General Auction Day Procedures
Pre-Registered BiddersAs pre-registered bidders you will check in at the Pre-registered Bidders area prior to the Auction. You will receive your assigned Bidder Number and Terms and Conditions of Sale. If you are planning to purchase more than one property, you must present separate Cashier's Order or Bank Draft for each property you wish to purchase.
Auction Day Registration
Those who register on Auction Day will be required to complete the Auction Registration Form and deposit with the Auctioneer the relevant Cashier's Order or Bank Draft amount to 10% of the reserve price for each property that they wish to purchase. Intended Bidders should plan to arrive at least thirty (30) minutes prior to the Auction Sale in order to complete the registration process.
Announcements made by auctioneer on the auction day shall take precedence over all prior written or oral terms and conditions provided by the auctioneer. Each seller or auctioneer reserves the right to withdraw, alter, add, delete or rearrange the auction inventory or any property, or modify the terms and conditions of sale, reject any and all bids, or advance or accept a bidder. The auctioneer is the sole person who can recognize a bidder as a successful bidder. In the event of any dispute between bidders, the auctioneer reserves the right to make the sole and final decision either to accept the final bid or to re offer the property in dispute at the auction. The auctioneer and the seller reserves the right to withdraw any property at or prior to the auction and sell the property to the Auctioneer.
At the conclusion of the announcement and question period, the auctioneer will solicit bids for the property. Bids are generally made either orally, raising of a hand or raising of a paddle. By bidding you will acknowledge the acceptance of terms and condition of sale whether present during the actual announcement or not. Bidding increments are made in amounts to be determine by the auctioneer, who may set a minimum bid at an auction. The Terms and Conditions of Sale and order of the bidding will be announced prior to the Auction. As a successful bidder, you must sign a Bid Confirmation Sheet immediately upon acceptance of your highest bid. An Auction escort will then usher you to the contract area where you will complete the sales contract.
Writing The Sales Contract
In the contract area on Auction Day you will sign the sales contract and make an earnest money deposit of 10% of your successful bid price, but in no event less than the amount of your Cashier's Order or Bank Draft, for each property you purchase. Your Cashier's Order or Bank Draft shall be deposited as a portion of your earnest money deposit. The balance of the earnest money deposit may be by cash or personal check. The sales contract will be a binding contract of sale.
It is the purchasers' responsibility to obtain the necessary financing. If you plan to use a mortgage to purchase the property, we recommend that you apply for the loan immediately. If the bank must take longer than the specified time to complete the loan, the seller may extend settlement for a short period of time if you can provide proof of a loan commitment. If you do not obtain the financing within the specified time for settlement you will be in default of your contract for sale.
Published Reserve Price
The properties are offered with a Published Reserve Price. This means that when the bidding reaches or exceeds the amount of the Published Reserve Price, the Seller is committed to sell the Property to the highest bidder. Should the bidding fail to reach the amount of the Published Reserve Price, then the Seller reserves the right to accept, counter or reject the highest bid.
Unpublished Reserve Price
Some auctions are conducted without a published Reserve Price. The "Unpublished Reserve Price" is the confidential minimum price agreed to between the seller and the auctioneer. If the bidding at the auction fails to reach the Unpublished Reserve Price, the property is returned to the seller. To protect the seller's interests, the said reserve is kept confidential by the auctioneer.
The final bid made before the hammer falls and closes the sale of an Auction. The hammer price is the final purchase price.
All announcements made on the day of the auction sale shall take precedence over any prior written or verbal terms and conditions of sale. If any terms and conditions of sale contained herein are not complied with by the successful bidder, Sri and Co in addition to asserting all remedies available by law, including the right to hold the defaulting successful bidder liable for the purchase price, either
- a) cancel the sale, retaining as liquidating damages any payment made by such buyer
- b) resell the property without reserve at public auction or privately on seven days notice to such successful bidder
- c) take such other action as it deems necessary or appropriate.
If SRI and CO resells the property, the original defaulting successful bidder shall be liable for payment of any deficiency in price and all cost and expenses, the expenses of both sales, reasonable legal fees, commissions, incidental damages and all other charges due hereunder.
Law Regulating The Auctions
The respective rights and obligations of the parties with respect to the Terms and Conditions of Sale and the conduct of the auction shall be governed and interpreted by the respective law/s and or rules regulating auctions in the various states of Malaysia. By bidding at an auction, whether present in person or by an agent, by written bid, telephone or other means, the bidder shall be deemed to have full knowledge of the aforesaid law/s and or rules regulating auctions in the various states of Malaysia wherein the properties lies.
Important Note: Please note that as the above procedures are general in nature, interested bidders are advised to consult their solicitors or the auctioneer as to the specific procedures, terms and conditions applicable.