CONDITIONS OF SALE – FIXED PROPERTY

UPON which LRA in their capacity as Auctioneers, will sell by Public Auction in the matter of the property of :

1. THE highest accepted bidder shall be the purchaser. Should any dispute arise between two or more bidders, then the property may be put up again for re-sale or the Auctioneer may declare who shall be the purchaser. The Auctioneers’ decision shall be final and binding.

2. SHOULD the Auctioneer commit any error in conducting the Sale or should any error arise out of such Sale, such error shall not be considered binding, either upon the Seller or the Purchaser but shall be rectified.

3. TERMS OF PAYMENT: A deposit of R_____________(_________________) shall be paid on signature of the Conditions of Sale, to LRA who shall hold same, in trust, pending registration of Transfer into the name of the Purchaser. The balance of the Purchase price shall be paid, either in cash or by way of an approved Banker’s Guarantee, payable free of exchange at Johannesburg, in favour of the Seller and/or his nominee, to be furnished within__________ days from date of posting of Confirmation of Sale.

4. THE purchaser shall pay all expenses in connection with Transfer, including Transfer Duty, Stamps and all such other expenses as may be incurred to complete transfer, to the Seller’s conveyancer’s, on demand.

4a. THE seller shall / shall not provide the Electrical Compliance Certificate and be responsible for the costs.

5. UPON payment by the Purchaser of the full purchase price, or upon his furnishing approved Bank Guarantee, transfer shall be registered into his name. Transfer shall be effected by the Seller’s Conveyancer.

6. SHOULD the Purchaser fail to comply with any of these Conditions, all of which shall be material, or be otherwise in default then all monies paid in by the Purchaser shall be forfeited as rouwkoop to LRA Auctioneers and Appraisers. In addition, the Property may be resold, either by way of Public Auction or Private Treaty, at the sole risk and expense of the Defaulter, and any loss which may arise in consequence of such re-sale shall be borne by the Defaulter, who, however, shall not benefit from any profit which may arise therefrom and shall not have any claim against the Seller arising therefrom.

7. THE property is sold Voetstoets to the extent such as it now lies without any warranty or guarantee whatsoever, neither will the seller be responsible for any latent or patent defects. The Seller does not profit by any eventual excess, nor is he answerable for any deficiency in the extent thereof. The sale is made subject to the conditions and servitudes specified in the original and subsequent Deed of Transfer, and to all such other conditions as may exist in respect thereof.

8. THE property shall be the sole risk and expense of the Purchaser from date of confirmation of his bid.

9. THE profit of the property shall pass to the Purchaser from date of confirmation of his bid, from which date the Purchaser shall be entitled to the profit thereof and shall be liable for Rates, Taxes, Stand Licenses, Insurance and other like charges. The Purchaser shall also be liable for interest at 0,5% (Half a Per centum) per month on the Purchase price from date:

a) On confirmation of his bid to date of transfer, inclusive ;
b) Or for a maximum period of ___________________ days.

Any amounts disbursed by the Seller beyond the date of confirmation in respect of the foregoing charges against the Property, shall be refunded by the Purchaser to the Seller on demand.

10. THE Purchaser shall, upon the fall of the hammer, sign these Conditions of Sale.

11. THE Purchaser records that he has knowledge of the fact that the Property sold is presently let and that the tender is protected by the existing lease and / or by the Rent Act and any other Statutory provision or regulation relating thereto and, therefore, occupation cannot be guaranteed.

11a. ALTERNATIVELY:

Occupation of the property shall be given by the Seller to the Purchaser

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

12. THE property is sold subject to confirmation by the _______________________ within __________________________ working days.

13. IN the event of the Purchaser signing for an on behalf of an Association of Body Corporate or as Trustee for a company to be formed or as a Nominee and in the event of the said Company not being formed with thirty (30) days from date hereof and ratifying this Agreement on registration of the Company, or in the event of the Association, or Body Corporate, failing to pass a Resolution ratifying the sale with Thirty (30) days from date hereof, then the signatory personally shall be deemed to be the Purchaser and shall be bound in terms of this document. In any event the signatory hereto by his signing hereof shall ipso facto be deemed to have bound himself to the Seller as Surety and Co-Principal Debtor for the obligation of the Purchaser.

14. THE Purchaser selects the under mentioned address as his Domicilium citandi et executandi for the service of all letters, documents and process.

I/WE, the undersigned ____________________________________________________________________________________________________________________________________________________________________________________________________________________

Identity Number _____________________________________________________________________________________________

Of ________________________________________________________________________________________________________

Contact Numbers H) _________________ W) ________________ Cell) ________________

Fax) _______________________ Email ____________________________________

hereby acknowledge having purchased the hereinbefore mentioned Property for the sum of

R______________________ (________________________________________________)

And hereby agree to be bound by and subject in all respects to each and every one of the above Conditions of Sale, which I/WE undertake to carry out and fulfill. AND, we LRA, Agents for the Seller, do hereby declare to have sold the above Property on the above Conditions.

DATED AT _______________________ on this the _______ day of ____________20__

____________________________                   __________________________
PURCHASER / S SELLER                                  SELLER

_____________________________________                   __________________________
LANCE RADEMEYER & ASSOCIATES                               DATE OF ACCEPTANCE
AUCTIONEERS & APPRAISERS

AS WITNESS :

1._______________________________________ 2. _______________________________

DEPOSIT RECEIVED IN THE SUM OF R _______________________________________

(__________________________________________________________________________)

RECEIVED BY : ___________________________ CHEQUE # _______ BANK _________