SANTA LUCIA UP FOR AUCTION

MBABANE – Santa Lucia Funeral Services (Pty) Ltd is up for auction.

The property, whose previous auction was cancelled at the eleventh hour about a month ago, has again been brought to the market. According to Legal Notice Number 165 of 2018, Lot 489 in Pigg’s Peak the property ought to have been sold by public auction at the magistrates court starting from 10am but was called off due to undisclosed reasons. Deputy Sheriff Nkosingiphile Dlamini, who was supposed to conduct the auction, confirmed that it had been cancelled. He did not want to delve on the merits as to what led to the cancellation. However, another gazette has since been issued (Legal Notice Number 187 of 2018) inviting bidders to once again convene at the Pigg’s Peak Magistrates Court at noon on November 30, 2018. The reserve price of the property which sits on a property measuring 2 166 square metres, has been increased to E1.532 million from E1.4 million.

The sale previously would have been conducted pursuant to a warrant of execution in the matter between Pigg’s Peak Town Council and Santa Lucia Funeral Services. However, it will now be held pursuant to a writ of execution in the matter between Eswatini Development Bank (EswatiniBank) and Santa Lucia Funeral Services (Pty) Ltd. Themba Hitler Makhanya and Thobile Melinda Hlophe has been cited as respondents. On the conditions of sale, it has been mentioned that the purchaser would be expected to make a deposit of 10 per cent in cash upon the fall of the hammer by the auctioneer. The balance against transfer ought to be secured by a bank or Building Society guarantee; to be approved by the plaintiff’s attorneys was supposed to be furnished within 21 days after the date of sale.

Pay

“In the event of the purchaser being unable to pay the 10 per cent deposit immediately, the deputy sheriff shall be entitled to forthwith cancel sale and put the property on auction. If transfer of the property is not registered within three months after the sale, the purchaser shall be liable for payment of interest to the plaintiff at the rate of nine per cent per annum on the amount of the award,” read the condition of sale in part. If interested in trying to pick up a bargain property at auction, there is a lot to learn. Auctions can be a riskier way to purchase property than buying property through a real estate agent, so it’s important to be extremely well-educated about the process and about the properties you are interested in bidding on. Also, just because a property is for sale at auction doesn’t mean you will be able to get it at a good price (or that the home is a good deal at any price - it could be a money pit!). But for the savvy, intelligent and motivated individuals, property auctions are worth exploring as a way to pick up an investment property on the cheap.

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