Bank properties on auction
ACROSS THE COUNTRY: GOOD OPPORTUNITY FOR INVESTORS OR BARGAIN HUNTERS
Portfolio includes residences, apartments, town houses and vacant land.
More than 60 properties will be auctioned by the ClareMart Auction Group in April at the MFC Auction House on the M57 at the request of one of South Africa’s leading banks. The portfolio includes residences, apartments, town houses, vacant land and investment opportunities across the country
“In accordance with our long-standing relationship with a premier financial institution we will be deploying our highly effective auction model to find satisfactory owners of a wide array of properties,” says ClareMart’s legal auctions director MC Du Toit. “The properties on offer are in Johannesburg, Pretoria, Vanderbijlpark, Hartbeespoort, Vereeniging, Boksburg and Bedfordview to Durban, Pinetown, Pietermaritzburg, Beacon Bay and Margate, not to mention Port Elizabeth, Witbank, Meyerton, De Doorns, Kokstad, Parys, Ennerdale, Lawley and Gillets.”
This is an unparalleled opportunity for investors and others to acquire property. “What is important,” says Du Toit, “is that bidders are aware that no nominations are allowed after the auction. Those wishing to buy on behalf of a company, closed corporation or trust must furnish all required documentation upfront on registration.”
To buy on behalf of a company or a closed corporation, bidders must have a resolution signed by all shareholders, directors or members authorising you to bid on their behalf for a specific property, your company registration documents, copies of the identity documents of all shareholders, directors or CC Members.
“The same applies to bidders on behalf of a trust,” Du Toit adds.
You must have a resolution signed by all trustees authorising you to bid on their behalf for a specific property, as well as the trust registration documents and copies of the identity documents of all trustees.
All bidders must also furnish all Financial Intelligence Centre Act required documents to register to participate in the auction. This includes proof of residence not older than three months.
Only the highest bids on the day will be presented to the bank for consideration and no counter offers afterwards will be entertained.
Bidders must conduct their own investigations into the properties that are of interest to them. If you are the highest bidder on a property for an amount of R50 000 or less, you must settle the full purchase price on the day of auction.
In all other cases, a 5% deposit and a 6% auctioneers’ fee, which includes VAT on the fee, is payable on the fall of the hammer by means of a bank guaranteed cheque or EFT only. The balance is payable on transfer. The bid price includes VAT and no transfer duty is payable.