Frequently Asked Questions on Property Auction


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Frequently Asked Questions

1	About Bidding Deposit Public Auction - all intending bidders are required to deposit with the Auctioneer, prior to the auction sale, 5% of the reserve price by bank draft or cashier’s order only in favour on AmBank (M) Berhad and the balance of 95% should be paid in full within 90 days form the date of the auction sale. High Court & Land Office - All intending bidders are required to deposit 10% of the reserve price and the balance of 90% to be settled within 120 days from the date of auction sale.

2	Is there any additional payment to be made on the auction date? In the event that the Purchase Price is higher than the Reserve Price, the Purchaser shall immediately deposit with the Auctioneer as stakeholder a sum equivalent to the difference between Purchase Deposit and the Bidding Deposit (the ‘Purchase Deposit Shortfall’) either in cash of by way of a valid bank draft or cashier’s order drawn in favour of the Bank which together will form the Purchase Deposit. Also, successful bidder will also have to bear the stamping fee of the sales contract, which cost about RM50.

3	What if the purchaser fails to pay the balance of the purchase price within the given period? In the event that the purchaser fails to settle the balance within the given period, the deposit will be forfeited.

4	What are the costs incurred that are borne by the Purchaser? Successful bidder is required to bear all outstanding balance except Maintenance, Quit Rent & Assessment which as at the auction date will be borne by Assignee. Therefore, it is advisable to the intending bidders to check with the Developer prior to the auction on any outstanding amount due to them.

5	About Vacant Possession Property will be sold without vacant possession. It is the responsibility of the purchaser to obtain the vacant possession.

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Frequently Asked Questions on Property Auction

Disclaimer
Interested bidders are advised to conduct and obtain all necessary searches, valuation, inspection, investigation and/or independant advice prior to the auction date in relation to the respective properties. AmBank (M) Berhad shall not be liable and/or responsible for any losses and/or damages which may arise from reliance on information contained in this document or information given by any employee and/or appointed agent.

The details contained herein is for information purposes only and subject always to deletion, change, modification and/or amendment at our absolute discretion and AmBank (M) Berhad reserved the right to withdraw any property listed herein at any time and/or decline any intended purchase at its absolute discretion without assigning any reason thereto.