Auction Guide For Buyer

Viewing of property

• Arrange viewing with auction team member who is handling the property to view the property.
   

Check your eligibility to purchase

• Do check your eligibility to purchase a property prior to the auction event; For example, under the Residential Property Act, a foreign person / company purchasing any landed residential property is required to seek prior approval from Land Dealings (Approval) Unit.
   

• Interested buyer who require loan financing should consult their bankers on their loan eligibility prior to the auction event.
   

On the day of Auction

• All intended purchasers will need to personally be present at the auction event.

• During the auction, prospects must indicate each bid to the auctioneer by raising his hand.
   

Successful Bidders

• Once the property is knocked down, successful bidder will need to furnish a copy of his NRIC / Passport / Company UEN / Power of Attorney for the immediate preparation of the Condition of Sales (COS).
   

• Successful bidder will then pay 5% or 10% deposit (As stated in the COS) of the successful bid price and immediately sign the contract (COS).
   

• For commercial and industrial properties, where goods and services tax (GST) is payable, the successful bidder is also required to pay the full GST amount together with the deposit.
   

• The balance 90% / 95% of the successful bid price shall be due payable upon the completion of the sale, as specified in the Condition of Sales (COS) and is usually between 8 and 12 weeks.
   

• The purchaser will also receive a duplicate copy of the signed Condition of Sales (COS) on the auction day.
   

• The purchaser can then inform their solicitor and banker so that they can begin to process his loan application and other legal processes.
   

Other Notes

• In some cases, vendors may decide to sell their property before the auction. Do keep in close contact with the auction team member who is handling the property for updates.