Who are eligible?
Individual
- Malaysian Citizen
- above 18 years old
- of sound mind
- not undischarged bankrupt
Company
- incorporated under laws of Malaysia
- not in liquidation
- Malaysian shareholding not less than 51%
Know the property
Before bidding, check if there is anyone occupying the property. If there is someone occupying the property, talk to the occupier, understand who they are, will they leave the property.
Read the agreement
Study the agreement, understand what are the costs to be prepared, property details and restriction in interest.
Outstanding payments
Successful bidders shall pay outstanding expenses owing by previous owner. Sometimes such outstanding payments cannot be claimed back from auction bank.
- quit rent & assessment
- service charge by Joint Management Body (JMB)
- building insurance & sinking fund
- interest chargeable by JMB
Additional Costs
Sometimes successful bidder has to bear additional costs for transferring the ownership.
Ask us why!
Whether properties issued with title
- Read from agreement
- Conduct land search
- Check with developer
- Check with auction bank solicitors
Registration of transfer
Not all properties are issued with title.
Restrictions in interest
Section 5 of NLC 1965
‘Any limitation imposed by the State Authority on any of the powers conferred on a proprietor by Part Nine, or on any of his powers of dealing under Division IV, and any like limitation imposed under any previous land law.’
Court Auction
Non-Laca Auction
Absolved from the requirement to apply consent from State Authority, including low cost consent, bumiputra restriction etc.
Loan Agreement Cum Assignment Auction
LACA
Consent application is required before registration of transfer can be done.
Other costs
Know how much you should prepare for legal fee, stamp duty, registration fee and etc before you bid.
E-Lelong
E-Lelong is a newly implemented online system by the High Court of Malaysia where interested bidders may get the particulars of the property from system, participate and place their bids online without the need to physically attend at the place of bidding. The E-Lelong not just keep in pace with the evolving technology, and also promotes conveniences, transparency and fair transaction.
Wants to know more about E-Lelong or need any assistance. Please call us!