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1. The bidder hereby authorizes iSoldonline or its appointed representative to make contact with them to enable them to prequalify the bidder. The bidder irrevocably agrees and undertakes to provide iSoldonline or its appointed representative with all required information and documentation requested by them. 2. Should the bidder intend to bid on the property on behalf of another person or company, then they must produce a letter of authority that expressly authorizes them to bid on behalf of another person or company. 3. Every bid shall constitute an offer to purchase the property for the amount bid upon. If no bid equals or exceeds the reserve price, where applicable, the property may be withdrawn from the auction or the Seller shall be entitled to accept a lower bid. No bid may be withdrawn after the auction time period has lapsed. 4. The bidder agrees to complete and sign a more comprehensive offer to purchase supplied by iSoldonline immediately after their bid has been accepted by the Seller/s, without any material additions, alterations or variances. Any contemplated alterations will be considered a material breach which will automatically render the Purchaser liable for the 10% + Vat administration fee. 5. A buyer shall pay to iSoldonline a “buyers premium” in addition to the purchase price for the property. The Buyers premium is the fee that iSoldonline charges to bidders for bringing the property to auction / tender. 6. In the event of a breach of the conditions in the sale agreement, iSoldonline will be entitled to demand specific performance in terms of this agreement, including but not limited to immediate payment of the 10% + Vat administration fee being 10% + Vat of the purchase price of the auctioned property. 7. iSoldonline does not regulate or take any responsibility for the content, accuracy or completeness of the Advertisements the preferred agent placed on iSoldonline’s website. 8. The bidder hereby waives any rights or claims it may have against iSoldonline in respect of any loss, liability, damage (whether direct or consequential) or expense of any nature whatsoever, which may be suffered as a result of the Preferred Agent’s use or inability to use the iSoldonline website correctly. 9. By using iSoldonline website, the Bidder accepts the terms and conditions as stated in this agreement.
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