Sale Terms and Important Information

AGREEMENT OF SALE

OF IMMOVABLE PROPERTY

BY PUBLIC AUCTION

RULES OF AUCTION (AS PER SECTION 21 (2)(a) OF THE CONSUMER

PROTECTION ACT REGULATIONS) - CLAUSE 13 BELOW (WHICH COMPLIES WITH

SECTION 45 OF THE ACT AND THE REGULATIONS)

PLACE WHERE THE AUCTION WILL BE HELD:  I – Bidder.com on-line Auction

1. Definitions:

1.1.                The following words and expressions shall, unless the context otherwise requires, have the

meanings assigned to them respectively 

1.1.1.                    "The Auctioneer" shall mean: Realty Arena cc in conjunction with I-Bidder .com

1.1.2.                    "The Seller" shall mean: ______________________________________________

1.1.3.                    "The Purchaser" shall mean: the person to whom the property is knocked down and sold by the Auctioneer and who actually bids for the property _______________________________________________________________ 

1.1.4.                "The Property" shall mean: ________________________________________

1.2.                Clause headings are inserted for convenience and shall not be used in the interpretation.

1.3.                Unless the context clearly indicates a contrary intention or expression the singular includes the plural and vice versa and any gender includes the other genders.

2 .Sale

The Seller sells to the Purchaser who purchases the Property together with all buildings and erections and fixed improvements thereon, on the below-mentioned terms and conditions.

3. Purchase Price

3.1.                The purchase price is the sum of: R___________________________________________

(_______________________________________________________________________)

3.1.1.                    a deposit of 10% (Ten percentum) of the purchase price to the conveyancing  attorney upon the Purchaser’s signature hereof by way of a bank guaranteed cheque.

3.1.2.                    the balance of the purchase price shall be secured by a bank guarantee/s approved by the Seller's conveyancers expressed to be payable at Johannesburg against registration of transfer of the property to the Purchaser, which guarantee/s shall be furnished no later than 45 (Forty five) days from date of signature hereof by the Purchaser.

4. Possession and occupation

4.1.                Possession and occupation of the property, subject to the rights of any existing tenant/s of which the purchaser declares himself to be aware, shall be given to the Purchaser upon registration of transfer thereof in the name of the Purchaser from which date the property shall be at the sole risk, profit and loss of the Purchaser who shall be liable for all rates and taxes and other imposts levied thereon and entitled to all rentals accruing there from.  The Purchaser shall refund to the Seller a proportional share of any payments made by the Seller in advance of the date of possession in respect of assessment rates, sanitary fees and other charges.

4.2.                Should it be agreed by the parties hereto in writing that occupation of the property shall be given to and taken by the Purchaser prior to registration of transfer, the Purchaser shall in consideration thereof pay to the Seller, monthly in advance occupational rental of 10% (Ten percentum) per annum of the balance of the purchase price as determined in terms of clause 3.1.2 until the date of transfer.

5. Commission

On signature of this agreement by the purchaser, the Purchaser shall pay the Auctioneer commission of 10% (ten percentum), of the purchase price, which commission shall be deemed to be earned by the Auctioneer and payable to him upon confirmation of the Sale.

6. Voetstoots

6.1.                The property is sold:-

6.1.1.                    in its present condition, "voetstoots" without liability on the part of the Seller for -

6.1.1.1.                any defects, latent or patent, in the property, or

6.1.1.2.                any damages suffered by the Purchaser by reason of such defects;

6.1.2.                    without any warranties of any nature, either express or implied, other than any set out in this agreement;

6.1.3.                    subject to :

6.1.3.1.                all conditions and servitudes set out or referred to in the current or prior title deeds,

6.1.3.2.                all other conditions servitudes and/or encroachments which may exist in regard to the property.

6.2.                The Purchaser acknowledges that, to the extent the Purchaser has deemed necessary, the Purchaser-

6.2.1.                    has inspected the property;

6.2.2.                    is acquainted with the nature, condition, extent and locality of the property and with the position of the beacons in respect of the property, which beacons the Sellers shall not be obliged to point out to the Purchaser;

6.2.3.                    has examined the title deeds in respect of the property and any township conditions and town planning scheme applicable to the property.

6.3.                The Seller shall not be liable for any deficiency in the extent of the property, which may be revealed on any resurvey of the property, nor shall the Seller benefit by any excess.

6.4.                The Purchaser acknowledges that he is fully aware of the Town Planning Regulations relating to the property.

7    Breach

7.1               Should the Purchaser fail to comply with any terms and conditions of this Agreement and

      remain in default for a period of 7 (seven) days after despatch of written notice per registered

      post, or telefax, or hand delivery, requiring such default to be remedied, the Seller shall be

      entitled (without prejudice to any other rights he may have at law), to sue for the immediate

      specific performance of any or all of the Purchaser's obligations under this agreement whether

      or not any such obligation is then due or to cancel this Agreement forthwith and to receive or

      retain as "rouwkoop" or as a genuine pre-estimate of damages or on account of any pending

      determination by a Court of the actual damages sustained, the balance of the deposit and any

      other monies paid by the Purchaser after deduction of the commission payable to the

      Auctioneer in terms of Clause 5 herein.

        7.2        Notwithstanding the aforegoing, if the Purchaser fails to pay the deposit and or provide the

      guarantee referred to in Clause 3 above, then the Seller shall be entitled without prejudice to its

      rights to immediately cancel the agreement without having to give prior notice to the Purchaser.

8         Jurisdiction

The Seller shall be entitled to institute any proceedings against the Purchaser arising out of or in connection with this Agreement in any Magistrates' Court having jurisdiction.

9         Domicilium

For all purposes under this agreement the Purchaser selects the address:______________________________________________________________________________________________________________________________________________________________________

 as his domicilium citandi et executandi to which address all notices or other documents in relation to

 those presents may be sent and which all processes may be served. 

10      Relaxation

No relaxation or indulgence which the Seller may show to the Purchaser shall in any way prejudice the Seller's rights hereunder and, in particular, no acceptance by the Seller of any payment after due date (whether on one or more occasions) shall preclude or stop the Seller from exercising any rights enjoyed by him hereunder.  Unless otherwise stated by the Seller in writing, the receipt by the Seller or his agents of any payment shall in no way whatsoever prejudice or operate as a waiver, withdrawal or abandonment of any cancellation or right to cancellation effected or acquired prior to such receipt.

11      Transfer

All costs of transfer, transfer duty, if applicable, and matters incidental thereto shall be paid by the Purchaser.  Transfer shall be passed by the Seller's attorneys after the Purchaser has complied with the terms hereof and the Purchaser undertakes to sign all documents and make payment of all costs as aforesaid immediately the Purchaser is called upon to do so by the Seller's attorney.

12     Identity of Purchaser

12.1                 Where the expression "the Purchaser" relates to more than one person, the obligation of such

             persons under this agreement shall be joint and several.

12.2                 Insofar as the Purchaser is acting as an Agent, or a Trustee for a Company/Close Corporation

             formed or to be formed, the Purchaser undertakes that the Company/Close Corporation will be

             registered within a period of 30 (thirty) days from the date of confirmation of the sale and that

             upon incorporation it will ratify and adopt this Agreement.   The purchaser hereby agrees by his

             signature hereunder to be personally bound as surety and co-principal debtor in solidum and

             under express renunciation of the benefits of excussion and division.  In the event of the

             Company/Close Corporation not being incorporated as aforesaid, or having been incorporated,

             failing to adopt and ratify this Agreement, then in such event and notwithstanding anything to

             the contrary herein contained, the Purchaser by his signature hereunder will be personally liable

             for the fulfilment of all obligations to the Seller. 

13    Rules of auction

13.1                 The purchaser records that he shall be bound by announcements made by the Auctioneer at the

             commencement of and during the sale whether or not he is present at the time such

             announcements are made.

13.2                 Should the Purchaser fail to sign this Agreement immediately after the property shall have been

             knocked down to him, when requested to do so, the Auctioneer may without prejudice to any

             other remedies available to him, declare the sale cancelled and again put up the property for

             auction.

13.3                 If the highest bidder to whom the property is knocked down is acting on behalf of a principal he

             shall on signature of this Agreement declare the name and address of his principal to the

             Auctioneer and furnish to the Auctioneer his written authorisation so to act.

13.4                 The conduct and control of the auction shall be executed entirely by the Auctioneer, who will

             regulate advances of bidding.

13.5                 The Auctioneer alone shall have the right at any stage of the auction of determining the last

             bidder.

13.6                 The Auctioneer shall have the right to discontinue and recommence the auction.

13.7                 The Auctioneer may reject or refuse to accept any bid including the highest bid without

             assigning any reason therefore, and he may withdraw the property for sale either before or

             after it has been put up for auction.  Any refusal or withdrawal by the Auctioneer shall be

             deemed to be a refusal or withdrawal by the Seller.

13.8                 The Auctioneer or his agent shall be entitled to bid for the property on behalf of the Seller.

13.9                 Should any dispute, disagreement or claim arise between bidders at the Auction, the parties

             shall submit the dispute for resolution by the Auctioneer whose decision shall be final and

             binding on the parties.

13.10              Each bid shall be a binding offer and will be irrevocable until such time that the property is

             knocked down which shall however be subject to confirmation by the Seller within 7 days (seven

             days) of the auction ("the confirmation period") on the basis that –

13.11              Should the sale of the property be confirmed by the Seller the Auctioneer shall inform the  

       Purchaser thereof personally ,by email or at his chosen domicilium within the confirmation    

      period, failing which the property shall be deemed not to have been sold.

 During the confirmation period :-

                       13.11.1the Purchaser shall not be entitled to withdraw his bid;

13.11.2  should the Auctioneer receive a higher offer which is acceptable to the Seller, within the confirmation period from any person, the Purchaser shall be entitled to equal such higher offer, for confirmation by the Seller failing which the property shall be deemed not to have been sold to the Purchaser.

13.12     In the event that the property shall consist of several lots the Auctioneer may offer the property in the first instance in one lot or in several lots as he may determine at the sale; or withdraw the property or any lot at any time before it has been actually knocked down.

13.13     As the Auctioneer is acting as agent for the Seller, the Purchaser shall not have any claim against the Auctioneer howsoever arising and whether the Seller's name is disclosed or not.

13.14     The Auctioneer shall be under no financial liability in respect of any matters arising out of the

                auction or particulars of sale or in the conditions of sale.

13.15     The Purchaser shall have no claim against the Auctioneer in respect of any damage or claim

               suffered by or made against the Purchaser by reason of the Purchaser entering into the  

        contract to purchase or to acquire any other interest in the property.

13.16     The Seller shall at its cost obtain an Electrical Compliance Certificate in terms of the

             requirements of the Machinery and Occupational Safety Act as amended.   

13.17     It is hereby agreed between the parties hereto that this Agreement constitutes the entire

             agreement between the parties hereto for the Sale and Purchase of the property and that it may

             only be varied or modified in writing and signed by the parties and that no representation

             warranty or statement whether written or oral or implied hereto made by or on behalf of one

             party to the other shall be capable of being treated as forming any part of this Agreement or as

             an inducement by the Seller to the Purchaser to enter into this Agreement.

13.18     The Purchaser undertakes to provide the prescribed documents and information as required in

             terms of the Financial Institutions Control Act (FICA) to the Sellers Attorney upon demand.

13.19     The parties hereto record their acceptance of the conditions governing the rights and duties

             recorded in this agreement.

SIGNED by or on behalf of the PURCHASER on this the____________day of ___________________20__

AS WITNESSES:

1. ____________________________

2. _____________________________                    __________________________________________

                              PURCHASER

                  (DULY AUTHORISED)

SIGNED  at ____________________ on this the ___________ day of ____________________20__

AS WITNESSES:

1. ___________________________

2. ___________________________                         __________________________________________

                            AUCTIONEER

I/We hereby confirm and accept the sale.

SIGNED  at ____________________ on this the _______ day of ______________________20__

AS WITNESSES:

1. ___________________________

2. ___________________________                                        _____________________________________

                               SELLER

PURCHASER  DETAILS

FIRST NAME:                     _______________________________________________

SURNAME:                                                _______________________________________________

ID / PASSPORT NO:                        _______________________________________________

GENDER:                                           F / M

PHYSICAL ADDRESS:                      _______________________________________________

______________________________________________________________________________

______________________________________________________________________________

POSTAL ADDRESS:                          _______________________________________________

______________________________________________________________________________

______________________________________________________________________________

EMPLOYMENT DETAILS:               _______________________________________________

______________________________________________________________________________

______________________________________________________________________________

EMAIL ADDRESS:                            _______________________________________________

TELPHONE NUMBERS:

Office)                        _______________________________________________

               Home)                 _______________________________________________

Cellular)                     _______________________________________________

SELLER DETAILS

FIRST NAME:                     _______________________________________________

SURNAME:                                               _______________________________________________

ID / PASSPORT NO:                        _______________________________________________

GENDER:                                           F / M

PHYSICAL ADDRESS:                      _______________________________________________

______________________________________________________________________________

______________________________________________________________________________

POSTAL ADDRESS:                          _______________________________________________

______________________________________________________________________________

______________________________________________________________________________

EMPLOYMENT DETAILS:               _______________________________________________

______________________________________________________________________________

______________________________________________________________________________

EMAIL ADDRESS:                            _______________________________________________

TELPHONE NUMBERS:

Office)                        _______________________________________________

               Home)                 _______________________________________________

Cellular)                     _______________________________________________