12 Oct 2016
Are you interested in Auction deals? ERA holds monthly Auction sessions with exclusive Residential and Commercial & Industrial properties for sale by banks and owners.
If a certain property has caught your interest, here’s the roadmap for you:
Firstly, contact the Auction team to find out more about the property. Next, make an arrangement for an inspection/viewing of the property.
You must check on your eligibility to buy properties prior to the auction sale as foreigners are not allowed to bid for landed houses unless they have prior approval from Land Dealings Approval Unit (LDAU).
In addition, you should enquire from the relevant bank or financial institution for financing purpose. This will determine the loan quantum and affordability.
A copy of the property particulars as well as the Particulars and Conditions of Sale (COS) may be obtained from the Auction team. Do seek legal advice or clarification from your solicitors before the Auction if necessary.
Do bring along a cheque (2 cheques if Goods and Services Tax (GST) is payable), identity card/ passport, company stamp and/or Power of Attorney.
The auctioneer will be the sole arbitrator of any disputed bid. Subject to a reserve price, the highest bidder will be the purchaser. Bids may be communicated either verbally, by a show of your hand or by a distinctive gesture, for example, nodding of the head.
If the property is successfully sold, the buyer is required to sign the COS immediately and pay a 5% deposit of the bid price. Upon 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 of the contract, if applicable.
After signing the COS, completion of the sale of the property is usually 10-12 weeks (unless stated otherwise by the COS). Successful buyers must instruct their lawyers to correspond with the seller’s lawyer for the completion of sale.
For more details on Auction, visit www.era.com.sg/client/auction
ERA Auction Team
Email: [email protected]
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.
