Property: Liquidation Auction (Double Storey 6-Bedroom House Intaba-Indle Estate, Bela-Bela) (2-3 July 2024)

Summary:
Holographix Properties 265 CC (In liquidation) Masters reference number: G705/2023

Description:

Bids Open: Tuesday, 2 July 2024 at 08h00

Bids Close: Wednesday, 3 July 2024 from 11h00

Viewing: Thursday, 27 June 2024 (10h00 - 14h00)

Address: Intaba-Indle Wilderness Estate (Flamboyant Street, Bela-Bela)

Contact: Brandon 078 194 5024

Property Description:

Ground Level:

Open plan lounge/dining area

Entertainment area with 2 built-in braais

Kitchen with scullery

4-Bedrooms (All en-suite)

First floor:

2 x Bedrooms (All en-suite)

Verandah

Terms & Conditions:

R20 000 registration fee.

FICA documents to register.

10% Deposit payable on the fall of the hammer.

5% Buyers commission plus VAT payable on the fall of the hammer.

Terms And Conditions:
RULES OF AUCTION

AND

CONDITIONS OF SALE

PLACE OF AUCTION: ONLINE
BIDS OPEN: TUESDAY, 2 JULY 2024 AT 08H00
BIDS CLOSE: WEDENSDAY, 3 JULY 2024 FROM 11H00

BIDDERS CHOICE (PTY) LIMITED
Reg: 2012/123036/07
Corner of Atterbury & Jollify Main Road, Mooikloof Office Park West, Building 12, Pretoria
(The “AUCTIONEER”)

Duly instructed by

THE APPOINTED LIQUIDATORS OF
HOLOGRAPHIX PROPERTIES 265 CC (IN LIQUIDATION)
(MASTERS REFERENCE NUMBER: G705/2023)
(“The SELLER”)

The SELLERS hereby sells to the PURCHASER who purchases the following immovable PROPERTY:

PROPERTY DESCRIPTION: PORTION 218 OF THE FARM BOSPOORT 450, LIMPOPO PROVINCE
TITLE DEED NUMBER: T115235/2007
EXTENT: ± 1.6088 HA
REGISTERED OWNER: HOLOGRAPHIX PROPERTIES 265 CC

Together with all existing lease agreements pertaining thereto and all improvements of a permanent nature thereon (“the PROPERTY”) on the following terms and conditions:

1.AUCTION RULES AND PROCEDURE

1.1.The property will be sold subject to confirmation.

1.2.The seller and the auctioneer have a right to bid on the property, but shall not make a bid equal to or exceeding the reserve price.

1.3.The rules of auction comply with section 45 of the Consumer Protection Act, Act 68 of 2008 (“the Act”) and with the Consumer Protection Act Regulations (“the Regulations”) that have been published in terms thereof in Government Gazette No. 34180 on 1 April 2011 (Volume 550) and any amendments thereto from time to time.

1.4.Section 45 subsection (2) of the Act provides that: “When goods are put up for sale by auction in lots, each lot is, unless there is evidence to the contrary, regarded to be the subject of a separate transaction.”

1.5.The auction will commence at the published time and will not be delayed to allow any specific person or more persons to take part in the auction.

1.6.Registration to bid at the auction:

1.6.1.Anyone that intends to bid at the auction must register his or her identity on the bidder’s record prior to the commencement of the auction and such registration must meet the requirements of FICA (Financial Intelligence Centre Act, 2001) in respect of the establishment and verification of identity of the person and the person must sign the registration entry.

1.6.2.A person who attends the auction to bid on behalf of another person (i.e. on behalf of a company) must produce a letter of authority that expressly authorises him or her to bid on behalf of that person and that person and the person bidding on his or her behalf must meet the requirements set out in clause 1.6.1 above. Where a person is bidding on behalf of a company the letter of authority must appear on the letterhead of the company and must be accompanied by a certified copy of the resolution authorising him or her to bid on behalf of the company.

1.7.The bidder’s record and the vendor roll will be made available for inspection at the offices of the auctioneer during normal business hours without the charge of a fee. The bidders’ record will also be available for inspection at the auction.

1.8.The auctioneer has a trust account. All money due to the seller in terms of the Rules of Auction will be paid into this trust account for the benefit of the seller, minus any commission payable to the auctioneer.

1.9.The auctioneer will during the auction announce the reason for the auction unless that reason is the normal and voluntary disposal of property by the seller.

1.10.The total cost of advertising and conducting the auction of the property is R12 200.00 (Excl. VAT)
which costs are broken down as follows:

1.10.1.Advertising costs;
1.10.2.Brochure and marketing material;
1.10.3.Photography.
1.10.4.Boards

1.11.The conduct of the auction is subject to the control of the auctioneer who has the sole right to regulate the bidding procedure.

1.12.The sale shall be by the rise and the property shall be sold to the highest bidder, subject to the Rules of Auction.

1.13.Every prospective bidder must read the Rules of Auction and must not bid unless he or she has done so.

1.14.Every bid shall constitute an offer to purchase the property for the amount bid upon the terms and conditions contained herein, which the seller or the auctioneer may accept or reject in their absolute discretion.

1.15.In the event of any dispute between the bidders, the decision of the auctioneer shall be final and binding.

1.16.Any error by the auctioneer shall be entitled to be corrected by him.

1.17.No bid may be withdrawn after the fall of the hammer until the expiry of the confirmation period that is provided for in the Rules of Auction, during which time the offer shall be open for acceptance by the seller or his AUCTIONEER and if the offer is accepted, the sale shall be deemed to be a sale by auction for purposes of the Act.

1.18.The highest bidder ("the purchaser") shall on the fall of the hammer be deemed to have offered to purchase to property for the amount of his or her bid on the terms and conditions contained herein and shall sign the Rules of Auction immediately after the fall of the hammer.

2.PURCHASE PRICE

And the purchase price shall be paid as follows:

2.1.A deposit of 10% (TEN PERCENT) of the purchase price to the AUCTIONEER by the PURCHASER immediately on signature of this agreement, which amount the PURCHASER hereby authorises the AUCTIONEER to pay over to the SELLERS ATTORNEY.

2.2.The balance of the Purchase Price shall be paid in cash and secured, to the satisfaction of the SELLER's Attorneys, by a written guarantee from a registered financial institution, payable free of exchange, against registration of transfer of the PROPERTY into the PURCHASER's name. The PURCHASER may elect to secure the balance of the Purchase Price by payment in cash to the SELLER's Attorneys, who shall hold same in trust, pending registration of transfer into the name of the PURCHASER. The aforesaid guarantee shall be presented and/or cash shall be payable by the PURCHASER to the SELLER's Attorneys within 30 (thirty) calendar days from date of acceptance hereof by the SELLER.

2.3.If guarantees are not provided as per 2.2 above, then the PURCHASER shall become liable for the payment of interest on the balance of the purchase price (being the total purchase price minus the amount of the deposit that has been paid in terms hereof) at the rate of 2% (two per centum) above the Prime Rate, per month, calculated from the due date of the guarantees to the actual date when the guarantees are being provided (both days inclusive). Any such interest shall be payable by the PURCHASER to the SELLER against registration of transfer, but this provision shall not detract in any manner whatsoever from the SELLER’s rights to act in terms of the breach of contract provisions contained herein below.

2.4.Any payment made by the PURCHASER in terms of this Agreement shall be allocated first to the payment of AUCTIONEER's Commission when due then interest and thereafter to the payment of any other monies due in terms hereof.

3.ACCEPTANCE AND CONFIRMATION

3.1.By signing this Deed of Sale at the end thereof, the PURCHASER offers to purchase the PROPERTY on the terms and conditions contained herein and the PURCHASER’s offer shall remain open for acceptance by THE SELLER or by the AUCTIONEER on behalf of the SELLER, until 16H00 on the
10th DAY OF JULY 2024 (“7-day confirmation period”). The PURCHASER and the AUCTIONEER acknowledge and agree that this provision is inserted and intended for the benefit of the SELLER.

3.2.The PURCHASER's offer shall be deemed to have been accepted only when the SELLER or the AUCTIONEER, whichever may be applicable, has signed this Deed of Sale on behalf of the SELLER in the space provided at the end thereof and the SELLER shall not be required to notify the PURCHASER of the acceptance of its offer prior to expiry of the confirmation period.

3.3.Should the SELLER reject the PURCHASER's offer, the AUCTIONEER will repay to the PURCHASER any deposit and commission paid to it in terms of this agreement.

3.4.The SELLER shall notify the PURCHASER in writing of either its acceptance or its rejection of the PURCHASER's offer immediately upon receipt of written request therefore from the PURCHASER, which request shall not be made before the last day of the Confirmation Period.

3.5.In the event of the sale requiring the consent of any statutory authority or any court of law, then this sale is subject to the granting of such consent.

4.VALUE-ADDED TAX

4.1The Purchase Price is exclusive of VAT.

4.2In the event of VAT being payable on the Purchase price as a result of the sale, such VAT shall be paid by the PURCHASER to the SELLER’s Attorneys immediately on demand therefore.

4.3In the event of the rate of which VAT is chargeable being amended after the date of signature hereof by the PURCHASER and in circ*mstances in which the amended rate will apply to this transaction, then the Purchase Price shall be adjusted accordingly, the intention being that the SELLER shall receive and retain the same amount after payment regardless of the rate at which VAT is payable.

5.AUCTIONEER'S COMMISSION - PURCHASER

5.1.The PURCHASER shall be liable for and pay, in addition to the amounts payable in terms hereof, AUCTIONEER’s commission of 5% (FIVE PERCENT) Plus VAT of the Purchase Price, which commission shall be deemed to have been earned and is payable immediately upon the signing of acceptance of the PURCHASER’s offer in terms hereof by the SELLER.

5.2.The PURCHASER shall pay the full amount of AUCTIONEER’s commission into the trust account of the AUCTIONEER immediately upon the signing of hereof by the PURCHASER, but this amount shall remain the property of the PURCHASER and shall be retained in trust by the AUCTIONEER pending acceptance by the SELLER of the PURCHASER’s offer or until the SELLER either rejects the offer or until expiry of the confirmation period.

6.OCCUPATIONAL INTEREST

Should the PURCHASER take occupation of the Property prior to registration of transfer, the PURCHASER shall pay occupational interest to the SELLER calculated at 1% (one percent) of the balance of the Purchase Price per month in advance on the first day of every month, from date of occupation until date of transfer, both days inclusive, payable directly to the SELLER’s Attorney (reduced pro rata for any period less than a month). If this agreement is cancelled for any reason then the PURCHASER undertakes to immediately restore vacant occupation of the property to the SELLER, it being recorded that no tenancy shall be deemed to have been created hereby.

7.RATES AND TAXES AND LEVIES

7.1The SELLER shall be liable for all rates and taxes, levies and other Municipal charges levied on the PROPERTY for the period prior to occupation and the PURCHASER shall be liable for all rates and taxes, levies and other Municipal charges levied thereafter.

7.2The PURCHASER shall refund to the SELLER a pro rata share of all rates and taxes, levies and services paid in advance by the SELLER for the period after registration of transfer, which refund shall be paid upon registration of transfer.

7.3The PURCHASER consents to and specifically authorises the SELLER to utilize the deposit to pay
the outstanding levies, rates and taxes and any other expenses relating to the transfer of the
property.

7.4The PARTIES, including the AUCTIONEER (if applicable) agree that in the event the arrear rates
and taxes, levies and or electricity or any other statutory liability in this regard exceeds the
purchase price, this agreement shall become null and void and all monies paid by any PARTY
shall be refunded.

8.SELLER RESIDENCY AND WITHHOLDING TAX

It is recorded that the SELLER, AUCTIONEER and PURCHASER are aware of an obligation on the part of the PURCHASER to withhold part of the Purchase Price from the SELLER, if he is a non-resident of the Republic of South Africa and pay such withheld portion to the South African Revenue Services (hereinafter referred to as "SARS") in terms of Section 35A of the Income Tax Act, (hereinafter referred to as the "Act") and in that regard:

8.1The SELLER warrants that he is / is not a RESIDENT of the Republic of South Africa; (delete whichever is not applicable);

8.2The SELLER hereby indemnifies and holds harmless both the AUCTIONEER and the SELLER'S Attorneys attending to the transfer of the PROPERTY hereby sold, against any claim howsoever arising by virtue of them having acted in terms of the Act, on information supplied by the SELLER, or from any other source and the SELLER further waives any right of recourse he may have against the said SELLER's Attorneys and/or AUCTIONEER, in respect of any action or omission by them in terms of the Act, on information supplied to them by the SELLER, or any other source.

9.TRANSFER AND COSTS OF TRANSFER

9.1.Transfer shall not be passed to the PURCHASER, notwithstanding anything to the contrary herein contained, until such time as the total Purchase Price and all other amounts for which the PURCHASER may be liable in terms hereof have been paid and/or payment thereof has been secured as herein provided.

9.2.Transfer of the PROPERTY shall be passed, by the SELLER's Attorneys, as soon as reasonably possible after date of acceptance, providing the PURCHASER has complied with the provisions of the aforementioned sub-clause.

9.3.The PURCHASER hereby specifically authorises and agrees to the SELLER's Attorneys preparing and completing from information provided by the PURCHASER herein, a transfer duty form required by SARS for the clearance of the PROPERTY for transfer; and specifically authorises and agrees to the SELLER's Attorneys on behalf of the PURCHASER signing and submitting such form to SARS for which preparation, completion, signature and submission this Agreement shall be sufficient authority.

9.4.Transfer of the PROPERTY shall be effected by the SELLER's Attorneys and all expenses of and incidental to the preparation and registration of transfer, the conveyancing fees, transfer duty (if applicable), disbursem*nts and VAT (if applicable), in respect of such transfer, shall be borne by the PURCHASER including all expenses and legal costs incidental to the preparation and registration of any mortgage bond to finance the Purchase Price herein, including any disbursem*nt levied by the financial institution approving the finance.

9.5.In the event of the PURCHASER failing to comply within 7 (seven) days of being requested by the SELLER's Attorneys, to furnish them with signed documents or documentation of whatever nature necessary for effecting transfer, or in the event of the registration of transfer being delayed as a consequence of a default on part of the PURCHASER (and the widest possible interpretation shall be used in respect of the terms hereof), then ipso facto on the 8th (eighth) day after such request, the PURCHASER shall pay to the SELLER penalty interest, at the rate of 2% (two per centum) above prime, per month calculated on the balance of the purchase price from the said 8th (eighth) day until the date of transfer, (both days inclusive).

9.6.The PURCHASER acknowledges and accordingly undertakes to comply with all the FICA requirements as set out in Annexure "1" annexed hereto within 7 (seven) days from date of acceptance of this Agreement by the SELLER and to supply the SELLER's Attorneys all information and documentation required by the SELLER's Attorneys to enable the SELLER's Attorneys to fulfil their obligations in terms of FICA.

9.7.This agreement and the sale contemplated herein shall not be subject to the PURCHASER obtaining finance to fund the transaction. The PURCHASER warrants that he has the financial ability to proceed with this transaction whether or not a bond is going to be applied for or granted.

10.OCCUPATION AND RISK

10.1.Occupation of the PROPERTY shall be given by the SELLER and taken by the PURCHASER on acceptance of the offer and from this date all risks and benefits of ownership in respect of the PROPERTY shall pass to the PURCHASER.

10.2.Should the PURCHASER and the SELLER agree (in writing) to an earlier occupation date and therefore prior to transfer of the property into the name of the PURCHASER, the PURCHASER shall at its own expense insure the PROPERTY and improvements thereon for the full replacement value thereof from date of occupation, against risk of loss or damage by any cause with an insurer acceptable to the SELLER. The SELLER's interest in the PROPERTY shall be endorsed against such policy for such period.

10.3.Upon the PURCHASER taking occupation of the PROPERTY and pending transfer, the following further provisions shall apply –

10.3.1.the PURCHASER shall not sell, let or in any other manner dispose of or part with (whether temporarily or otherwise) the PROPERTY or his rights of occupation thereof, except with the written consent of the SELLER, which consent shall not be unreasonably withheld;

10.3.2.The PURCHASER shall be responsible for and pay all costs of electricity and water consumed in the PROPERTY.

11.EXISTING TENANCIES

11.1.The SELLER does not warrant that the PROPERTY is currently vacant and gives no undertakings in this regard. It is specifically agreed that it shall be the PURCHASER’s responsibility, for the PURCHASER’s own account, to ensure vacant occupation of the PROPERTY.

11.2The PURCHASER shall be bound by the terms and conditions of all existing leases, of which he acknowledges he is fully apprised alternatively which he has elected to accept and abide by.

11.3The highest bid obtained at the auction for the sale of the property subject to the lease, is insufficient to meet the amount owing under any Mortgage Bond registered over the PROPERTY, then the PROPERTY may be sold free of any lease which was entered into after registration of any mortgage bond over the PROPERTY or any lease entered into prior to the registration of any mortgage bond of which lease the holder of the mortgage bond had no knowledge.

11.4The PURCHASER is aware of the provisions of:

11.4.1The Restitution of Land Rights Act 22 of 1994:
11.4.2The Land Reform (Labour Tenants) Act 3 0f 1996:
11.4.3The Extension of Security of Tenure Act 62 of 1997,

Which regulate and / or secure the rights of tenure and occupation on land of any third party. Save as may be herein set out, the SELLER has not given any warrant or made any representations, whether express or implied, to the PURCHASER regarding the rights in law of any occupier or potential occupier or any third party in terms of the aforementioned Acts and more particularly, that such rights may not exist. The PURCHASER indemnifies the SELLER against any claim or action which any occupier may bring in terms of the PROPERTY.

12.REPAIRS AND IMPROVEMENTS

12.1.Prior to registration of transfer, the PURCHASER shall not be entitled to effect any alterations to the PROPERTY without the prior written consent of the SELLER.

12.2.The SELLER shall not be obliged to compensate the PURCHASER for any authorised alteration effected in the event of the sale being cancelled.

12.3.The PURCHASER shall be liable for any damages suffered by the SELLER as a result of any alterations effected by the PURCHASER, not authorised by the SELLER.

13.VOETSTOOTS, EXTENT AND REPRESENTATIONS

13.1.The PROPERTY is sold “voetstoots” and subject to the terms and conditions and servitudes mentioned or referred to in the current and/or prior Title Deeds and to the conditions of establishment of the Township in which it is situated and to the zoning applied to it under any Town Planning Scheme. The SELLER shall not profit by any excess nor shall it be answerable for any deficiency in the extent thereof. Neither the SELLER nor the AUCTIONEER shall be responsible for pointing out to the PURCHASER any surveyor’s pegs or beacons in respect of the PROPERTY unless requested do so by the PURCHASER or unless the SELLER and/or AUCTIONEER had knowledge of any material deficiencies in the extent.

13.2.The PURCHASER acknowledges that he has not been induced into entering into this Agreement by any express or implied information, statement, advertisem*nt or representation made or given any warranties in respect of the PROPERTY or anything relating thereto, by the AUCTIONEER or any other person, or by or on behalf of the SELLER and that is not contained in this Agreement.

13.3.The PURCHASER acknowledges that he has fully acquainted himself with the PROPERTY that he has purchased alternatively that he/she has elected to purchase the PROPERTY without fully acquainting him/herself therewith.

14.BREACH

14.1.If one of the Parties commits a breach of this Agreement or fails to comply with any of the provisions hereof, then the Aggrieved Party shall be entitled to give the Defaulting Party 7 (seven) days notice in writing to remedy such breach or failure (unless such breach or failure occurs after the transfer documents have been lodged in the Deeds Office for registration, in which case the 7 (seven) day period may, at the election of the Aggrieved Party be reduced to 48 (forty eight) hours). If the defaulting party fails to comply with such notice then the innocent party shall forthwith be entitled, but not obliged, without prejudice to any other rights or remedies which the it may have in law, including the right to claim damages:

14.1.1.to cancel this Agreement and upon cancellation: -

14.1.1.1.if the defaulting party is the PURCHASER the SELLER shall be entitled to retain all amounts paid by the PURCHASER, excluding AUCTIONEER’s commission, as rouwkoop or as a genuine pre-estimate of damage suffered by the SELLER, and furthermore the PURCHASER shall not be entitled to compensation from the SELLER for any improvements of whatsoever nature it may have caused on the PROPERTY, whether with or without the SELLER’s consent; and

14.1.1.2.if the defaulting party is the SELLER the PURCHASER shall be entitled to a full refund of all money paid in terms hereof to the SELLER and to the AUCTIONEER and to claim any other damages from the SELLER that it may have suffered as a result of the SELLER’s default;

(OR)

14.1.2.To claim immediate performance and/or payment of all the defaulting party's obligations in terms hereof.

14.2.Upon cancellation of this Agreement for whatever reason, the PURCHASER hereby undertakes to forthwith vacate the PROPERTY and to procure that the PROPERTY shall be vacated by any persons who occupy the PROPERTY through the PURCHASER's title or by his permission. Occupation shall be re-delivered in the same good condition as at the date of occupation.

14.3.Occupation of the PROPERTY by the PURCHASER or persons on the authority of the PURCHASER shall not create a tenancy either in terms of any statutory provision or at common law.

15.LEGAL COSTS

The Defaulting Party shall be liable for all legal costs incurred by the Aggrieved Party, the AUCTIONEER and his AUCTIONEER / Attorneys in enforcing the terms of this agreement, on an Attorney and own client scale, including collection commission.

16.ADDRESS / DOMICILIUM

16.1.The PURCHASER and the SELLER hereby choose their respective addresses / domicilium citandi et executandi for all purposes in respect of this Deed of Sale, including all notices and Court process to be delivered in terms hereof, the address recorded below his signature hereunder. Any notice sent by pre-paid registered post shall be deemed to have been received on the fifth day after posting; any notice delivered by hand shall be deemed to have been received on the day of delivery; any notice sent by telefax or electronically transmitted by email, shall be deemed to have been received on the first business day after date of despatch thereof.

16.2.Notwithstanding anything to the contrary herein contained, any written notice or communication actually received by a Party to this Agreement shall be deemed to be adequate written notice or communication to him notwithstanding that it was not sent or delivered at the chosen address / domicilium citandi et executandi or transmitted to such Party's telefax number and/or email address as stipulated herein.

16.3.The terms of "writing" shall include communications by email or facsimile.

16.4.The parties undertake on request to provide the Conveyancing attorney with documentation necessary to comply with FICA (Financial Intelligence Centre Act).

17.JOINT AND SEVERAL LIABILITY

If this agreement is concluded with more than one PURCHASER, the liability of all such PURCHASERS to the SELLER and to the AUCTIONEER shall be joint and several in solidum.

18.SECTION 112 AND 115 OF THE COMPANIES ACT

18.1.It is recorded that the SELLER and the PURCHASER are aware of the provisions of Sections 112 and 115 of the Companies Act 71 of 2008 (as amended) (“Section 112”), namely that if the SELLER is a company and if the PROPERTY constitutes either all or the greater part of the assets or the undertaking of the SELLER, then the directors of the SELLER shall not have the power, save by a special resolution of the shareholders of the SELLER, to dispose of the PROPERTY.

18.2.Accordingly, the SELLER warrants that the provisions of Section 112 are / are not (delete as appropriate) applicable to the sale of the PROPERTY.

18.3.If Section 112 is applicable to the sale of the PROPERTY and if the directors of the SELLER have not already been granted the necessary authority in terms of Section 112 to dispose of the PROPERTY, then within 45 (forty five) days of the acceptance date the SELLER shall procure that its shareholders pass a special resolution ratifying the sale of the PROPERTY.

19.INSOLVENCY ACT NO. 24 0F 1936

The Parties agree that notice of the sale of the property, pursuant to this Agreement, will not be published by the SELLER and the SELLER indemnifies the PURCHASER against any claims which may be made arising from the said sale not being advertised. The SELLER warrants the PURCHASER that if any proceedings of any kind referred to in SECTION 34 of the Insolvency Act No. 24 of 1936, are instituted prior to the date of transfer, it will immediately pay all amounts due by the entity that has instituted such proceedings. The SELLER furthermore indemnifies and holds the PURCHASSER harmless against any losses or damages that the PURCHASER may suffer by reason of such proceedings being instituted.

20.NOMINEE

The PURCHASER shall be entitled, by notice in writing to the SELLER, to nominate a nominee in his place as PURCHASER, upon the following terms and conditions:

20.1.the aforesaid notice shall be handed to the SELLER by not later than 24h00 on the same day as the acceptance date by the SELLER;

20.2.the notice shall set out the name and address of the nominee so nominated as PURCHASER;

20.3.the notice shall be accompanied by the nominee’s written acknowledgement:

20.3.1. that it is fully aware of all the terms and conditions of this Deed of Sale as if fully set out in such written acknowledgement; and

20.3.2.that it is bound by the provisions of this Deed of Sale as the PURCHASER;

20.4.should the PURCHASER nominate a nominee in terms of this clause, then:

20.4.1.all reference to the PURCHASER in this agreement shall be deemed to be a reference to its nominee; and

20.4.2.the PURCHASER by his signature hereto, hereby interposes and binds himself as surety and co-principal debtor in solidum, for and on behalf of all the obligations of the aforesaid nominee as PURCHASER, to and in favour of the SELLER, for all the PURCHASER'S obligations under this agreement, including damages, and renounces the benefits of division and excussion.

21.COMPANY TO BE FORMED

21.1.In the event of the PURCHASER signing this agreement in his capacity as AGENT for a company to be formed and the PURCHASER fails within 20 (twenty) days from date of acceptance and confirmation of this agreement to register such company having as one of its objects the ratification and adoption of this agreement, or such company fails to adopt or ratify this agreement within 15 (fifteen) days after date of its incorporation, then in such an event the PURCHASER shall be deemed as from the date thereof to have entered into this agreement in his personal capacity and to have acquired all the rights and obligations of the PURCHASER under this agreement.

21.2.In the event of such company being registered and duly adopting or ratifying this agreement, or the nomination effected, then the PURCHASER by his signature hereunder, shall be deemed to bind himself to the SELLER as surety and co-principal debtor in solidium with such company for the due performance by it as PURCHASER of the terms, conditions and obligations arising out of this agreement.

22.COMPANIES, CLOSE CORPORATIONS, ASSOCIATIONS OR TRUSTS

22.1.Should the PURCHASER be a company, close corporation, association or trust, the person signing this agreement on behalf of such PURCHASER, by his signature hereto interposes and binds himself as surety for and co-principal debtor with the PURCHASER for the due and proper discharge of all its obligations arising from this agreement.

22.2.If any individual person to be representing another person including a company, close corporation, association or trust, and signs this Deed of Sale on that basis, that individual shall by signing this agreement on behalf of such other person be held personally liable for the due and proper discharge of all the PURCHASER’s obligations in terms of this Deed of Sale and that individual shall be deemed to be the PURCHASER where such other person does not exist at the time of signing this Deed of Sale by that individual. This provision does not apply to instances contemplated in clause 19.

23.ELECTRICAL INSTALLATION CERTIFICATE OF COMPLIANCE

23.1The PURCHASER hereby undertakes to furnish the SELLER's Attorneys, prior to transfer by the SELLER, with a Certificate of Compliance in respect of the PROPERTY and any electric fence (if applicable), in terms of the Electrical Installation Regulations of 2009 under the Occupational Health and Safety Act (Act No. 85 of 1993, as amended), issued by an electrical contractor who is registered in terms of the Regulations. All costs incurred in obtaining such a certificate, including costs of any repairs or replacements required in order for the certificate to be issued, shall be borne by the PURCHASER.

24.DISPUTE RESOLUTION: MEDIATION THEN ARBITRATION
24.1.Should any dispute, disagreement or claim arise between the parties, which includes the AUCTIONEER, (“the dispute”) concerning this agreement then the parties shall, notwithstanding anything to the contrary contained herein, have the right, but not be obliged, to:
24.1.1.submit the dispute to mediation to be administered by the Arbitration Foundation of Southern Africa (“AFSA”), upon such terms as agreed between the parties and the secretariat of AFSA; and
24.1.2.Failing agreement as aforesaid within 7 (seven) days of the dispute being submitted to mediation, the parties shall refer the dispute to arbitration as provided below.
24.2.Failing agreement as referred to above, the dispute shall be submitted to arbitration for final resolution in accordance with the rules of the AFSA by an Arbitrator or Arbitrators appointed by the AFSA.
24.3.Unless otherwise agreed in writing by all the parti

Buyer's Fees:
2.PURCHASE PRICE

And the purchase price shall be paid as follows:

5.AUCTIONEER'S COMMISSION - PURCHASER

23.ELECTRICAL INSTALLATION CERTIFICATE OF COMPLIANCE

Offsite Terms And Conditions:
By participating in this Online Auction, you consent to be bound by these terms and conditions in addition to our general terms and conditions as well as any additional terms that may be imposed by the seller or announced at the auction, included within the Notice to Purchasers, Rules of Auction and/or set forth on individual asset lot pages. For the purposes of these terms and conditions, we refer to any person or entity registering to offer or offering to buy goods as a "buyer" regardless of whether any contract of sale is concluded.

Property: Liquidation Auction (Double Storey 6-Bedroom House Intaba-Indle Estate, Bela-Bela) (2-3 July 2024) | Bidders Choice (2024)

References