The Rules of Auction comply an auction ply 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 any platform.
In accordance with the provision of the CPA, Moyo Properties and Auctions 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 compete 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 a sold subject to a reserve price and to a five-
business day acceptance period in favor of the seller,
4. Unless otherwise announced Moyo Properties and Auctions, and the Auctioneer are entitled to bid on behalf of the Seller up to reserve price.
5. The auction will commence at 11:00 hours and will not be delayed to allow any
specific person to take part in the auction,
6. The highest bidder of any lot he/she acknowledges and agrees to pay a buyer’s
premium of 10% over and above the bid price on the fall of the hammer, and 5%
deposit shall be payable on the fall hammer, total of 15% is required. In the event
that a cash deposit is made, the depositor will be liable for the bank charges relating
to the transaction. But only EFT payments are allowed. The auctioneer will announce
if the seller is Vat Vendor, then vat will apply.
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 Control 2001 (Act No.
38 of 2001) and Money Laundering and Terrorist Financing Control Regulations.
8. The bidder acknowledges that any person 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, must submit
documentation in support and verification of their identities in terms of the Financial
Intelligence Control 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. Moyo Properties and Auctions has a Trust 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 agree commission.
11. The Auctioneer will announce the reason for the auction unless such reason is
normal and voluntary disposal of the property by the owner.
12. All bidders must register prior to the commencement of the Auctions, and must
provide proof of address, ID copy and authority to transact on formal letterhead.
13. The bidder’s record and vendor’s roll required to be kept in terms of the CPA will be
available for inspection free of charge during normal working hours at the office of
Moyo Properties and Auctions.
14. Any person present at the Auction may object to the Rules and such objection shall
be recorded in the Vendor’s roll.
15. The cost of an auction are as follows
a) Cost of advertising and conducting the Auction is R10 000,00 per lot
16. The conducting of the Auction is subject to the Auctioneer who has the sole right to
regulate the bidding.
17. The Rules have not been amended after their initial publication.
