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Auction


ERA’s property auction department provides advice and recommendations on sale prices and timings for properties to be put on sale. From residential to commercial properties, the auction department assists its clients such as property owners to achieve optimal results within a short time frame.

SERVICES

• Auction and transact all types of properties
• Advise on the reserve price of properties
• Undertake the marketing of properties on behalf of vendors
• Analyse property market, property trends and prices of comparable properties
• Advise and assist bidders on auction floor procedures and contract signing

AUCTION TEAM

Chee Yong
CEA Reg. No. R053756C
Tel: +65 6805 5080

Jay Chua
CEA Reg. No. R043558B
Tel: +65 8121 9403

Documentation

Auction Procedure

Vendor’s instruction on the sale of property by way of auction

Pre-Auction Services and Inspection

Appointment of Solicitor for the preparation of the Particulars & Conditions of Sale.

• Preparation of fact sheet, slide presentation and etc
• Send out listings to > 6,000 ERA Salespersons
• Online advertisement and marketing
• Newspapers advertisements

Answer enquiries and conduct viewings

Advice on Reserve Price after gathering marketing feedback

Auction Day

Property Sold

Yes

Payment of deposit and balance of sale proceeds payable upon completion of sale
No

Proceed to private treaty

• Answer enquiries and conduct viewings
• Negotiate with interested parties

Offer accepted and close deal

Auction Guide - Buyer
  1. Interested buyers to contact marketing executive for more details of the property (Land area, floor area, maintenance charges, indicative pricing etc.)
  2. Interested buyers can make arrangement with marketing executive for inspection of the property.
  3. Interested buyers must also check on their eligibility to buy properties prior to the auction sale Eg. Foreigners are not allowed to bid for landed houses unless with LDAU prior approval.
  4. Make enquiries with the relevant bank or financial institution if you need financing for the property. This will determine the loan quantum and affordability.
  5. A copy of the property particulars as well as the Particulars and Conditions of Sale (COS) may be obtained from the marketing executive. Seek legal advice or clarification from your solicitors before the auction (if necessary).
  6. At the auction, interested buyers have to bring along a cheque (2 cheques if GST is payable), their identity card/ passport, company stamp and/or Power of Attorney.
  7. The auctioneer will be the sole arbitrator of any disputed bid.
  8. Subject to a reserve price, the highest bidder will be the purchaser.
  9. Bids may be communicated either verbally, by a show of your hand or by a distinctive gesture e.g. nodding of the head.
  10. If the property is successfully sold, the buyer is required to sign the COS immediately and pay a deposit of 5% of the bid price. Upon the completion of sale, the balance 95% of the successful bid price shall be due payable. For commercial and industrial properties, GST has to be paid upon signing the contract (if applicable).
  11. After signing the COS, completion of the property is usually 10-12 weeks (unless otherwise stated by the COS). Please instruct your lawyers to correspond with the seller’s lawyer for the completion of sale.

Auction Guide - Vendor
  1. Vendor to appoint ERA Realty Network Pte Ltd (“ERA”) to conduct auction sale for their property by signing the Auction Agreement Form and Reserve Price and send back to ERA together with a cheque for the auction fees and a photocopy of the identity card/ passport to show proof of ownership.
  2. Vendor to give details of property (address, area, tenure, maintenance charges, tenancy agreement, valuation report, floor plan, site plan etc.)
  3. Vendor to appoint their own lawyer to prepare the Particulars and Conditions of Sale (COS) and send the engrossed copy to the “Auctioneer” at least 5 days before the auction date.
  4. Vendor to allow/arrange for ERA to inspect and take photos of the property and to conduct viewing for prospective buyers (if necessary).
  5. If the property is vacant, Vendor to pass the keys to the marketing executive so as to facilitate viewings.
  6. If property is tenanted, Vendor to inform tenant of intended sale and to allow inspection and viewing.
  7. Vendor to refer all enquiries or offers from potential purchasers/other agents to ERA.
  8. Prior to the auction, Vendor to review the Reserve Price upon receiving feedback from marketing executive.
  9. If property is sold at the auction, ERA will, on behalf of the Vendor, sign the COS and collect the deposit. The deposit and signed COS will be forwarded to Vendor’s lawyer for completion.
  10. Vendor undertakes to pay ERA the agreed commission if the property is sold by ERA either by staff/any other agent/person/vendors be it at the auction, private sale and/or even if instruction was given to withdraw the property from auction sale.


To enquire, please email to auction@era.com.sg.
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