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BidSMART
- Inspect the property first, take into consideration the condition and the environment of the housing area.
- Check with the Land Office or developer on its condition, transferability of ownership and whether any restrictions have been imposed.
- Read the proclamation of the auction carefully, which could be obtained from the auctioneer.
- Prepare your bank draft of cashier's order in favour of the bank for exactly 10 percent of the reserve price. The bank draft is deposited with the auctioneer before the auction begins. If you are the successful bidder, the draft is treated as part of the deposit towards the purchase price. If you are unsuccessful, the bank draft is returned.
- If you are planning to purchase more than one property, you must present separate cashier's order or bank draft for each property you wish to purchase.
- Be prepared with extra cash or a Visa/Master card just in case you need to pay deposit that is higher than 10 percent of the reserve price.
- Make an estimate of the highest bid you can afford.
- Check the correct date and place of the auction.
- Find out who will be responsible for paying the outstanding maintenance charges of the properties.
Disclaimer
a) This website and the materials are provided “as is” and “as available” without warranty of any kind, implied express or statutory (Cahaya Auctioneeers Sdn. Bhd.) does not warrant the accuracy, adequacy or completenes of this website and/or the materials and expressly disclaims liability for error or omissions in the materials. The content available here represents the opinions and judgements of the respective information provider. CA informations are issued by the Director and the company will clearly indicate its intentions of sale. (Auction)
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BEFORE AUCTION DAY
- Inspect the property first, take into consideration the condition and the environment of the housing area.
- Check with the Land Office or developer on its condition, transferability of ownership and whether any restrictions have been imposed.
- Read the proclamation of the auction carefully, which could be obtained from the auctioneer.
- Prepare your bank draft of cashier's order in favour of the bank for exactly 10 percent of the reserve price. The bank draft is deposited with the auctioneer before the auction begins. If you are the successful bidder, the draft is treated as part of the deposit towards the purchase price. If you are unsuccessful, the bank draft is returned.
- If you are planning to purchase more than one property, you must present separate cashier's order or bank draft for each property you wish to purchase.
- Be prepared with extra cash or a Visa/Master card just in case you need to pay deposit that is higher than 10 percent of the reserve price.
- Make an estimate of the highest bid you can afford.
- Check the correct date and place of the auction.
- Find out who will be responsible for paying the outstanding maintenance charges of the properties.
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ON THE AUCTION DAY
- Don't be late for the auction. Be at least 30 minutes early for the registration process.
- Don't arrive without working out the highest bid you can affort.
- Don't miss the announcements and question session before the auction begins.
- Don't behave ungentlemanly or unladylike during the auction.
Bring all the necessary documents:
- Your identity card (I/C) for identification and registration.
- A banker's cheque/cashier's order equivalent to 10% of the fixed reserve price.
- Additional funds (cash/credit card) to pay the difference between the deposit paid upon registration and 10% of the successful bid price.
- An authorisation/nomination letter (if you are bidding on someone's behalf).
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DURING THE AUCTION
The auctioneer will usually begin the auction by reading out some essential information about the property. He will also explain how the bids should be made. He will then call for bids and record the amount. Once there are no further bids, the auctioneer will declare the property to be sold to the highest bidder.
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WHAT HAPPENS NEXT
The conditions of sale will usually require ten percent of the purchase price to be paid on conclusion of the auction. Your bank draft, which was for ten percent of the reserve price only, may be insufficient, and you may have to top up. The auctioneer will prepare a contract of sale for you to sign and give you a stamped copy of the contract.
The Conditions of sale will specify that of the balance of the purchase price shall be paid in full by the purchaser within 90 days from the date of the auction. However, the period of 90 days may be extended by the bank upon a written request by the purchaser before the expiry date. However this is the absolute discretion of the bank.
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