Mandate & Terms

1.1 "The Auctioneer" means Auction Central Property Group (Pty) Ltd (Reg No: 2018/123456/07), a licensed auctioneer operating under the Consumer Protection Act 68 of 2008 and the Property Practitioners Act 22 of 2019.

1.2 "The Seller" means the registered owner(s) of the Property as reflected in the title deed, who by signing this mandate authorises the Auctioneer to sell the Property by public auction or private treaty.

1.3 "The Property" means the immovable property situated at 21 West Road South, Morningside Ext 48, Gauteng, being Erf 1764/48, Morningside Extension 48 Township, Registration Division I.R., Province of Gauteng, measuring approximately 1,200 m², together with all improvements thereon.

1.4 "Reserve Price" means the minimum price below which the Auctioneer shall not sell the Property without the prior written consent of the Seller.

1.5 "Hammer Price" means the final bid price at which the Property is knocked down to the highest bidder at auction.

1.6 "Conditions of Sale" means the standard auction conditions of sale that govern the auction and the resulting agreement between the Seller and the successful Purchaser.

2.1 The Seller hereby appoints the Auctioneer as its sole and exclusive agent to market, advertise, and sell the Property by means of public auction, and grants irrevocable authority for the duration of this mandate to negotiate and conclude a sale of the Property.

2.2 The Auctioneer is authorised to enter the Property at reasonable times and upon reasonable notice for the purposes of photography, videography, virtual tours, show days, and inspections by prospective purchasers.

2.3 The Seller warrants that all persons having legal capacity to consent to this mandate have done so, and that the Seller has the legal authority to sell the Property.

3.1 This mandate shall endure for a period of sixty (60) calendar days from the date of signature ("Mandate Period"), unless terminated earlier by mutual written agreement.

3.2 If the Property is not sold at auction, the mandate shall automatically continue on a month-to-month basis, subject to 14 calendar days' written notice of cancellation by either party.

3.3 Should the Seller withdraw the Property from sale, cancel this mandate without cause, or sell the Property privately during the Mandate Period to a purchaser introduced directly or indirectly by the Auctioneer (whether during or within 6 months after expiry of the Mandate Period), the Seller shall remain liable for the full commission as set out in clause 5.

4.1 The Seller shall confirm the Reserve Price in writing no later than 48 hours prior to the auction date. In the absence of written confirmation, the recommended reserve as set out in this proposal shall apply.

4.2 The Auctioneer reserves the right to open bidding at any price below the Reserve Price to stimulate competitive bidding. The Property shall not be sold below the Reserve Price without the Seller's express written consent.

4.3 The Auctioneer may, at the Seller's instruction, place vendor bids up to the Reserve Price. All vendor bids shall be clearly announced as such.

4.4 The Seller acknowledges that the final Hammer Price is determined by market conditions and competitive bidding, and that no guarantee of any specific price is made or implied by the Auctioneer.

5.1 The Seller shall pay the Auctioneer a commission of 7.5% (seven and a half percent) plus VAT of the Hammer Price ("Seller's Commission"), payable upon registration of transfer or upon the purchaser becoming unconditionally liable (whichever occurs first).

5.2 The commission shall be deducted from the proceeds of the sale by the transferring attorneys and paid directly to the Auctioneer.

5.3 All marketing costs, including but not limited to digital advertising, portal listings, print media, signage, photography, and videography shall be borne by the Auctioneer and are included in the commission. No additional marketing levy shall be charged to the Seller.

5.4 The buyer's premium, if applicable, shall be for the account of the Purchaser and shall not form part of the Seller's Commission calculation.

6.1 The Seller authorises the Auctioneer to market the Property through any channels deemed appropriate, including but not limited to: Property24, Private Property, the Auctioneer's website, social media platforms, email campaigns, print media, directional signage, "For Auction" boards, drone videography, virtual tours, and show days.

6.2 The Seller grants permission for professional photographs and video of the Property to be taken and used in all marketing materials. Such images may be retained by the Auctioneer for portfolio and promotional purposes after the sale.

7.1 The Seller warrants that: (a) the Seller is the registered and beneficial owner of the Property; (b) the Property is not subject to any agreement of sale, option, or right of pre-emption; (c) all rates, taxes, levies, and service charges are current; and (d) no person other than the Seller is in occupation of the Property, or if so, full disclosure has been made.

7.2 The Seller shall provide a completed Property Disclosure Form disclosing all known material defects, including but not limited to structural defects, water damage, plumbing issues, electrical faults, boundary disputes, and any pending litigation or claims.

7.3 The Seller shall provide valid compliance certificates as required by law, including electrical (CoC), plumbing, gas (if applicable), beetle/pest (if applicable), and an energy performance certificate (EPC).

8.1 The Property shall be sold voetstoots (as-is), subject to the provisions of the Consumer Protection Act 68 of 2008 ("CPA") where applicable.

8.2 The Seller acknowledges an obligation under Section 55 of the CPA to disclose all known defects and material facts. Failure to disclose known defects may result in the Seller being held liable for claims by the Purchaser notwithstanding the voetstoots clause.

8.3 The Auctioneer recommends that the Seller obtain a pre-sale property inspection report. The cost of any such inspection shall be for the Seller's account.

9.1 The auction shall be conducted in accordance with the Auctioneer's standard Conditions of Sale, a copy of which shall be made available to all registered bidders prior to the auction and shall be read aloud before bidding commences.

9.2 Key conditions include: (a) a deposit of 10% of the Hammer Price, payable immediately upon the fall of the hammer; (b) transfer to be effected within 60–90 days of the auction date; (c) occupational rent at R______ per month from date of sale to date of registration of transfer; (d) all transfer costs and duties to be for the account of the Purchaser.

9.3 The Purchaser shall be required to provide proof of identity (FICA compliance) and proof of financial capacity prior to registration as a bidder.

9.4 In the event that the highest bid does not meet the Reserve Price, the Auctioneer may negotiate with the highest bidder on behalf of the Seller, subject to the Seller's written approval of any price below the Reserve.

10.1 Governing Law: This mandate is governed by the laws of the Republic of South Africa. Any dispute arising from this mandate shall be subject to the jurisdiction of the Magistrates' Court or the High Court of South Africa, Gauteng Division.

10.2 FICA Compliance: Both the Seller and any prospective Purchaser are required to comply with the Financial Intelligence Centre Act 38 of 2001 (FICA), including the provision of proof of identity, proof of residential address, and source of funds documentation.

10.3 POPIA: The Seller consents to the Auctioneer processing personal information in accordance with the Protection of Personal Information Act 4 of 2013 for purposes related to this mandate, the sale of the Property, and the Auctioneer's legitimate business interests.

10.4 Entire Agreement: This mandate constitutes the entire agreement between the parties and supersedes all prior agreements, representations, and understandings. No variation or amendment shall be binding unless reduced to writing and signed by both parties.

10.5 Severability: If any provision of this mandate is found to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.