Property Auction Steps for Bidding
1. Identify Property
Check out for your desired auction property based on your budget and preferred location in Malaysia Properties Auction’s portal. Take note on the description, address and the relevant information of the property you are interested in.
2. Inspect Property
Conduct an external inspection of the auction property to understand the state and the condition of the property.
3. Search on Property
Make an official search with the relevant land office and seek legal advice on the auction property with the developer or management office.
4. Register to Bank
Interested bidders are required to register their details with Lelong King List prior to the property auction.
Receive a copy of Proclamation of Sale (POS) and Condition of Sale (COS).
5. Prepare Bank Draft
Take note of the property auction time, date and venue.
Prepare a bank draft equivalent to either 5% or 10% of the reserved price of the property before the auction date.
Submit Bank Draft at registration counter on auction day for the deposit amount.
On the property auction day, reach the auction venue early and register at the auctioneer registration counter.
Get a bidder’s card with number to identified yourself as registered bidder during the auction.
The auctioneer shall announce the commencement of the property auction, briefs on the bidding process, read out the important clauses in POS/COS.
Bidder is to raise his/her bidding card to indicate the ideal bidding price.
8. Successful Bidder
When a bidder offers the price that called out three times by the auctioneer and no further bids are made by other bidders, the bidding process will stop and the final bid offered is identified as successful bidder.
When the auctioneer’s hammer falls, the property is considered sold.
9. After bidding
Sign the Proclamation of Sale and pay the differences between reserve price and successful bid price immediately after the auction.
Pay the balance of the purchase price within the time frame given.
For unsuccessful bidder, claim back your bank draft or cashier’s order at the registration counter.