SASS Auction
A Sheriffs Auction is also known as a Judicial Auction which is a public auction.
Auctioning Process
- Removal and Sale in Execution or Auction
- The first phase in the execution process is the actual attachment of the goods or movable property.
- The sheriff or deputy sheriff will demand payment of the judgment debt, if the debt is not paid, the sheriff or deputy sheriff will make an inventory and valuation of the goods or movable property of the debtor to satisfy the warrant and all costs.
- The second phase is taking possession of the attached goods or movable property, the actual removal of the attached goods or movable property.
- The sheriff or deputy will remove from the possession of the debtor the attached goods or movable property to a place of safe-keeping.
- The goods will remain in storage up to the day of sale, unless released from attachment prior to the sale in execution.
- The third phase in the execution process is the sale in execution or auction.
- The sale in execution or auction is the most essential phase in the entire process, as the attachment puts nothing in the pocket of the creditor and does not make available to him/her the fruits of his/her judgment.
- All warrants lodged with the sheriff one day prior to the sale in execution or auction will share pro rata in the proceeds of the sale.
- Hence a sale in execution can be stopped only when the amount reflected in all such warrants has been reached.
- All such amounts must be covered before any balance or surplus may be paid back to the debtor.
1. Sign-Up for Auctions
A Sheriffs Auction is also known as a Judicial Auction which is a public auction. It implies that a Sheriff may only auction either moveable or immovable property after a judgment was duly granted and a subsequent writ of execution issued by an appropriate Court directing the Sheriff to act and attach accordingly, thereby endeavouring to liquidate the judgment amount due.
2. Auction Date & Location
Once an auction date and place is determined by a Sheriff, it can take place accordingly. Please note that is possible for a scheduled and advertised auction to be cancelled before commencement due to various reasons i.e. settlement of the amount due by the Judgment Debtor or technical shortcomings, etc.
3. What is being Auctioned?
Broadly speaking assets or goods to be auctioned can be classified as movable or immovable property. Movable property can be described in a variety of ways, but can be understood in comparison to immovable property, such as land and buildings for example.
4. Auctions Rules & Conditions
By law a prospective buyer must register beforehand for a specific auction to partake therein. Registration is subject to complying with the Financial Intelligence Centre Act (FICA) requirements.
5. Register for Auctions
A Sheriffs Auction is also known as a Judicial Auction which is a public auction. It implies that a Sheriff may only auction either moveable or immovable property after a judgment was duly granted and a subsequent writ of execution issued by an appropriate Court directing the Sheriff to act and attach accordingly, thereby endeavouring to liquidate the judgment amount due.
6. Auction Bid
Only a duly registered buyer may participate in an auction. Bidding usually takes place in person but an absentee bid may be done by a duly authorised representative complying with all the requirements. Please note that the name of a registered buyer cannot be changed after commencement of an auction.
7. Pay & Finalise
If a bid is knocked down on a successful bidder, payment is immediately required. Due to the nature of judicial sales, immediate payment of the bid price or required amount is imperative. Payment, due to security reasons, may only be effected by Card or EFT. Non-compliance with immediate payment may result in liability for resulting losses and damages. Movable property may only be collected after conclusion of the auction and full settlement of monies due. Collection must be done on the auction day where after storage costs will be collected.
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