Auction (Lelong) Procedure

Auction (Lelong) Procedure

Auction Procedure:
* Please take note that there is no inside viewing of auction properties
* Bidders are advised to do a self-survey from outside or ask for an agent to bring you along
* Property is sold on “as is where is basis”

Step by step guide for buying auction properties:
1) Inspect the auction property with the full address given. You may only view from outside
2) If you decide to bid for it, please provide full name, IC copy for registration purpose
3) Obtain a copy of the Proclamation of Sales from the agent and conduct a land search (if necessary) on the subject property
4) Prepare a deposit which is 10% of the reserve price. Either In Bank Draft or online transfer to Auctioneer Account.
Set a maximum budget for the bid
5) Representative needs to fill in a separate form (authorize form)
6) Attend the auction and participate in bid/bid online
7) For a successful bidder, additional funds need to be paid to top up the difference between the earlier deposit and the 10% of the successful purchase price
8) For unsuccessful bidder, bank draft will be returned on the spot / online transfer deposit will be refunded within 2 working days
9) Financing can be arranged after the bid (maximum 90% loan of final bid price)
**90/120 days to the settlement of the balance

Document: (Personal)

1.) Front and Back copying the ID card (NIRC Photo Copy Both Side)
2.) Proclamation Of Sale
3.) Registration Form (Registration Form)
4.) Authorization Form

Document: (Company)

1.) Director’ Identification Card (NIRC)
2.) Band Draft
3.) Form 24, 44 & 49
4.) Form M&A
5.) Resolution Letter
* All have to be Certified (CTC)

M & A
Memorandum of Articles of Association
Form 24
Return of Allotment of Shares
Form 44
Registration address for the co.
Form 49
Return Giving Particulars In Register Of Directors, Managers And Secretaries And Changes Of Particulars