There are two types of property auction.

The first type is Loan Agreement Cum Assignment (LACA) auction, and it is conducted by banks for properties without an individual or strata title. The second type is Non-LACA property where the auction is conducted by the High Court for properties with an individual or strata title.

Identify 

Identify the property that you want and pay attention to relevant information according to the location of your choice and the budget you have to invest

Inspect 

Understand the state and condition of the desired property. Conduct an external inspection of the property to ascertain the condition.

Independent research 

Conduct a through research with the relevant Land Office and make general enquiries with the developer or management office. Seek independent legal advice on the property. A common problem is evicting occupants from the property, so be prepared to spend time and effort on this.

Call the auctioneer/agent 

Call the auctioneer or agent to get additional information about the property.

Preparation 

Take note of the auction time, date and venue. Prepare a bank draft or cashier’s order for the deposit amount equivalent to either 5% or 10% of the Reserved Price before the auction date. [Also, prepare additional cash on the auction day to top-up the difference on the deposit sum between the successful bidding price and the reserved price. The sum must be paid immediately after the auction.] - LACA case only.

Registration 

Register your details prior to the auction. You may also register on the actual day itself before the auction. 

Bidding Time 

The auctioneer will announce the commencement of the auction, and then provide a briefing on the bidding process. He will then read out the important clauses in the COS and the property information. After the auctioneer announces the starting price, the bidder should raise his/her bidding card to signify interest and also to indicate the bidding price.

Successful bidder 

The bidding process will stop when the highest price is called out three times by the auctioneer and no further bids can be made. At the fall of the hammer, the property is sold.

Signing the contract 

The successful bidder is required to sign the Contract of Sale and pay the remaining difference on the same day itself if there’s an increment to the successful bidding price. The balance of the purchase price must be paid within 90 days from the auction day. Contact the bank to arrange for financing.

Legal matters 

Once you officially own the property, you can apply for a distress order on the occupants through a lawyer before you get a court order. It takes about 3 to 4 weeks to process a distress order.

Unsuccessful bidding 

If you are not the successful bidder, you may redeem your bank draft or cashier’s order at the registration counter immediately after the auction.

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