Monday, August 17, 2009

Guide To Bid in Property Auction

Guide To Bid

1. Who May Bid

i. Intending Purchaser who possess a Bank Draft/Banker’s Cheque be equal to 10% and for bumi lots equal to 5% of the Reserve Price is qualified to become a bidder.

ii. Qualified bidder may delegate another to act as an agent or representative in his behalf. The delegate is required to submit a Letter of Authority and NRIC card photocopy of the intending purchaser.

2. What to Produce at The Auction

i. Bring along the NRIC card to qualify to bid and present it for identification and registration.

ii. Important to submit Bank Draft/Banker’s Cheque amounting 5% of the Reserve Price.

iii. Do bring extra fund as Additional Deposit to subsidize if there is increment on the Reserve Price.

iv. Specify your details required in the Bidder’s Registration Form.

3. What to Note at The Auction

i. Always check the specific amount requested and the Bank Draft/Banker’s Cheque are correctly payable.

ii. Unprepared and unattentiveness during call bids will make you lose a probable opportunity.

iii. Certainly do not bring personal or company cheque as Auction deposits.

iv. To be present earlier to avoid disappointment.

v. It is important to listen to the Auction proceeding very carefully to avoid unawareness.

vi. Observe the details provided are correct in the Contract of Sale before endorsement.

vii. Necessary to switch off or vibrate all your cell phones to avoid interruption during auction.

4. Necessary Documents for Bidding

For an individual bidder:-

• A photocopy of his / her NRIC card (both sides)
• Correspondence address
• Telephone contact no

For a Corporation:-

• A certified true copy of the Company’s Memorandum and Articles of Association.
• Form 24 and 49
• Board of Directors’ Resolution

For Agent / Representative :-

• Letter of Authority from the Intending Purchaser
• A photocopy of the NRIC card (both sides)

5. Homework To Do Before Attendance at Auction

i. Obtain the Proclamation, Conditions and Term of Sale from the Auctioneer.

ii. Make necessary enquiries and confirm essential documents to furnish for participation.

iii. Final check out with the relevant Auctioneer before turning up for auction.

Source: 1klassifieds, New Straits Times, July 31, 2008

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