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Guidelines for Online Auction

1. Guidelines for Instant Property Online Auction

1.1.1 Instant Property February 2018 Online Auction Details

  • Start Date & Time: Wednesday, 7th February 2018 at 8am.
  • End Date & Time: Wednesday, 28 February 2018 at 9pm.

1.1.2 Location: https://auction.instantproperty.co.za/ or on the Instant Property Auction Smartphone and Tablet Applications.

1.2 Log on or Download

  • log on to the Instant Property Auction website: https://auction.instantproperty.co.za/ or download the smartphone and tablet app on the Apple store and Google Play store. Search "Instant Property Auction"

1.3 Registration & Authentication

  • Register your account and set up your buyers profile with Instant Property Auction
  • You will next be requested to authenticate your account via e-mail. Please make sure to check your spam folder if you do not receive an e-mail from Instant Property Auction immediately.

1.4 Login, Search, Find and View

  • Once you are authenticated, you can log in and view all the live auction lots on Instant Property Auction.
  • To find your property of interest: type the name of the property in the auction search bar and click the search button. Please note  you will have access to additional search filters.
  • Once you have found your property of interest, you can click on the lot and access the details page with all the relevant information.

 1.5 Requesting Bid Access

  • To bid on a lot, click on the button "Request Bid Access" button and an Instant Property Auction representative will be in contact with you to request the following:
  • Your relevant FICA documentation.
  • Registration Fee: R25 000 (Refundable to unsuccessful bidders) by  EFT or by adding and charging your credit card details on your related platform.
  • Once received you will get access to the bidding page and you will be able to bid.
  • Upon acceptance of the website or application terms and conditions, all buyers will have acknowledged and accepted the Terms and Conditions set out in the Rules of Auction.

1.6 Bidding Dynamics

  • A bidder can bid as many times as they like.
  • The minimum bidding increment is set by the Instant Property administrator and bidders are not able to bid-up less than the set increment.
  • If there is less than a minute left on the lot and a bid is received, an additional 30 seconds will be added to the lot ending time to facilitate additional bids.
  • The highest bidder wins the lot and will get notified immediately after the auction.
1.7 Post-Auction Procedure

  1. The winning bidder is the person who has bid the highest amount and their Registration deposit will be hold by Instant property. The unsuccessful bidders will have their bidding deposit refunded.
  2. The winning bidder will be notified and a deposit of 15.7% of the hammer price is payable at the fall of the hammer. This is made up of the Buyer's commission 5% plus VAT = 5.7% and 10% deposit on the property price The deposit is payable by way of a Bank Guaranteed cheque or electronic fund transfer. The deposit and buyer's premium are deposited into the Instant Property Auction Trust account.
  3. Confirmation period: 7 Business days. 
  4. Guarantees: Balance of the purchase price payable within 21 business days after confirmation of sale.
  5. The bid price excludes the buyer's premium which is payable over and above the hammer price.

Example: Bid Price: R 1 000.00 Buyer's Premium: 5% on bid price equating to R 50.00 plus VAT on the Buyer's Premium VAT on Buyer's Premium: R 7Total Purchase Price R 1057.00

Please note: Instant Property Auction has the right to regulate the bidding and to bid on behalf of the seller at the online auction up to (but NOT exceeding) the reserve price as mandated by the seller. When the auction ends, the successful bidder will sign the Conditions of Sale.