRIVATE BUYERS
Utility Bill (not be older than 3 months) with current residential address
Copy of ID

PARTNERSHIPS
Partners’ ID copies and Proof of residential address *
SARS letter with VAT Number **
Proof of business address *
Resolution letter (authorising representative to buy on behalf of company)
Proxy details/BRN certificate/Dealer stocking certificate/Traffic Register certificate (from the License Department)

SOLE PROPRIETORS
Utility Bill with current residential address *
Owner’s ID copy
If registered for VAT, SARS letter with VAT Number **
Letter on a company letterhead confirming the existence of the business as a sole proprietorship

Please note: * These documents may not be older than 3 months

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Phone Number

083 394 3269 / 072 018 9851

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Email Address

info@britex.co.za

About BRITE-X Property Group

Brite-X prides itself in bringing the right buyers and sellers / landlords and tenants together. We are experts in the selling of property under challenging circumstances. We offer unique business solutions with our property valuation services.

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