Who can bid at a property auction?
Anyone, 18 years and above can register and bid on any properties in a property auction
What is Public Auction of Property?
It is a public sale of properties where a group of BUYERS / BIDDERS come together to bid and make purchase through OPEN and competitive bidding.The property will be sold to the highest bidder
What do I need to do to be eligible to bid in a property auction?
You are required to register and pay a deposit by Bank Draft or Cashier's Order amounting to 10% or 5% of the Reserve Price of the property lot you wish to bid as stated in the Proclamation Of Sales. Make the Bank Draft or Cashier's Order deposit payable to the Legal Owner/Seller of the property
No Personal & Company cheques are accepted
Before registration please read and understands the Conditions of Sale
When can I register ?
You can register with us anytime before the auction date or on the auction day before the property is sold
What if I can not attend the auction on the auction day?
You can authorize someone to bid on your behalf by signing an authorization letter and attaching a copy of your NRIC and Bank Draft or Cashier’s Order deposit equivalent to 5% or 10% ( refer Proclamation of sale) of the reserve price
Who will pay for the outstanding bills such as water, electricity, assessment, maintenance /service charges etc?
The conditions on outstanding bills settlement differ from Bank/Legal Owner to Bank/Legal Owner, Bidders are strongly advised to study the Conditions of Sale of the Legal Owner /Bank before the auction and check with the relevant authorities on the amount due
The property I intend to bid is still occupied, who will be responsible to “vacate” the occupants from the house should I make a successful bid?
The property is sold with “no vacant possession” therefore the purchaser/bidder is responsible to vacate the occupants from the property.
Who will bear the cost of legal fees, assignment/transfer fees, stamp duty etc?
All costs related to assignment/transfer, legal, stamp duty etc shall be borne by the purchaser
What happen to my deposit if I am unsuccessful in the bid?
If you are unsuccessful in the bid, your Bank Draft/Cashier’s Order will be returned to you in full as soon as the auction ends
Who is responsible to obtain the consent or approval from any party or authority if such a consent or approval is required?
It is the responsibility of the purchaser, at his own costs and expenses if any to obtain the consent or approval from any party or authority if such a consent or approval is required for the transfer or dealing of the property
What if I decided to retract the bid after registration or fall of the hammer?
You are not allowed to retract a bid after registration or fall of the hammer. Your deposit will be forfeited and credited to the Legal Owner/Bank
What price should I pay for the auction property?
It is important for you to know the latest market price for the property you intend to bid. Read the newspapers and real estate magazines for some indication on the market prices or get advise from a friend/relative who is familiar with the property market or price of the property you intend to bid. You may call up the real estate agents or developers to enquire on the prices of similar property in the same Taman/Estate or the nearly Taman/Estate
The property I intend to bid is in a rather worn down condition, who will pay for the repair and touch up painting?
The property is sold on “as is where is” basis. The purchaser/bidder is responsible for the repair and touch up painting as required