You 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
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 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.
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
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 counter.
The final bid made before the hammer falls and closes the sale of an
Auction. The hammer price is the final purchase price.
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 bidder,
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.
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
for private auctions, auctions held by judicial courts or through the
various land offices concerned.