How to Bid for Auction Property?
 
   


Paddle
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.

Hammer Price
The final bid made before the hammer falls and closes the sale of an Auction. The hammer price is the final purchase price.

Rights
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 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.
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.


 

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