PRE JUDGEMENT SALES

TAKE CHARGE OF YOUR SALE

Present your property for sale by public auction, before that decision is taken away from you.

Take control of the pre judgement process

We have changed the landscape for the selling of repossessed properties by addressing the uncomfortable situation for property owners embroiled in civil lawsuits. Creating an opportunity for the distressed owner to exit free of any costs.

The Pre-Judgement Sale

Sell your property without any costs to the defendant, or plaintiff

This is a new and exciting pilot project through which the defendant is given the opportunity to present thierr property for sale by public auction, prior to judgement being granted against the defendant.

Empower Defendants

Empowering defendants to participate in the process, previously reserved only for the legally astute defendant, and which enables them, to a certain extent, to determine the outcome of their choices.

Reduce Days in Court

Nullify the need for the plaintiff to seek judgment against the defendant as a successful Pre-Judgement Sale would see the property being transferred by the attorney of record to the purchaser.

No Costs to Either Party

Selling the defendant’s property without any costs to the defendant, or plaintiff, on conditions of sale which allow for a 7 court day confirmation period to be afforded to the plaintiff and the defendant, to consider the highest bid achieved at the sale.

Costs and Timing

The Collaboration will sell the property on behalf of the owner without any administrative costs to the owner or the bondholder on conditions of sale which allow for a seven (7) court days confirmation period.

The confirmation period affords the bondholder and the owner the opportunity to consider the highest bid received at the sale. Which, if both parties accept by way of confirmation as stated above, will result in Ownership Migration to the purchaser.

The Ownership Migration is an added benefit to distressed property owners, allowing them to settle with the bondholder without the necessity for any further litigation.

Commission, outstanding Rates and Taxes, Body Corporate or Homeowners outstanding fees, transfer fees and all other costs necessary to effect the transfer are payable by the purchaser.

Legislative Cooperation

A window of opportunity is created for the owners to consider their position and make decisions on a way forward which afford them an opportunity to exercise a choice in the selling of their property.

This will empower the owners by letting them participate in the process, previously reserved for the legally astute debtor. It also enables them, to a reasonable extent, to determine the outcome of their circumstances.

Services of this nature will be viewed as a nod in the direction of progressive law, which is the spirit in which Rule 46(A) was written and adopted in the first place.

Legal Process

This nullifies the need for the bondholder to seek judgement against the owner as a successful Pre-Judgement sale would see the property being transferred by the attorney of record to the purchaser. As a result, the owner's credit record will not be tarnished by a judgement.

The outcome of the auctions sets a precedent for the bondholder should the owner not accept the auction bid. This will assist the bondholder in the following steps where the bondholder needs to follow legal proceedings.

We will draft a report to the attorneys of record as to what value was realized for the property at the Pre-judgement Sale.

Our report can be used by the bondholder in the application for judgement as well as determining a reserve price by the Courts in terms of Rule 46(A).

Legislative development

The attorneys of record will be continually engage to protect and enhance the Bondholder's interests.

Development of this process will continue as it progresses, always remaining mindful of the rights and needs of the owner's and all other parties involved, the judiciary included. ​

Lastly it needs be remembered that the purpose of this pilot project is to determine whether this approach is viable, and to ensure the the results enhance the workings of Rule 46 and 46(A) to the benefit of the bondholders and owners, and that it could successfully be rolled out nationally through the existing network of sheriffs.