AUCTION 101

Not everyone is auction savvy so we have compiled the following tips on the auction process.

THE AUCTION

Familiarise yourself with all the lots on the auction before deciding what you want.
Once you have decided with the lots that you are interested in, examine them more carefully. Make sure that you have a good look at what you are buying.
Please be sure to read all the terms and conditions in the catalogue, as well as the signage posted around the auction areas.
When buying fixed property, always be sure to discuss the property with the auctioneer or staff and get a copy of our ‘Info Pack’ that will give you all the necessary information needed to make an effective buying decision.
Be sure to understand the deposit and terms of payment for each auction you attend.

BIDDING

Don’t wait for the last opportunity to bid, you might lose out.
Once knocked down to you, items cannot be cancelled.
When there are multiples of the same items, they are bid on and purchased per item.
No purchases can be removed during the auction.
No sales are subject to you, the buyer, getting finance; you must have the money available.
Don't bid for other people only yourself.
Bidding prices do not include VAT, buyers premium or any paper processing fee.
Please be sure to read the conditions of sale.

CHARGES

There is usually a buyer’s premium charged. This is a percentage of the purchase price and is normally 10%. Please check the premium at the registration office or on the front of your catalogue.
Registered vehicles carry a fee of R1500.00 (ex vat) document fee.
Unless otherwise stated, VAT is payable on the knockdown price as well as the buyer’s premium and vehicle doc fee.

PAYMENT

At any time during the auction you can pay for your purchases after confirmation from auctioneer of what was purchased.
Buyers of properties will be requested to give a deposit immediately. Payment terms will be set in the conditions of sale.
The registration office will give you the amount you have purchased for and then you need to pay. This can be done in any of the following ways:
Bank guaranteed cheque.
Bank cheque.
Electronic transfer - we have accounts with Nedbank bank. We will give you our banking details.
Cash - we do not accept cash on site. You will need to go to the nearest bank and pay the money plus 2% into our bank account. Once we have proof of the deposit you will get your invoice.
Bank finance we require a letter of credit or a 10% deposit to make up an invoice to the bank. Bank finance needs to be paid within 48hrs. of purchase.

COLLECTION

A paid invoice and receipt are required to collect your items.
Bring your paid invoice with you and hand it to one of our staff who will assist you.
Please bring your staff to load your goods.
Our security will check the delivery of the goods.
When collecting vehicles, please remember to fill in a change of ownership form and get your vehicle papers.
Please remember that once knocked down to you, legally an item lies there at your risk. Make sure that you have appropriate insurance if necessary and that you effect payment and collection as soon as possible.


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