What do I need to prepare/bring on Auction Day?
For Individual Buyers
For Company buyers
- A bank draft/cashier's order equivalent to 5% or 10% of the fixed reserve price payable to respective bank, as stated in POS*
- Identification card (I/C) together with a photocopy of I/C (both sides)
- An authorisation/nomination letter (if you are bidding for someone's behalf)
- Additional funds to pay difference between reserve price and successful bid price. (5% or 10% of the successful/additional bid price)
- Company M&A (Certified true copy by Company Secretary)
- Form 24 (Certified true copy by Company Secretary)
- Form 49 (Certified true copy by Company Secretary)
- Letter of authorization (with Letterhead and Company Stamp, signed by at least 1 Director)
- Photocopy I/C of Directors
- Identification card (I/C) together with photocopies of I/C (both sides) of person being authorised to bid for identification and registration purposes
- A bank draft/cashier's order equivalent to 5% or 10% of the fixed reserve price in favour of respective bank
- 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 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 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