CIMB
Property Auctions Fair at Hotel Istana Kuala Lumpur on 8th Sept 2012
(Saturday).More then 100 properties likes bangolow, shop lot, aprtment,
condominium, terrace house and etc... in Kuala Lumpur and
Selangor.联昌国际物业拍卖交易会于2012年9月8日(星期六)在吉隆坡宫殿酒店多过100物业以上,很多商店,公寓,共管公寓,排屋等属性..在吉隆坡和雪兰莪州。
www.auction.wms2u.com
Malaysia Auction Property Sales and Services
马来西亚房地产拍卖 销售和服务
AUCTION REGISTRATION GUIDE
INDIVIDUAL BIDDER REGISTRATION:
1. Obtain a copy of the Proclamation Of Sale & Condition Of Sale from Auctioneer.
2. Purchase a Bank Draft or Cashier's Order amount to the deposit which stated in the Proclamation Of Sale.
3. Bring along your IC and Bank draft to the
auction venue stated in the Proclamation Of Sale 30-60 minutes before
the auction start.
Note: If you are bidding behalf of the
purchaser(s). Please bring a long an authorization letter and
photocopy(ies) of purchaser(s) IC.
COMPANY REGISTRATION:
1. Obtain a copy of the Proclamation Of Sale & Condition Of Sale from Auctioneer.
2. Purchase a Bank Draft or Cashier's Order amount to the deposit which stated in the Proclamation Of Sale.
3. Bring along the following required documents:
i) An authorization letter with the company
letter head signed by all director(s). or Company resolution prepare by
the company secretary.
ii) Copies of directors IC.
.iii) Form 9
.iv) Form 49
PROSPECTIVE BIDDERS ARE ADVISED TO:
1. Inspect the subject property.
2. Seek independent legal advice on the Conditions of Sale.
3. Conduct an official title search on the Parent Title at the respective Land Office and/or other relevant authorities.
4. Make the necessary enquiries with the
Developer and/or other relevant authorities on the terms of the consent
to the sale herein prior to the auction sale.
5. The Successful Bidders/Purchasers shall
immediately upon the sale apply to the Developer (if applicable) and/or
other relevant authorities for the consent to transfer.
GENERAL AUCTION DAY PROCEDURES
Pre-Registered Bidders
As pre-registered
bidders you will check in at the Pre- registered Bidders area prior to
the Auction. You will receive your assigned Bidder Number and Terms and
Conditions of Sale. If you are planning to purchase more than one
property, you must present separate Cashier's Order or Bank Draft for
each property you wish to purchase.
Auction Day Registration
Those who register
on Auction Day will be required to complete the Auction Registration
Form and deposit with the Auctioneer the relevant Cashier's Order or
Bank Draft amount to 10% of the reserve price for each property that
they wish to purchase. Intended Bidders should plan to arrive at least
thirty (30-60) minutes prior to the Auction Sale in order to complete
the registration process.
Auctioneer Announcements
Announcements made
by auctioneer on the auction day shall take precedence over all prior
written or oral terms and conditions provided by the auctioneer. Each
seller or auctioneer reserves the right to withdraw,alter,
add, delete or rearrange the auction inventory or any property, or
modify the terms and conditions of sale, reject any and all bids, or
advance or accept a bidder. The auctioneer is the sole person who can
recognize a bidder as a successful bidder. In the event of any dispute
between bidders, the auctioneer reserves the right to make the sole and
final decision either to accept the final bid or to re offer the
property in dispute at the auction. The auctioneer and the seller
reserves the right to withdraw any property at or prior to the auction
and sell the property to the Auctioneer.
Bidding Procedure
At the conclusion
of the announcement and question period, the auctioneer will solicit
bids for the property. Bids are generally made either orally, raising
of a hand or raising of a paddle. By bidding you will acknowledge the
acceptance of terms and condition of sale whether present during the
actual announcement or not. Bidding increments are made in amounts to
be determine by the auctioneer, who may set a minimum bid at an
auction. The Terms and Conditions of Sale and order of the bidding will
be announced prior to the Auction. As a successful bidder, you must
sign a Bid Confirmation Sheet immediately upon acceptance of your
highest bid. An Auction escort will then usher you to the contract area
where you will complete the sales contract.
Writing The Sales Contract
In the contract
area on Auction Day you will sign the sales contract and make an
earnest money deposit of 10% of your successful bid price, but in no
event less than the amount of your Cashier's Order or Bank Draft, for
each property you purchase. Your Cashier's Order or Bank Draft shall be
deposited as a portion of your earnest money deposit. The balance of
the earnest money deposit may be by cash or personal check. The sales
contract will be a binding contract of sale.
Financing
It is the
purchasers' responsibility to obtain the necessary financing. If you
plan to use a mortgage to purchase the property, we recommend that you
apply for the loan immediately. If the bank must take longer than the
specified time to complete the loan, the seller may extend settlement
for a short period of time if you can provide proof of a loan
commitment. If you do not obtain the financing within the specified
time for settlement you will be in default of your contract for sale.
Published Reserve Price
The properties are
offered with a Published Reserve Price. This means that when the
bidding reaches or exceeds the amount of the Published Reserve Price,
the Seller is committed to sell the Property to the highest bidder.
Should the bidding fail to reach the amount of the Published Reserve
Price, then the Seller reserves the right to accept, counter or reject
the highest bid.
Unpublished Reserve Price
Some auctions are
conducted without a published Reserve Price. The "Unpublished Reserve
Price" is the confidential minimum price agreed to between the seller
and the auctioneer. If the bidding at the auction fails to reach the
Unpublished Reserve Price, the property is returned to the seller. To
protect the seller's interests, the said reserve is kept confidential
by the auctioneer.
Bid By Mail
If you are unable
to attend or do not want to disclose your identity at the Auction, you
may request a Mail Bid Form by calling the Auction Information Office.
Mail Bid Forms will be accepted when accompanied by a completed
Registration Form and Cashier's Order or Bank Draft of 10 % of your
purchase price made payable to the seller of the property you wish to
purchase. If you are not a successful bidder, your deposit will be
returned to you by mail immediately. The disadvantage? You risk being
outbid for a desirable property unless you are present to respond to
other bidders.
An implement given
to each bidder at the registration desk. The paddle contains the number
assigned to the bidder when the bidder registers for an auction. When
you want to place a bid, you simply raise your paddle until the
auctioneer acknowledges you. If you are successful, you number is
recorded alongside you bid. To pay for your purchase, you need to bring
your paddle along to the purchaser payment counter.
Hammer Price
The final bid made before the hammer falls and closes the sale of an Auction. The hammer price is the final purchase price.
Telephone Bidding
In certain cases, the auctioneer will accept
bids from a potential buyer by telephone. An auctioneer's assistant in
the sales room will relay the bidding information. Telephone bidding is
generally only an option for properties of substantial value.
Rights
All announcements made on the day of the auction
sale shall take precedence over any prior written or verbal terms and
conditions of sale. If any terms and conditions of sale contained
herein are not complied with by the successful bidder, auctioneer may,
in addition to asserting all remedies available by law, including the
right to hold the defaulting successful bidder liable for the purchase
price, either
a) cancel the sale, retaining as liquidating damages any payment made by such buyer
b) resell the property without reserve at public auction or privately on seven days notice to such successful bidder,
c) take such other action as it deems necessary or appropriate.
If auctioneer resells the property, the original
defaulting successful bidder shall be liable for payment of any
deficiency in price and all cost and expenses, the expenses of both
sales, reasonable legal fees, commissions, incidental damages and all
other charges due hereunder.
Law Regulating The Auctions
The respective rights and obligations of the
parties with respect to the Terms and Conditions of Sale and the
conduct of the auction shall be governed and interpreted by the
respective law/s and or rules regulating auctions in the various states
of Malaysia. By bidding at an auction, whether present in person or by
an agent, by written bid, telephone or other means, the bidder shall be
deemed to have full knowledge of the aforesaid law/s and or rules
regulating auctions in the various states of Malaysia wherein the
properties lies.
Important Note: Please note that as the above
procedures are general in nature, interested bidders are advised to
consult their solicitors or the auctioneer as to the specific
procedures, terms and conditions applicable for private auctions,
auctions held by judicial courts or through the various land offices
concerned.
The following are the main advantages of buying properties at auction: -
Equal Opportunity
The property is
available for sale on an appointed day and venue for all interested
parties so everyone can have an equal chance of buying properties at
auction.
Safe Purchase There
is no drawback of the vendor ‘pulling out’ as the contract
of sale is binding as soon as the hammer falls.
More Choice Auction
often offer a wider range of properties for sale. For example, double
storey terrace house, bungalow, shop house, land and etc.
Time Saving All the
legal work and surveys should be completed prior to the sale, you can
enjoy speedy purchase and completion of the sale.
The following are the issues to consider before making your first bid at an auction of property:
-
Visit an auction We
suggest that you should attend an auction to ‘get a feel’
for the auction process itself. It is also a useful opportunity and
venue to enquire the auctioneer on questions which you may have. Please
read throughly the Proclamation of Sale and understand the conditions
of sales before you proceed with any bidding.
Finance You will
need to have enough funds to pay the deposit on the day of the sale
(normally 10%) during auction. In addition, you will have to have your
loan in place to pay the balance (90%) if you are a successful bidder.
The 90% payment is due 90 days later.
Survey We suggest
that you should have conducted a survey to ensure that the property is
sound. It is important for you to be careful in your selection of the
property that you wish to buy.
MAHKAMAH TINGGI
Mahkamah Tinggi, Kuala Lumpur
Mahkamah Tinggi, Shah Alam
Mahkamah Tinggi, Seremban
Mahkamah Tinggi, Ipoh
Mahkamah Tinggi, Pahang
Mahkamah Tinggi, Terengganu
Mahkamah Sesyen/Majistret Kuala Lumpur
Mahkamah Sesyen/Majistret Ampang
Mahkamah Sesyen/Majistret Klang
Mahkamah Sesyen/Majistret Kuala Kubu Bharu
Mahkamah Sesyen/Majistret Kuala Pilah
Mahkamah Sesyen/Majistret Seremban
PEJABAT TANAH DAN DAERAH
Pejabat Tanah Dan Galian Wilayah Persekutuan
Pejabat Tanah Dan Daerah Petaling
Pejabat Tanah Dan Daerah Gombak
Pejabat Tanah Dan Daerah Klang
Pejabat Tanah Dan Daerah Hulu Langat
Pejabat Tanah Dan Daerah Kuala Selangor
Pejabat Tanah Dan Daerah Port Dickson
Pejabat Tanah Dan Daerah Jempol
Pejabat Tanah Dan Daerah Kuala Kangsar
Pejabat Tanah Dan Daerah Hulu Selangor
FINANCIAL INSTITUTIONS
RHB Bank Berhad / RHB Islamic Bank Berhad
Standard Chartered Bank Malaysia Berhad / Standard Chartered Saadiq Berhad
Alliance Bank Malaysia Berhad / Alliance Islamic Bank Berhad
OCBC Bank (Malaysia) Berhad
Public Bank Berhad / Public Islamic Bank Berhad
Hong Leong Bank Berhad / Hong Leong Islamic Bank Berhad
Malayan Banking Berhad / Maybank Islamic Berhad
Bank Mualamat Malaysia Berhad
CIMB Bank Berhad / CIMB Islamic Bank Berhad
Ambank (M) Berhad / AmIslamic Bank Berhad
Citibank Berhad
Affin Bank Berhad / Affin Islamic Bank Berhad
Malaysia Building Society Berhad (MBSB)
Resolution Alliance Sdn. Bhd.
Sinesinga Sdn. Bhd. / Gale Force Sdn Bhd
American International Assurance Bhd
Prokhas Sdn. Bhd.
Mystique Bay Sdn. Bhd.
Al Rajhi Bank
Liquidators
Interested Biders kindly SMS or EMAIL: 有意投标者请短信或电子邮件
One
of the biggest turn up for a property auction. Total of 106 bidder for
a 3 storey shop lot at 3 miles, Ipoh Road aka Jalan Ipoh. Reserved
price at RM700,000.00. This auction was held on an early rainy morning
on the 30th September 2010 at Kuala Lumpur High Court.
Property Investment Malaysia Legal Tips No 24 - Auction
Inside a Property Auction
How to buy a house at auction(In UK)
Uploaded on 30 Mar 2010
How to buy a house at auction. This is Money's Simon Lambert explains how to buy a house at auction.
Auction Tips How to buy a house at UK auction
Uploaded on 9 Feb 2009
Buying
a house at auction is easy when you know what you are doing but can
prove costly if you dont take some simple precautions.
Auction Tips
How To Buy Property And Real Estate At Auction Part 1 BE PREPARED
Published on 13 Jun 2012
Tips for Bidding at Auction.
Published on 16 Oct 2013
Meet
our Principal Matthew King & McGrath St George Chief Auctioneer
Nathan Gallagher and find out some helpful tips that will give you the
confidence to bid and buy a property at auction
The property auction bidding tricks the experts don't want you to know.
Published on 13 May 2013
Auctions
are commonly used to maximise the sale price for the vendor. Compared
with sale by Private Treaty an auction is an open and transparent
process, with benefits for both buyers and sellers.So
what steps can you take to increase your chances of placing the winning
bid on your next property? Watch this video to find out the tips the
experts don't want you to know.
Essential Auction Tips And Tactics From Buyer Advocates
Uploaded on 23 Sep 2010
property auction UK.mov
Uploaded on 21 Nov 2011
An
insightful video on the benefits of buying property at auction in the
UK. With tips and advice on how to buy and sell property this is a
valuable primer to anyone who is looking at an auction to either buy or
sell their next property.
Savills London Property Auction
Published on 30 Jul 2012
London Property Auction
How NOT to bid at auction
Uploaded on 27 Apr 2007
Girls
from second series of "How to Be a Property Developer" showing us
exactly what NOT to do when bidding at auction! "It's like watching a
car crash!" Presented by Gary McCausland.
Foreclosure Process Timeline
Published on 16 Aug 2012
Brandy walks through the typical phases of the foreclosure process timeline in Florida.
How to Buy A House at a Foreclosure Auction
Published on 28 Aug 2012
Brandy explains how to buy a property at a foreclosure auction in Florida.
How to Buy Foreclosure Homes: Beginners Guide
Uploaded on 23 Mar 2011
Along with giving you tips
on how to buy foreclosure homes, this video explains the foreclosure
process, the foreclosure laws and the benefits of buying a foreclosure
to first-time homebuyers. Among these tips are pre-qualifying for a
loan, hiring inspectors, running a title search and hiring a realtor.
Depending
on your state, the foreclosure process is either judicial or
non-judicial. Judicial foreclosures require the lender to sue the
homeowner before it can foreclose on the house. In states that allow
both foreclosures, the foreclosure process followed depends on whether
the loan contains a power of sale clause.
The
foreclosure process begins when the homeowner defaults on the loan and
is issued a notice of default. Homeowners who fail to alleviate their
default are issued a notice of sale, and their homes are listed at
auction. Homes that do not sell at auction become bank owned as Real
Estate Owned (REO) properties.
Auctions
are very common and are great deals if homebuyers predetermine their
maximum bids beforehand. Short sales help all parties involved by
allowing homeowners to pay off their loans to their lenders. REOs allow
the homebuyer to buy directly from the lender, and government REOs are
usually well maintained.
How to buy cheap houses through foreclosures
Uploaded on 7 Apr 2011
Buying
foreclosures is an excellent way to get the most out of buying cheap
houses. Foreclosures allow homebuyers to save as much as 60 percent off
the market value of any potential property. Homebuyers and investors
alike have a lot of gain by searching their local foreclosure listings.
Remember
not to assume that foreclosures can only be purchased as distressed
properties, fixer uppers or handyman specials. These homes do exist
among foreclosure listings and can be smart purchases for homeowners
and investors who have home repair experience. However, it is not
unusual to find a variety of quality foreclosed homes from which to
choose.
Foreclosures
are usually sold as short sales, auction homes or REOs. Auction are
very common among foreclosure listings and allow homebuyers to make
their own offers. Short sales may be sold for little more than the
amount needed to pay off their homeowners' defaulted home loans.
Lenders are not in the real estate business and want to sell their REOs
quickly.
These
are only some of the ways that foreclosures help homebuyers save money.
To get the best price on an auction home, determine a maximum bid
before making an offer on the house. When buying any foreclosure, have
the property inspected and run a title search if there's time. Always
contact the seller named in the foreclosure listing to discuss the
property details.
Homebuyers
and investors can save thousands of dollars by buying inexpensive
foreclosure homes. It's the best way to get cheap quality houses.
Homeowner Destroys House Before Foreclosure
Uploaded on 23 Jun 2008
The
owner of a local mortgage company is about to lose three of his homes
to foreclosure. The notice came as a surprise to some of his renters,
but what is really shocking is what's happening at one of the homes.
Interested Biders kindly SMS or EMAIL: 有意投标者请短信或电子邮件