Auctions in Gauteng
Auctions in Gauteng is a sale open to the general public and conducted by an auctioneer, a person empowered to conduct such a sale, at which property is sold to the highest bidder. A bid is an offer by a bidder, a prospective purchaser, to pay a designated amount for the property on sale.
As a legitimate business enterprise, auctions cannot be proscribed. They are not above reasonable regulation by both state and local authorities. Some provinces subject auction sales to taxation.
In the absence of statutes, any person can act as an auctioneer, but a license, which usually restricts his or her authority to a certain region, is often required. Licensing officers can refuse to issue a license, but only if done reasonably, impartially, and to promote the interest of the community.
Agency of Auctioneer
An auctioneer serves as the agent of the seller who employs him or her, and the auctioneer must act in good faith, advance the interest of the seller, and conduct the sale in accordance with the seller’s instructions. If real property or goods priced at R500 000 or more are sold at auction, a written agreement is necessary to satisfy the statute of frauds. The auctioneer is authorized to sign a memorandum of sale on behalf of both parties, but this authority is limited and expires shortly after the sale has been concluded. Both the buyer and the seller are bound by the announcement of the auctioneer concerning the identity of the property and the terms and conditions of the sale.
Validity of Sale
The owner of the property has the right to control the sale until its conclusion. Unless conditions are imposed by the seller, the auctioneer is free to conduct the sale in any manner chosen, in order to bar fraudulent bidders and to earn the confidence of honest purchasers. The auctioneer cannot amend the printed terms and conditions of the auction, but he or she is empowered to postpone the sale, if that is the desire.
The auctioneer can modify the sale terms of goods advertised in a catalog at any time during the sale, if announced publicly and all of the bidders present are cognizant of it. The auctioneer may also retain the right to resell should there be an error or a dispute concerning the sale property. The description of the property in the catalog must be unambiguous. A significant error in a description might cause the cancellation of the sale, although trivial discrepancies between the property and the description are not problematic. The seller can withdraw property until the acceptance of a bid by an auctioneer.
As you know that you can get a bargain at auctions so can you land up in pitsand. A better view on auctions will get you prepared for future options or purchases.
For more articles please see: Auctions in Pretoria