ECDC property auction
ECDC VACANT STANDS ONLINE & ONSITESIMULCAST PROPERTY AUCTION(BUTTERWORTH & UMZIMKHULU SITES)
As part of the Eastern Cape Development Corporation Property Turnaround Plan, the Corporation has resolved to dispose a portfolio of non-core and non-strategic immovable properties.
The objective of the land disposal project is to lower ECDC’s operating costs and raise capital to fund essential service delivery initiatives. Properties in Butterworth and uMzimkhulu have been identified to be put on sale through an auction that is set to take place on 30 October 2021.
ONLINE REGISTRATION OPENED ON 4 OCTOBER 2021 AT 09:00 AND CLOSES ON 29 OCTOBER 2021 AT 15:00 (ONLINE ONLY)
download the LIST OF properties to go on auction here
the main conditions of sale
Registration Fee: R25 000 refundable deposit.
Confirmation Period: 15 days confirmation period by the seller.
Deposit on Purchase Price: 10% payable by electronic transfer (EFT).
Guarantees on Balance: 15 days from date of acceptance.
Buyer’s Commission: 10% plus VAT.
Outstanding Rates and Taxes & Levies: SELLER is liable for all outstanding rates and taxes & levies.
Bidders must adhere to FICA requirements on registration. No cash will be accepted for the auction.
Bidders must familiarise with all terms and conditions of sale attached as the finer details of all disclaimers are there – including any encroachments if applicable.
NOTES: This auction is ‘With Reserve’. Although you may be the ‘High Bidder’ for a Lot, note that if the Reserve is not met, there is no commitment from the Seller to sell. The sellers shall be entitled to instruct the auctioneer to accept a lower bid. The Auctioneers reserve the right to refuse or accept the bid of any bidder should they be unable to satisfy any of the above notices or the Rules of Auction.
Please note that if you are the successful bidder on more than one lot, you will be invoiced for all your successful bids. You cannot choose or select which lots you will take!
MAX BIDDING: When you place your maximum bid, it will be placed at the reserve price if said max bid exceeds the reserve. If the Max Bid amount is below the reserve, the bid will be placed for the full amount. The ‘System’ will automatically bid against you at the set increment until reserve is met, at which point the system will stop. If you are the highest bidder, the lot will be sold to you, unless another bidder out bids you.
TECHNICAL ISSUES: In the event there are technical difficulties related to the server, software, Internet or any other online auction-related technologies, Riley Auctioneers reserve the right to extend bidding, continue the bidding, or close the bidding. Neither the company providing the software, ECDC, nor Riley Auctioneers shall be held responsible for a missed bid or the failure of the software to function properly for any reason.