In the prevailing market conditions, there is an upward trend for owners of residential and commercial property to make use of auctions to speed up the process of finding a suitable purchaser, alleviate additional costs when selling their immovable property and maximising their purchase price.
The purchaser takes full responsibility to acquaint themselves with the property, and the inventory of the property, prior to bidding at the auction. All properties are sold voetstoots and the seller would not be legally responsible for fixing issues raised by the purchaser.
The different type of auctions are as follows:
If you are contemplating the purchase of a residential or commercial property on auction, the following would be deemed benefits of going through an auction:
The consequences of buying property at auction are as follows: