Info: Nak Beli Rumah Lelong? Part II

This a simple notes and tip taken from Ehsan Auctioneers Sdn Bhd website for your info. For futher detail just CLICK HERE

Who may bid?

Intending purchaser who posses a Bank draft/Banker’s cheque be equal to 10% or 5% (depends on bank’s requirement) of the reserve price is qualified to become a bidder. Qualified bidder may delegate another to act as an agent or representative in his behalf. The delegate is required to submit a Letter of Authority and NRIC card photocopy of the intending purchaser.

What should I bring for the action?

• NRIC card to qualify to bid and present it for identification and registration purposes.

• Bank draft / Banker’s cheque amounting 10% or 5 % (depends on bank’s requirement) of the reserve price to be submitted during registration.

• Extra fund as additional deposit to subsidize if there is man increment of the reserve price.

What to note at the auction?

• Always check the specific amount requested and the Bank Drafts/Banker’s Cheque  are correctly payable.
• Unprepared and inattentiveness during call bids will make you lose a probable opportunity.
• Certainly do not bring personal or company cheques as Auction deposits.
• To be present earlier to avoid disappointment.
• It is important to listen to the auction proceeding very carefully to avoid unawareness.
• Observe the details provided are correct in the Contract of Sale before endorsement.

What are the necessary documents needed for bidding?

For an individual bidder:

• A photocopy of his/her NRIC card (both sides)
• Correspondence address
• Telephone contact no.

 For a Corporation:

• A certified true copy of the company’s Memorandum and Articles of  Association. 
• Form 44, 24 and 49
• Board of Director’s Resolution

 For Agent / Representative:

• Letter of Authority from the intending purchaser
• A photocopy of the NRIC card (both sides)

What should I know before coming to auction?

• Obtain the Proclamation, condition and terms of sale from the auctioneer.
• Read and fully understand all the terms and conditions of sale.
• conduct an official search on the parent title at the land office and/or other relevant authorities
• inspect the property
• verify pertinent particulars of the documents
• verify the postal address of property with developer
• check on the issuance of separate individual title with developer
• seek legal advice on the terms and conditions of sale herein
• make necessary enquires with the relevant authorities and the developer on the terms and conditions of the consent to the sale herein
• the property is sold on ‘as is where is’ basis
• Illustration in the advertisement or brochure of forthcoming sales is primarily for information and guidance on intending purchaser/s only.

Watchout for more auction house info later.. Once again, my personal advise..  the most important is LOCATION and LOCATION  .. Good luck & Happy buying!