Auction house Purchase Procedures

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Auction Procedures:

What is a Public Auction?

A public auction is the sale of goods or property to the highest bidder. Auctions are a common and accepted way for banks and other financial institutions to sell properties secured to them when their borrowers default in the repayment of their loans.
Some auctions are conducted by the courts; others are by the banks themselves at the auctioneer's office.

Who conducts the auction?

A licensed auctioneer is appointed to conduct the auction.

How to get my ideal property through auctions?

You can search through our web site database for the properties you require, as access is currently Free Of Charge. If you came across auction properties that is not in our web site through other channel, please do not hesitate to call us directly as we will find out more information for you.

How do I participate in an auction sale?

Check with us! We can provide you FREE guideline on how to go through the whole auction process. Besides, advices on necessary checking on the action property will also be given.

First you have to know which property that you are going to bid. Always inspect the property before the auction. If you need help, always contact us to find out more details about the property physical conditions as well as title particulars.

Who to bear the arrears or owing of the property?

Kindly let us assist you to look into the Conditions of Sale, as each bank might have different policies on Conditions of Sale. Arrears normally include Quit Rent, Quit Assessment, Maintenance Charge, Sinking Fund, Electricity Charge, Water Charge, and sewerage charge. We will try our best to inform you on costs (including hidden cost) that is to be borne by you so that you will have a clear budget on the purchase price that you are going to bid up to.

What else should I prepare?

Normally bidder should prepare a 10% bank draft made payable to the subject bank. You must also seek advice from banks for your financing if you require a financing for the balance purchase price. (Also let us help if you require assistance on housing loans packages)

What do you need to prepare/bring on Auction Day?
For Individual Buyers:

1. A bank draft/cashier's order equivalent to 5% or 10% of the fixed reserve
price payable to respective bank, as stated in POS*
2. Identification card (I/C) together with a photocopy of I/C (both sides)
3. An authorisation/nomination letter (if you are bidding for someone's behalf)
4. Additional funds to pay difference between reserve price and successful bid
price. (5% or 10% of the successful/additional bid price)

For Corporate buyers:

1. Company M&A (Certified true copy by Company Secretary)
2. Form 24 (Certified true copy by Company Secretary)
3. Form 49 (Certified true copy by Company Secretary)
4. Letter of authorization (with Letterhead and Company Stamp, signed by at
least 1 Director)
5. Photocopy I/C of Directors
6. Identification card (I/C) together with photocopies of I/C (both sides) of
person being authorised to bid for identification and registration purposes
7. A bank draft/cashier's order equivalent to 5% or 10% of the fixed reserve
price in favour of respective bank
8. Additional funds to pay the difference between the deposit paid upon
registration. (5% or 10% of the successful/additional bid price)

Note: A person who has not reached the age of 18 (minor) or Bankrupt shall not be permitted to participate for the auction bidding.

* POS Proclamation of Sale
* COS Conditions of Sale

What happen if I did not get the highest bid?

Your bank draft together with your Identity Card will be returned to you on the spot after the auction.

What happen next after I successfully purchase the property?

You will on the spot sign a Contract of Sale agreement between you and the Assignee Bank / Financial Institutions / Chargee as an evidence for your payment of 10% deposit.

If the purchase price is higher than the reserve price, you are then required to settle the 10% of the difference by cash or if the amount is big, by bank draft.

When do I gain ownership over the property?

Upon settlement of balance purchase price and perfection of transfer, please consult your solicitor for ownership of the property.

Thanks to original post : Lelongtips

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