Bidding starts at

10 Feb 2020 @ 08:00AM

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66 & 68 OWEN STREET UMTATA

ERF 330 & 327 OWEN STREET UMTATA

Bidding stops on 24 Feb @ 08:00

ERF 330 & 327, 66 & 68 OWEN STREET UMTATA

ERF 330 & 327, 66 & 68 OWEN STREET UMTATA

Office Park: Size – 1041 SQM

CONDITIONS OF SALE

R50 000 refundable deposit (strictly bank guaranteed cheque or cash transfer only). Bidders must provide original proof of identity and residence on registration. No cash will be accepted at the auction. No exceptions. All bids are exclusive of VAT. Riley Auctioneers (Pty) Ltd may bid up to reserve on behalf of the sellers. Subject to change without notification. Auctioneer: Kwanele Boltina

• Registration: Bidders can register at any time ONLINE at online.rileyauctions.co.za prior to auction or by contacting the auction house: 0114405663 on auction day at the above- mentioned venue.

• Identity and FICA documents are required in order to register for the auction. All potential buyers are required to pay a registration fee of R50 000 in order to bid at the auction. This amount can be paid either by cash deposit (2% cash handling fee applicable) or EFT into the Auctioneer’s trust account.

• Once registered each buyer will be issued with a buyer’s card reflecting a buyer’s number. Upon signature of the registration documents, all buyers will have acknowledged and accept the Terms and Conditions set out in the Rules of Auction. Registration Fee: R50 000.00 (Refundable to unsuccessful bidders) Deposit: 15% of hammer price Confirmation period: 7 business days. Balance of the purchase price payable within 21 business days after confirmation of sale. The bid price excludes the buyer’s premium which is payable over and above the purchase price.

• Example: Highest bid with buyer’s premium Bid Price: R 100 000.00 Buyers comm. (10%) R 10 000.00 VAT on the Buyer’s Premium R 1 500.00 Total Purchase Price R 111 500.00 The auctioneers have the right to regulate the bidding at the auction and to bid on behalf of the seller up to (but not exceeding) the reserve price as mandated by the seller. When the auctioneer knocks down the property to the highest bidder the successful bidder will sign the Conditions of Sale on the day. A deposit of 15% is payable on the fall of the hammer. This percentage is made up of the commission payable by the successful bidder of 10% plus VAT (namely, 11.5%) plus a 10% deposit on the purchase price of the Property. The deposit is payable by way of a Cash Deposit (2% cash handling fee applicable) or electronic transfer.

• The deposit and buyer’s premium are deposited into the Riley Auctioneers Trust account. For queries regarding the properties on auction contact: Kwanele Boltina: 0825328896 Riley Auctioneers offices: 0114405663

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