Insolvent Estate – Leong Sio Peng
16 Willowgrove Road, Dainfern Golf Estate
Indaba Hotel on Thursday, 28th March 2019 at 12h00
View on Tuesday, 26th March 2019 from 13h00 – 16h00
The 5 A’s of Auctions
- Accredited modern international trend
- Attains market value by creating competition between buyers
- Affirms that sales are unconditional /have no suspensive clauses
- Achieves excellent results effectively, efficiently and expeditiously
- Actualisation of seller and buyer satisfaction
Why use Rand Realty?
Rand realty has been established for well over 30 years. As experts in property, we understand the objectives of both the seller and the buyer.
We have mastered the art of marketing an auction. It is futile if you have an exceptional product, the world’s greatest auctioneer but no buyers.
Rand Realty has successfully marketed and conducted auctions of commercial, residential, industrial agricultural and game-farming properties. We know how to get the best out of every property.
Our extensive database of buyers and investors further allows us to get the right buyers to your auction.
Rand Realty has maintained a skilled and ethical reputation as auctioneers of unquestionable probity in all aspects of property.
We are also experienced in property and asset management, facilities management and property maintenance, and therefore have a comprehensive understanding of a property’s value and potentiality
We have acted for banks, insurance companies, pension funds, liquidators, investors, trustees and the general public
It would be a privilege to represent you.
RULES OF AUCTION
1. Each bidder must read these rules of auction and must not bid unless he/she/it has done so.
2. The rules of auction need not be read at the auction if –
3. they were made available twenty four hours prior to the commencement of the auction;
4. The sale by auction is subject to a reserve price.
5. The auction house, the auctioneer and/or the auction house’s 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 exceeding the reserve price.
6. The rules of auction comply with section 45 of the Act and the Regulations.
7. As provided for in section 45(2) of the Act, when properties 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.
8. The auction will commence at the published time and will not be delayed to allow any specific person or more persons in general to take part in the auction.
9. Anyone that intends to bid at the auction must register his/her/its identity on the bidder’s record prior to the commencement of the auction. Such registration must meet the requirements of Chapter 1 of the regulations in terms of the Financial Intelligence Centre Act, Act 38 of 2001, as amended from time to time, in respect of the establishment and verification of identity of the person, and the person must sign the registration entry.
10. A person (“the representative”) who attends the auction to bid on behalf of another person (“the principal”) must produce a letter of authority that expressly authorises the representative to bid on behalf of the principal and the representative and the principal must meet the requirements set out in clause 2.8. Where the representative is bidding on behalf of a company or a close corporation or a trust, the representative must, prior to the auction, furnish the auction house with a currently dated letter on the letterhead of such company or close corporation or trust (whichever is applicable) (which letter in the case of a trust must be signed by all the trustees of such trust) and must be accompanied by a certified copy of the resolution by the board of directors of the company or members of the close corporation or all the trustees of the trust (whichever is applicable) authorising the representative to represent such company, close corporation or trust, whichever is applicable, at the auction and to bid on its behalf.
11. The bidder’s record and the vendor’s roll will be made available for inspection at the offices of the auction house during business hours, without the charge of a fee. The bidders’ record will also be available for inspection at the auction.
12. The auction house has a trust account which is audited in terms of the Estate Agency Affairs Act, Act 112 of 1976, as amended from time to time and into which all monies will be paid for the benefit of the seller, minus the agreed commission.
13. The auctioneer will during the auction announce the reason for the auction unless the reason is the normal and voluntary disposal of property by the seller.
14. The total cost of advertising and conducting the auction of each property is the sum of (i) R___________ in respect of each commercial property; and (ii) R ____________in respect of each residential property, which costs are broken down as follows –
15. Advertising costs;
16. Brochure and marketing material;
17. Auction venue costs; and
19. The conduct of the auction is subject to the control of the auctioneer who has the sole right to regulate the bidding procedure.
20. The sale shall be by the rise and fall of the hammer and the property shall be sold to the highest bidder subject to these rules of auction and the sale agreement.
21. If no bid equals or exceeds the reserve price, the property may be withdrawn from the auction, however, the seller shall be entitled to instruct the auctioneer to accept any lower bid.
22. Should any dispute arise between the bidders and/or any of the bidders and the auctioneer, the decision of the auctioneer shall be final and binding.
23. Any error by the auctioneer may be corrected by him.
24. No bid may be withdrawn after the fall of the hammer until the expiry of the offer period that is provided for in the sale agreement being five business days after the date on which the relevant purchaser signs the sale agreement, during which time the offer shall be open for acceptance by the seller or his agent (or the auction house on the seller’s behalf) and if the offer is accepted, the sale shall be deemed to be a sale by auction for purposes of the Act.
25. The highest bidder shall sign the sale agreement immediately on the fall of the hammer.