What Happens On The Date of Auction?

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Present your particulars such as photocopies of your I.C. and the letter of authorisation (if you are representing a relative or a friend) to the auctioneer before the auction time mentioned in the Proclamation of Sale.

The auctioneer will then read the information of the property and explain the rules for bidding e.g. the starting bid price, depending on the Reserve Price, which will be set by the auctioneer.

You will then bid for the property. The bidding will stop when the highest price is called out three times by the auctioneer when no further bids are made. The auctioneer will hit the hammer to confirm the property has been sold. This is called the Final Price.

If you are successful, you will have to pay 5% or 10% (as stated in the Proclamation of Sale) of the Final Price (the difference of the Bidding Deposit) to the auctioneer by cash, bank draft, banker's cheque or cashier’s order immediately.

Upon paying, you will sign the contract of sale in the Proclamation of Sale.

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