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FAQ

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Q
What does the buyer need to secure the bid?
  • 5 - 10% (may vary from auction to auction) of the purchase price
  • 10% auctioneer’s commission, plus VAT
  • e.g. Property price: R1 000 000
  • Deposit (5%): R 50 000
  • Auctioneer’s Comm (10% + VAT): R 115 000
  • Total payable by successful bidder = R165 000 (immediately after auction)
  • Guarantees for the balance produced within 30 days of the auction
Q
When does the property become the responsibility of the buyer?
  • Once the balance is paid and ownership has been transferred to the buyer (could take up to 3 months), the property becomes the responsibility of the buyer
Q
Can anyone sell their property via auction or is it for legal or distress matters only?
  • Yes, the auction floor is open to all property owners
  • Viable means to sell a property fast
  • Sell to qualified cash buyers
  • Sell in only 4 weeks
  • More sellers are choosing the auction floor than ever before
Q
Can a property bought on auction be financed or must the buyer have the full price in cash?
  • Yes, the property can be financed.
  • Advisable to get pre-approved finance, to avoid defaulting
  • Offer to purchase is NOT subject to selling another property, or subject to obtaining finance
Q
So what happens after the mandate is signed?
  • ClareMart engages an integrated and highly targeted marketing campaign.
  • Ensures the most optimum reach and exposure for the property
  • Includes mainstream print and online media, prime property portals, digital mailers to qualified buyers, show days open to the public and advertised to a potential buyer database as well as information boards on the property, with details of the auction date and time.
  • Furthermore, the auction consultants constantly engage their pool of qualified buyers who have expressed interest in specific properties.