1. Definitions
"The Seller" refers to the registered owner(s) of the Property. "The Auctioneer" refers to Auction Central (Pty) Ltd, Company Registration No. 2019/553732/07, duly authorised to conduct the auction. "The Property" refers to 21 West Road South, Morningside Ext 48, Erf 1730. "Mandate Price" refers to the minimum price at which the Property may be sold at auction.
2. Standard Conditions of Sale
The SELLER hereby authorises the Auctioneer to sell the Property subject to its standard conditions of sale with which he declares himself to be acquainted and the SELLER undertakes to abide by any directions to the Auctioneer in order to promote and/or execute the sale. The SELLER acknowledges that the term includes any amended set of special conditions of sale, amendments made to the sole discretion of the Auctioneer, should the need arise.
3. Marketing & Promotional Campaign
Auction Central shall conduct a marketing and promotional campaign in accordance with the marketing budget annexed hereto. The SELLER shall be responsible for the payment of the marketing and promotional campaign. A pro forma invoice will be generated within 48 hours, payment is to be received within 7 (seven) days. Should the SELLER default on payment, all marketing activities will be paused until payment is received in full.
4. Auction Date
The auction shall be held: Boardroom on To be confirmed, or on an alternative date and time should it be required.
5. Mandate Price & Bidding
5.1 The SELLER shall accept the conditions of sale representing the highest bid equal to or more than the Mandate Price, failing which the SELLER authorises Auction Central (acting through any of its representatives) to accept the highest bid representing the Mandate Price.
5.2 The Property may be sold at the Mandate Price. If no bid equals or exceeds the Mandate Price, the Property may be withdrawn from the auction.
5.3 The SELLER, at its discretion, may accept a lower bid price than stated above and instruct the Auctioneer to accept such lower bid.
5.4 The Auctioneer or his agent shall be entitled to bid up to the Mandate Price on behalf of the SELLER, but shall not be entitled to make a bid equal to or exceeding the Mandate Price.
6. Confirmation
The Property is to be offered for sale subject to confirmation by the SELLER within three (3) days after the date of signature on an offer received from a prospective Purchaser.
7. Bidder's Premium
The fee due to Auction Central shall be paid by way of the bidders' premium equal to 10% excluding VAT of the bid price. Auction Central shall be entitled to retain the bidders' premium for its own account, deemed earned on confirmation of the sale by the SELLER.
8. Mandate Period
This mandate is irrevocable from date of signature hereto until 60 (sixty) days after the auction date. Auction Central also has the right to nominate 3rd party estate agencies to assist with the sale and marketing during the mandated period.
9. Terms of Mandate
Should the SELLER sell the Property during or after the termination of the mandate period to any Purchaser introduced to the SELLER by Auction Central (whether for greater or less than the Mandate Price), Auction Central shall immediately be entitled to payment of the bidders' premium by the SELLER.
10. Seller's Responsibilities
10.1 During the entire mandate period keep the Property in a clean, neat, tidy, in operational condition and generally maintain the Property at its best appearance for selling purposes.
10.2 Not interfere with Auction Central in the exercise of its duties or generally do anything or omit to do anything which may reasonably prevent or restrict Auction Central from selling the Property under the Mandate.
10.3 Refer to Auction Central all enquiries received about the Property during the currency of this agreement.
10.4 Not cancel this agreement or withdraw the Property from auction without the prior written consent of Auction Central.
10.5 Generally give Auction Central every reasonable assistance required by it in relation to the sale of the Property.
10.6 Remove any existing promotional material regarding the Property and allow Auction Central to place an advertising banner or sign in front of the Property for the duration of the Mandate Period and a Sold sign until transfer.
11. Accuracy of Information
11.1 The SELLER warrants the accuracy of all information given to Auction Central relating to and/or in connection with the Property and that it has not willingly failed to disclose to Auction Central any material information.
11.2 The SELLER indemnifies fully and holds Auction Central harmless against any claim of any nature whatsoever as a result of any information provided by the SELLER being inaccurate to any extent.
11.3 The SELLER warrants that all written consents required by the Matrimonial Property Act 88 of 1984 in respect of this mandate or any other matter arising therefrom, have or will be given.
11.4 The SELLER agrees not to discuss or indicate to any party, or to any other agent or auction company, any minimum prices, estimated prices or detail with regards to the Property. All enquiries are to be referred to Auction Central.
Fidelity Fund Certificate: This hereby warrants the validity of the Auctioneer's Fidelity Fund Certificate as at the date of this mandate. Signature of this document confirms that the SELLER(S) accept(s) all Terms and Conditions as laid out in this agreement. I/we hereby give Auction Central consent to process my/our personal information, in accordance with the provisions of the Protection of Personal Information Act (POPIA), for all purposes related to the carrying out of this mandate. Such consent extends to sharing personal information with attorneys, other estate agencies, and financial consultants.
