Documents Needed To Buy An Auction Property In Malaysia
The auction property market in Malaysia is often regulated by banks, auctioneers, and government bodies. They often require many documents to process a request, just like applying for a bank loan. If you are planning to participate in an auction, these are the documents that you should prepare beforehand.
For Individual Bidders
Individual bidder refers to participating in the auction with your own personal name. Biding as an individual bidder would mean that the auction title change would end up in your own name.
- Original and photocopy of the bidder’s identification card (MyKad)
- Bank draft or cashier’s order equivalent to 10% of the auction unit’s reserve price, payable to the respective bank according to the Proclaimation of Sale (POS)
- A letter of authorization if someone is bidding on your behalf.
- Additional funds to pay the remaining balance of differences between the reserve price and the successful bid price (5% or 10% of the successful bid price)
For Company Bidders
- Company’s Memorandum and Articles of Association (M&A) – certified true copy by Company Secretary.
- Form 24 and 49 – certified true copy by the Company Secretary.
- Board of Director’s Resolution – certified true copy by the Company Secretary.
- Letter of authorisation (with letterhead, company stamp and signed by at least one director).
- Photocopy of director(s)’ MyKad.
- Identification card (MyKad) together with a photocopy of MyKad (both sides) of person being authorised to bid.
- A bank draft or cashier’s order equivalent to 5% or 10% of the fixed reserve price payable to the auctioneer.
- Additional fund to pay the remaining balance of differences between reserve price and successful bid price (5% or 10% of the successful bid price)
These are the documents you would need to participate in a bank lelong procedure. If you have any questions or doubts, you can contact us, and we will guide you in your auction acquisition process!
