Useful Information
Auction Guide For Buyer
Auction Guide for Buyer
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Viewing of property
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Arrange viewing with auction team member who is handling the property to view the property.
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Check your eligibility to purchase
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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.
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Interested buyer who require loan financing should consult their bankers on their loan eligibility prior to the auction event.
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On the day of Auction
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All intended purchasers will need to personally be present at the auction event.
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During the auction, prospects must indicate each bid to the auctioneer by raising his hand.
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Successful Bidders
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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).
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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).
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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.
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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.
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The purchaser will also receive a duplicate copy of the signed Condition of Sales (COS) on the auction day.
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The purchaser can then inform their solicitor and banker so that they can begin to process his loan application and other legal processes.
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Other Notes
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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.
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