10 steps for buying an auction property **************************************** 1) Identify your desired property according to your preferred location and budget. Take note of all relevant information about the property. 2) Conduct an external inspection of the property to ascertain the condition of the property. 3) Conduct an official search with the relevant land office and make general enquiries with the developer or management office. 4) Get a copy of Proclamation of Sale (POS) and Condition of Sale (COS). Interested bidders are required to register their details with the bank prior to the auction. 5) Take note of the auction time, date and venue. Prepare a bank draft or cashier’s order for the deposit amount, equivalent to either 5% or 10% of the Reserved Price, before the auction date. 6) On the auction day, ensure that you reach the auction venue early and register at the auctioneer registration counter. 7) The auctioneer will announce the commencement of the auction, and then provide a briefing on the bidding process, read out the important clauses in COS and the property information. 8) The bidder is to raise his/her bidding card to indicate the bidding price. The bidding process will stop when the highest price is called out three times by the auctioneer and no further bids are made. At the fall of the hammer, the property is sold. 9) The successful bidder is required to sign the Contract of Sale and pay the difference in the deposit, if there is an increment in the bidding price. 10) The balance of the purchase price must be paid within the time frame given. If you are not the successful bidder, you may redeem your bank draft or cashier’s order at the registration counter immediately after the auction. *** Few additional hints while auctioning a property: - Auction properties sometimes happen very quickly and you might not have enough time to do the relevant research & searches. Have your lawyer do the land search to save time. - Dont be surprised if you are offered a certain amount of money not to bid!! This is Malaysia after all. - Sometimes you might find yourself in the heat of the bidding & might even over bid on the price. Be cautious. Good Luck!
Posted on: Tue, 17 Sep 2013 08:40:42 +0000
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