1. Identify Property
Take note of the description, address and the relevant information of the property you are interested in.
2. Inspect Property
Inspect the property concerned to understand better the state and condition of the property.
3. Search on Property
Do a general search or seek independant legal advice on the property.
4. Call the Auctioneer
Call the Auctioneer or Sales Agent to obtain any other information needed of the property.
5. Prepare Bank Draft
Prepare a bank draft equivalent to 5% or 10% of the reserve price.Be prepared to top up the difference between the 5% or 10% of the reserve price and the 5% or 10% of the final sold price immediately after the auction.
On the day of auction, register yourself and obtain a copy of the 'Term and Conditions of Sale' from the auctioneer. A bidder's card with number will be issued to identify the registered bidder during the auction.
7. Read the Conditions of Sale
Take your time to read and full understand the 'Terms and Conditions of Sale' and seek clarifications from the auctioneer before the auction commences.
The Auctioneer will announce the commencement of the auction. Bidder is to raise his hand to signify his interest to bid for the property.
9. Successful Bidder
The successful bidder is identified as the highest offeror during the bidding process. When the auctioneer's hammer falls, property is sold.
Sign the Sales Contract. Bidder will be advised to collect the stamped Contract at a later time. Contact Bank to arrange for financing.