Simple procedures to purchase an Auction Property.
Note : Prior to the auction sale, all intending bidders are advised to:-
(i) inspect the property;
(ii) conduct land searches (official as well as private);
(iii) make relevant enquiries with the developer, landowner and/or appropriate authorities; and
(iv) obtain from the Auctioneer a copy of the Conditions of SaleÂ
Simple procedures to purchase an Auction Property.
Note : Prior to the auction sale, all intending bidders are advised to:-
(i) inspect the property;
(ii) conduct land searches (official as well as private);
(iii) make relevant enquiries with the developer, landowner and/or appropriate authorities; and
(iv) obtain from the Auctioneer a copy of the Conditions of SaleÂ
• Get the Proclamation of Sale (POS) of the Auction Property, check the property's Title, Developer, Bumi or Non-Bumi, Banks' T&C (We will assist to check).
• Get the Proclamation of Sale (POS) of the Auction Property, check the property's Title, Developer, Bumi or Non-Bumi, Banks' T&C (We will assist to check).
• Visit to property management and request to inspect the Auction Property from outside (no inside viewing) and; check total outstanding maintenance fees, utilities bill and unit of parking.
• Visit to property management and request to inspect the Auction Property from outside (no inside viewing) and; check total outstanding maintenance fees, utilities bill and unit of parking.
• Outstanding maintenance fees shall be settled by new owner and claim from bank* (*subject to bank t&c).
• Outstanding maintenance fees shall be settled by new owner and claim from bank* (*subject to bank t&c).
• Auction Property will be SOLD "as is where is" basis.
• Auction Property will be SOLD "as is where is" basis.
• Bidder’s IC (front & back) to register for bidding.
• Bidder’s IC (front & back) to register for bidding.
• 10% deposit to bid (bidder is advised to pre-check loan before bidding, loan amount depends on customer profile).
• 10% deposit to bid (bidder is advised to pre-check loan before bidding, loan amount depends on customer profile).
• If bid successful - can proceed to loan; If bid unsuccessful - 10% will be refunded.
• If bid successful - can proceed to loan; If bid unsuccessful - 10% will be refunded.
• Estimate 4-5% of legal fees + stamping fees.
• Estimate 4-5% of legal fees + stamping fees.
• 90 or 120 days to settle balance of the property amount via Loan or Cash.
• 90 or 120 days to settle balance of the property amount via Loan or Cash.
Individual Name To Register Bidding (Maximum 3 Names)
Bidder's IC (front & back, color, put "for bidding")
10% Deposit Online Transfer or Banker Cheque to Licensed Auctioneer AccountÂ
Company To Register Bidding
Director's IC (front & back, color, put "for bidding")
10% Deposit Online Transfer or Banker Cheque to Licensed Auctioneer AccountÂ
Form 24, 44, 49 & M&A
Company ResolutionÂ
* All have to be Certified True Copy (CTC)Â
Auction Q&A
Auction Q&A
Q: What to check before purchasing an Auction Property?
Q: What to check before purchasing an Auction Property?
A: Loan, Developer, Title Transfer, Bumi or Non-Bumi and Outstanding Maintenance Fees. If Title Issued, must do Caveat search.
A: Loan, Developer, Title Transfer, Bumi or Non-Bumi and Outstanding Maintenance Fees. If Title Issued, must do Caveat search.
Q: How to check if the auction unit is Bumi unit?
Q: How to check if the auction unit is Bumi unit?
A: Always refer to POS (Proclamation Of Sale) and check with Developer / Auction Lawyer. We will assist to check.
A: Always refer to POS (Proclamation Of Sale) and check with Developer / Auction Lawyer. We will assist to check.
Q: Can a Non-Bumi purchase Bumi Unit in Auction?Â
Q: Can a Non-Bumi purchase Bumi Unit in Auction?Â
A: No.
A: No.
Q: Can I purchase RUMAWIP, Rumah Selangorku(RSKU) or Pr1ma in Auction?
Q: Can I purchase RUMAWIP, Rumah Selangorku(RSKU) or Pr1ma in Auction?
A: Yes, anyone can purchase in Auction but with restrictions (RUMAWIP 10 years cannot sell, RSKU & Pr1ma 5 years cannot sell).
A: Yes, anyone can purchase in Auction but with restrictions (RUMAWIP 10 years cannot sell, RSKU & Pr1ma 5 years cannot sell).
Q: How to identify if the Auction Property is worth to purchase?
Q: How to identify if the Auction Property is worth to purchase?
A: Always check Market Price & Rental.
A: Always check Market Price & Rental.
Q: Which Housing Loan does not have Lock-in Period and Early Settlement Penalty Fee?
Q: Which Housing Loan does not have Lock-in Period and Early Settlement Penalty Fee?
A: Islamic Housing Loan. Subject to terms of agreement with bank.
A: Islamic Housing Loan. Subject to terms of agreement with bank.
Conventional Housing Loan for example, let’s say you’ve decided to pay a full settlement for a RM400,000 Conventional Housing Loan within its lock-in period of 5 years, with an exit penalty fee of 3%. You’ll be forced to bear a penalty of:
Conventional Housing Loan for example, let’s say you’ve decided to pay a full settlement for a RM400,000 Conventional Housing Loan within its lock-in period of 5 years, with an exit penalty fee of 3%. You’ll be forced to bear a penalty of:
RM400,000 x 3% = RM12,000
RM400,000 x 3% = RM12,000
On average, it can range anywhere between 3 to 5 years with an exit penalty of 2% all the way up to 5%.Â
On average, it can range anywhere between 3 to 5 years with an exit penalty of 2% all the way up to 5%.Â
MRTA VS MLTA
https://www.imoney.my/articles/mrta-vs-mlta-need
