11-14-2009, 10:37 PM
1. Identify your desired property according to your preferred location and budget. Take note of all relevant information of the property.
2. Conduct an external inspection of the property to ascertain the condition of the property.
3. Conduct an official search with the relevant land office and make general enquiries with the developer or management office.
4. Get a copy of Proclamation of Sale (POS) and Condition of Sale (COS). Contact the auctioneer for further enquiries.
5. Take note of the auction time, date and venue. Prepare a bank draft or cashier’s order for the deposit amount equivalent to either 5% or 10% to the Reserve Price before the auction date.
6. On the auction day, please ensure that you reach the auction venue earlier and register at the auctioneer registration counter.
7. The auctioneer will announce the commencement of the auction, and then provide a briefing on the bidding process, read out the important clauses in COS and the property information.
8. The bidder is to raise his/ her bidding card to indicate the bidding price. The bidding process will stop when the highest price is called out 3 times by the auctioneer and no further bids are made. At the fall of the hammer, property is sold.
9. The successful bidder is required to sign Contract of Sale and pay the difference 5% or 10% equivalent to the successful bidding price in the deposit if there is an increment in bidding price. The balance of the purchase price must be paid within the time frame given.
10. If you are not the successful bidder, you may redeem your bank draft or cashier’s order at the registration counter right after the auction.
2. Conduct an external inspection of the property to ascertain the condition of the property.
3. Conduct an official search with the relevant land office and make general enquiries with the developer or management office.
4. Get a copy of Proclamation of Sale (POS) and Condition of Sale (COS). Contact the auctioneer for further enquiries.
5. Take note of the auction time, date and venue. Prepare a bank draft or cashier’s order for the deposit amount equivalent to either 5% or 10% to the Reserve Price before the auction date.
6. On the auction day, please ensure that you reach the auction venue earlier and register at the auctioneer registration counter.
7. The auctioneer will announce the commencement of the auction, and then provide a briefing on the bidding process, read out the important clauses in COS and the property information.
8. The bidder is to raise his/ her bidding card to indicate the bidding price. The bidding process will stop when the highest price is called out 3 times by the auctioneer and no further bids are made. At the fall of the hammer, property is sold.
9. The successful bidder is required to sign Contract of Sale and pay the difference 5% or 10% equivalent to the successful bidding price in the deposit if there is an increment in bidding price. The balance of the purchase price must be paid within the time frame given.
10. If you are not the successful bidder, you may redeem your bank draft or cashier’s order at the registration counter right after the auction.