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 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 Proclamation of Sales from agent and conduct land search (if necessary) on the subject property
4) Prepare deposit which is 10% of 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 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 refund within 2 working days
9) Financing can be arranged after the bid (maximum 90% loan of final bid price)
**90/120 days to settlement of balance