will need to be above 18 years of age to register and become eligible to
bid at an auction. Complete and return to the auctioneer the Auction
Registration Form together with a cashier's Order or Bank Draft equivalent
to 10% of the reserve price of the property that you intend to bid, prior
to the Auction Sale.
In the interest of all parties concerned,
the Cashier's Order or Bank Draft shall be made payable in accordance with
the Terms and Conditions of Sale.
GENERAL AUCTION DAY PROCEDURES
As 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
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
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
Bid By Mail
If you are unable to attend or do not want
to disclose your identity at the Auction, you may request a Mail Bid Form
by calling the Auction Information Office. Mail Bid Forms will be accepted
when accompanied by a completed Registration Form and Cashier's Order or
Bank Draft of 10 % of your purchase price made payable to the seller of
the property you wish to purchase. If you are not a successful bidder,
your deposit will be returned to you by mail immediately. The
disadvantage? You risk being outbid for a desirable property unless you
are present to respond to other bidders.
An implement given to each bidder at the
registration desk. The paddle contains the number assigned to the bidder
when the bidder registers for an auction. When you want to place a bid,
you simply raise your paddle until the auctioneer acknowledges you. If you
are successful, you number is recorded alongside you bid. To pay for your
purchase, you need to bring your paddle along to the purchaser payment
The final bid made before the hammer falls
and closes the sale of an Auction. The hammer price is the final purchase
In certain cases, the auctioneer will
accept bids from a potential buyer by telephone. An auctioneer's assistant
in the sales room will relay the bidding information. Telephone bidding is
generally only an option for properties of substantial value.
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, Property Auction
House Sdn. Bhd./Syarikat Patrick Wong may, 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
c) take such other action as it deems
necessary or appropriate.
If Property Auction House Sdn.
Bhd./Syarikat Patrick Wong 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.
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
for private auctions, auctions held by judicial courts or through the
various land offices concerned.