RULES OF AUCTION 

(AUCTION RULES, TERMS AND LEGAL CONDITIONS)

​

Place of Auction: The Virtual/Electronic will be conducted by means of secured online auction platform   https://getmobid.net/Auctions

 

Date and time of Auction: 26 Febuary 2026 @ 9:00 – prospective bidders to log on 10 minutes prior to the auction in order to verify identity and bidder details (if applicable).

 

These Rules of Auction comply with Section 45 of the consumer Protection Act 68 of 2008 and the Regulations thereto ("the CPA") including where applicable, the conducting of an auction by way of an electronic medium or platform.

​

In accordance with the provisions of the CPA, the GetmoBID. and the Auctioneer, hereby declare as follows:

 

1. Each lot is, unless announced to the contrary, regarded to be subject of a separate   transaction.

 

2. The sale in respect of any lot is complete when the Auctioneer announces its completion by the fall of the hammer and the statement "Sold", and until then a bid may be retracted provided that an announcement by the Auctioneer to the effect that the final bid has been received and has been accepted shall be deemed to be the fall of the hammer:

​

3. Unless otherwise announced, all lots are sold subject to a reserve price and to a five business day acceptance period in favour of the seller;

 

4. Unless otherwise announced, GetmoBID and the Auctioneer are entitled to bid on behalf of the seller up to the reserve price:

 

5. The auction will commence at 09h00 and will not be delayed to allow any specific person or persons to take part in the auction;

 

6. The bidder acknowledges that, should his/her bid be the highest bid in respect of any lot bid upon, a buyer's premium of 10% plus VAT shall be payable over and above the bid price on the fall of the hammer, unless otherwise stated; The bidder also acknowledges that, should his/her bid be the highest bid in respect of any lot bid upon, a 5% deposit shall be payable on the fall of the hammer, unless otherwise stated. In the event that a cash deposit is made, the Depositor will be liable for the bank charges relating to that transaction;

​

7. The bidder acknowledges that any funds paid to the Auctioneer, being the registration fee or the balance of the deposit due in terms of the conditions of sale must be refunded into the bank account the funds are paid from in compliance as an Accountable Institution in terms of the Financial Intelligence Centre Act 2001 (Act No. 38 of 2001) and Money Laundering and Terrorist Financing Control Regulations.

​

8. The bidder acknowledges that any bidder who intends to bid on behalf of another must produce a letter of authority that complies with Regulation 26(3) of the CPA, which states that such a letter must expressly authorize such a bidder to do so, and that both such principal and the bidder must submit documentation in support and verification of their identities in terms of the Financial Intelligence Centre Act ("FICA"), and such bidder must sign a bidder's record containing such details;

​

9. The bidder acknowledges and understands, that should his/her bid be the highest bid on any lot, he/she will then be obligated to sign the Auctioneer's standard agreement of sale by public auction, which agreement the bidder acknowledges to have acquainted himself/herself therewith;

 

10. GetmoBID. has an account which is audited in terms of The Estate Agency Affairs Act and all monies will be paid for the benefit of the seller minus the agreed commission;

​

11.The Auctioneer will announce the reason for the auction unless such reason is the normal and voluntary disposal of the property by the owner:

​

12.All bidders must register prior to the commencement of the auction, pay the registration deposit of R50 000, (which is refundable should his/her bid not be the highest bid on any lot), read the Rules of Auction, comply with all FICA requirements and provide proof of ID, residence, authority to transact on a formal letterhead;

​

13. The bidders record and vendors roll required to be kept in terms of the CPA will be available for inspection free of charge during normal working hours at the offices of GetmoBID, additionally electronic access to the aforementioned records will be provided to a bidder upon request should a physical inspection thereof be rendered impossible regard being had to prevailing legislation.

 

14. Any person present at the auction via login may object to the Rules and such objection shall be recorded in the vendors roll;

​

15. The costs of an auction is carries by GetmoBID: This includes but not limited to: cost of advertising, cost of online campaigns and auction platform;

​

16. The conduct of the auction is subject to the control of the Auctioneer who has the sole right to regulate the bidding;

​

17. The auction shall be on the rise and the property sold shall be sold to the highest bidder, subject to the Rules of Auction;

​

18. The bidder acknowledges that it was afforded a reasonable period of time and opportunity to inspect the Property prior to the commencement of the auction as contemplated in terms of Regulation 28(5)b of the CPA, which inspection the Auctioneer was obliged to provide to the bidder either electronically or in the traditional manner (physical inspection), pursuant to the applicable laws in place at such time.

​

19. 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 a complete tour (whether virtually/electronically and /or by way of physical inspection) 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.

​

20. All properties are sold voetstoets (“as it stands”) and a Property Condition Report (Disclosure Document) is legally required to be signed off by all parties.   Neither GetmoBID nor the Seller has any duty or responsibility to affect any repairs to any property;

​

21. All outstanding rates & taxes, levies, and the like, remain the responsibility of the Seller/s until transfer;

​

22. The highest bidder shall immediately sign the Auction Sales Agreement, which terms and conditions may not be altered in any way by the bidder.   A bidder may request a copy of the agreement prior to the Auction;

​

23. Auction sales may not be subject to any condition, such as the sale of another property or obtaining finance;

 

24. A down payment of 16.5% of the bid price is payable immediately at the Auction into the “GetmoBID Account”.  For security reasons, this account is listed as a public beneficiary with all the major banks.

 

25. EXAMPLE

Bid Price:                                                             1 000 000
Buyer’s Premium                                                    100 000
VAT of 15% on Buyer's Premium                              15 000
Full Purchase Price                                                115 000

 

16.5% Down Payment, made up as follows:
Buyer’s Premium                                                     100 000
VAT of 15%on Buyer 's Premium                              15 000
5% deposit on the Bid Price                                      50 000

Down Payment                                                       165 000

 

26. Should the Seller/s reject the offer, the full Down Payment shall be refunded to the Purchaser;

 

27. Should the Seller/s accept the Bidders offer, this shall constitute an Agreement of Sale and the deposit towards the Bid Price received by GetmoBID shall be paid to the appointed conveyancers;

 

28. The Balance of the Full Purchase Price (plus Vat if applicable) is payable in cash against registration of the Property to be secured by bank guarantees approved by the Seller/s and furnished to the Conveyancing Attorneys within 21 (Twenty One) days of Signature Date of the Auction Sales Agreement, 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;

 

29. Transfer duty is calculated on the Full Purchase Price

 

30. 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

 

The following provisions (clauses 31-32) are only applicable to auctions conducted by way of electronic/virtual means:

​

31.The auction shall also be conducted via auction platform and the bidder acknowledges that he/she is satisfied that the virtual/electronic platform:

• 31.1 is generally available to anyone over the age of 18 years at any time of the day;

• 31.2 provides high standards of security for electronic transactions; and

• 31.3 provides for easy access to all prescribed records.

​

32. The Auctioneer 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).

​

33. These Rules have not been amended after their initial publication

 

DISCLAIMER & INDEMNITY: Whilst reasonable precautions have been taken in compiling the information contained in this document, neither the seller nor the Auctioneer shall be liable for any loss, damage or expense whatsoever or howsoever caused, arising from reliance on any information provided, nor do they guarantee the completeness or accuracy thereof, the duty at all times resting on the Purchaser to conduct its own due diligence inspections relating to the property/ies referred to herein in order to verify the information reflected, and the purchaser’s participation in any auction or private treaty sale based upon such information shall be entirely at its own risk and in acceptance of the aforegoing. The Auctioneer will take all reasonable steps to comply with the legal requirements of an auction (whether virtually/electronically, and/or a physical auction) but it cannot be held liable for any damage (direct or indirect) insofar as it may be found that any such damage has been suffered by any party as a result of any non-compliance with these requirements. The Purchaser or the bidder (on behalf of the Purchaser) acknowledges that it was afforded a reasonable and sufficient period of time and opportunity to inspect the Property prior to the commencement of the auction as contemplated in terms of Regulation 28(5)(b) of the CPA, which inspection the Auctioneer provided either electronically as a virtual/electronic tour (or a traditional/physical inspection) due to the laws currently in place.