It is important that you have all finances ready for the day of the auction. Should you be the successful bidder a 10% deposit will be required on the day subject to a minimum of Rs 50,000. This may be paid by NEFT/RTGS/IMPS, personal cheque, banker’s draft or debit card. The balance + any agreed disbursements will be due on completion, normally 07 days from the auction date. The deposit cheque should be made payable to Bidsnwin Private Limited, as agent for the seller. The deposit will be used to satisfy the auctioneer’s commission with the balance paid over to the vendor’s solicitor upon completion. Successful bidders will also have to pay the BUYERS ADMINISTRATION CHARGE, currently Rs 1,000 including GST, prior to signing the Contract. Cheques may be presented for Special Clearance the day following the Auction.
In the event of the Buyers Administration Charge not being paid at the auction then the auctioneer is authorised to take this administration charge from the deposit paid. The balance then to be paid on completion will, therefore, be increased appropriately.