Frequently Asked Questions
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 auction?
- 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 an 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.