Before you buy a property on auction, make sure you have the right documents with you!

Karin Iten, Fsp Invest, 04 Mar. 2014

Tags: auction property, buying property on auction, how to buy property on auction, fica documents and auction, what documents do you need to buy property on auction, buying auction property



Buying a property on auction can be one of the best investment decisions you ever make. This because they’re almost always undervalued – meaning you can get the best returns from them. But before you bid at an auction, you MUST register to do so. And that means you need a handful of documents at your disposal…


Four FICA documents you’ll need to register to buy property on auction
 

One of the few things property auction newbies forget is you can’t bid on a property if you haven’t registered with the auctioneer. And you can’t register without having FICA documents with you, says auctionexchange.co.za.


But which documents do you need to bring with you?


Francois Joubert, author of Become a Master Property Investor in 90 Days explains:


#1. A certified copy of your ID Document (certified copy).

#2. A certified copy of your marriage certificate and spouse’s Identity Document if you’re married in community of property.

#3. Your Income Tax Number (and that of your spouse if you’re married in community of property).

#4. Any ONE of the documents mentioned below provided the account is in YOUR NAME and contains your PHYSICAL residential address (not your postal address):

  • Rates and taxes or utilities bill (e.g. water, electricity account). The bill must be less than three months old
  • Notification of residential address from the SA Department of Home Affairs
  • Pay slip (less than three months old)
  • Telkom account (less than three months old)
  • Banks statement (less than three months old)
  • Mortgage statement (less than six months old)
  • SARS tax return or IRP5 (less than one year old)
  • Valid TV licence documentation (less than three months old)


Remember, if you send a representative to the auction instead of going there yourself, they’ll need to have the following documents: A letter of authority/Power of Attorney with your name and ID number on it and a certified copy of your ID.


Bottom line: Make sure you’re prepared with the documents you need so you won’t be rejected by the auction house if you decided to register to bid on an auction property.


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