BUYERS GUIDE TO BUY A PROPERTY AT AUCTION
Please note that there is no inside viewing of auction properties.
Prospective bidders are to do a self survey from outside.
Property is sold on a 'as is where is' basis.
Prospective bidders are to do a self survey from outside.
Property is sold on a 'as is where is' basis.
1.Be
familiar with the property
Identify those property lots which
suit your needs and interest you and make necessary arrangement to survey the
subject property.
2.Survey
the Property
Work out on how much you can afford
with your finances at maximum price that you intend to buy at auction. Remember
that if your bid is successful, you will need to put down a 5% or 10% deposit
(bank draft) immediately from the reserve price and be prepared to ‘top up’ the
different of the amount if the final auction price moves up from the reserve
price.
3.Investigate the property
Find out the enquires you need. This
includes outstanding bills (electricity, water & quit rent, maintenance
charges) owing by the owner. Arrange legal assistance either with the
Solicitors, State Authority or call the Auctioneer’s office to obtain the
information needed and understand the Condition of Sale of the property in
order to prepare yourself during the auction day.
4.Prepare
the bank draft
At the auction day, bring along a
bank draft of 5% or 10% deposit (as stated in the Proclamation Of Sale) of the
reserve price, I/C or any other relevant documents and register at the counter.
It is not advisable to bring cash deposit. Bidding card will be given to
identifying you as a bidder of the subject property. Obtain a copy of Condition
Of Sale for your easy references.
5.Check
or Call us for documents requirements on the auction day
For an individual bidder:-
- A photocopy of bidder NRIC card (both sides).
- Bank Draft 5% or 10% from the reserve price with extra cash.
For a Corporation:-
- A certified true copy of the company’s Memorandum and Articles of Association.
- Bank Draft 5% or 10% from the reserve price with extra cash.
- Form 44, 24 and 49.
- Board of Director’s Resolution.
For Agent / Representative
- Letter of Authority from the intending Bidder.A photocopy of bidder NRIC card (both sides).Bank Draft 5% or 10% from the reserve price with extra cash.
6.Enroll
on the Auction day with us...
On the auction day please arrive one
hour before auction starts.
7.Read
and Understand the condition of sale
Read and fully understand all the
terms and conditions of sale. make necessary enquires with the relevant
authorities and the developer on the terms and conditions of the consent to the
sale herein.
8.Bid
for your property
The Auctioneer will start announce
the details of the property to be auction and it’s reserve price. Identify the
lot of the property that you have come to buy and start raising your card and
bid for the property. Remember, the successful bidder is identified as the
highest and last bidder once the Auctioneers hammer falls by announcing
“calling once, calling twice and the last call –SOLD!. The subject property is
successfully sold to the highest bidder price.
9.Congrats
for you as a successful bidder
Successful bidder of the subject
property has to sign the contract given to them.
10.Signing
the contract with us
The contract will then has to be
stamped and the stamping fee will be charged RM50.00. The Stamped Contract
indicated legal binding documents. You will be advised to collect the contract
at the time given to allow you to seek for a bank loan if needed. You have
either 90 or 120 days from the date of the auction depending on terms and
conditions stated in the Condition of Sale to settle the balance of the
purchase price.
Note: All prospective bidders should note that any property
listed as available for the auction sale herein may at any time be withdrawn
from the auction sale without any prior notice for any reason whatsoever. We
the agents shall not incur any liability whatsoever to prospective bidders by whatever
reason(s) and not limited to any inaccuracy or withdrawal of the said property
Should you need further clarification, please call Rosli: 010 335 9092 / 013 226 0480
Office Tel/Fax: 03 4280 5658
Email : rajalelong2020@gmail.com
