Apr 20 2010 | How to Bid Auction PropertyPosted by Mohamed Usman in Auction |  |
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?
1. NRIC card to qualify to bid and present it for identification and registration purposes.
2. Bank draft / Banker’s cheque amounting 10% or 5 % (depends on bank’s requirement) of the reserve price to be submitted during registration.
3. 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?
1. For an individual bidder:-
* A photocopy of his/her NRIC card (both sides)
* Correspondence address
* Telephone contact no.
2. 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
3. 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?
1. Obtain the Proclamation, condition and terms of sale from the auctioneer.
2. Read and fully understand all the terms and conditions of sale.
3. Conduct an official search on the parent title at the land office and/or other relevant authorities
4. Inspect the property
5. Verify pertinent particulars of the documents
6. Verify the postal address of property with developer
7. Check on the issuance of separate individual title with developer
8. Seek legal advice on the terms and conditions of sale herein
9. Make necessary enquiries with the relevant authorities and the developer on the terms and conditions of the consent to the sale herein
10. The property is sold on ‘as is where is’ basis
11. Illustration in the advertisement or brochure of forthcoming sales is primarily for information and guidance on intending purchaser/s only.
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?
1. NRIC card to qualify to bid and present it for identification and registration purposes.
2. Bank draft / Banker’s cheque amounting 10% or 5 % (depends on bank’s requirement) of the reserve price to be submitted during registration.
3. 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?
1. For an individual bidder:-
* A photocopy of his/her NRIC card (both sides)
* Correspondence address
* Telephone contact no.
2. 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
3. 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?
1. Obtain the Proclamation, condition and terms of sale from the auctioneer.
2. Read and fully understand all the terms and conditions of sale.
3. Conduct an official search on the parent title at the land office and/or other relevant authorities
4. Inspect the property
5. Verify pertinent particulars of the documents
6. Verify the postal address of property with developer
7. Check on the issuance of separate individual title with developer
8. Seek legal advice on the terms and conditions of sale herein
9. Make necessary enquiries with the relevant authorities and the developer on the terms and conditions of the consent to the sale herein
10. The property is sold on ‘as is where is’ basis
11. Illustration in the advertisement or brochure of forthcoming sales is primarily for information and guidance on intending purchaser/s only.
No comments:
Post a Comment