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How it works

HOW IT WORKS

VIEW PROPERTIES ON AUCTION

Search the BidStream website for properties you may wish to purchase.

REGISTER

Register on the BidStream website to access the due diligence documents relating to the desired property and arrange a viewing or contact the assigned property consultant for more information.


REGISTER TO BID

  • To participate in an auction event you will need to upload the following FICA documents:
    • - Copy of ID Book
    • - Selfie photograph of you holding your ID book showing your information
    • - Proof of Residence
    • - Letter of authority to sign on behalf of a juristic entity
  • EFT the refundable registration fee into the Bidstream Trust Account. The deposit amount required will be indicated on the property listings page.
  • Once your documents and deposit have been received and vetted by our staff you will receive an email to say that you are permitted to bid on the property.

BID TO WIN

  • All the BidStream auctions have a pre-determined event date, start-time and end-time. These dates and times will be indicated on the property listing page.
  • Once the auction goes live you will be able to bid on the property through either a computer or the BidStream IOS or Android mobile app.
  • Should you be the winning bidder, and the sale is confirmed, you will be notified by either phone call or email and the Auction Sale Agreement will be sent to you for signing.
  • The auction sale agreement must be signed and the buyers’ deposit paid within 24hrs of the auction.
  • Should you not be the winning bidder your registration fee will be refunded to you within 24hrs.

Get Started







I AM THE WINNING BIDDER,
WHAT’S NEXT?

THE CALL

You will receive a call from a BidStream property consultant who will explain the process and send you the relevant documents to get the ball rolling.

DEPOSIT

Immediately after the auction the winning bidder will be required to pay 5% of the selling price as deposit and buyers premium + VAT. (Buyers premium percentage will be indicated on the property listing. Please refer to the property listing on the BidStream website to confirm buyers premium)

FACTS & FIGURES

The relevant Conveyancing Attorney’s are instructed to carry out the transfer and bond registration.
The Attorney's collect:

  • The Title Deeds and Cancellation Figures
  • Rates Clearance Figures and Valuation Certificates
  • Levy Clearance

SALE CONDITIONS

Winning buyers have to adhere to the timelines and conditions/obligations stipulated in the contract for payments and signatures. The Attorneys ensure FICA compliance as a protective measure against fraud.

SIGNATURES

Once all conditions have been met and FICA has been received, the transfer and bond documents are drafted by the relevant Attorneys.
The Buyer & Seller sign the respective transfer documents.
The Buyer signs the bond documents if applicable, and/or investment forms for funds deposited.

PAYMENTS

All relevant transfer costs are paid by the Buyer.
The Seller pays their rates, including advance rates if required.*
The Transfer Attorney applies for a transfer duty receipt from SARS, a Rates Clearance Certificate and a Levy Certificate* and makes the necessary payments.

COMPLIANCE CERTIFICATES

The Seller is now required to provide the following compliance certificates:

  • Electrical
  • Plumbing*
  • Beetle*
  • Gas*
  • Electric Fence*

GUARANTEES

The Attorneys secure Guarantees from the Buyer/Buyer's Bank for the balance of the purchase price
The Seller's existing bond on the property is prepared to be cancelled.

LODGEMENT

The Seller is now required to provide the following compliance certificates:

  • When all documents are signed, costs are paid and certificates obtained, the documents are prepared for lodgement in the Deeds Office.
  • The documents are examined in the Deeds Office +/- 10 working days.*
  • After 7-10 working days, the Attorneys will be advised that the matter is "Up for Registration" (on prep) and have 3 - 5 working days to finalise anything outstanding.

REGISTRATION AND PROCEEDS

  • The Conveyancers appear at the Deeds Office to register the Deeds.
  • Ownership passes from the Seller to the Buyer.
  • The Buyer's new Bond is registered (if applicable)
  • The Seller's existing Bond is canceled (if applicable)
  • The Guarantees are paid out
  • The Seller is paid out the net proceeds the following day
  • The new owner takes occupation of their new property - normally 12:00

POST REGISTRATION

After approximately 1 month, the original Title Deed and Bond Documents are delivered back to the Attorneys by the Deeds Office.The Original Title Deed is delivered to the Bank (if the property is bonded.) or to the Owner (if unbonded). A copy of these documents is normally sent to the Buyer and Seller by the Attorneys.

Seller - Parties can attend council for refund
Buyer - To open council account


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