More questions:

1. If we have to pay condo service fees from the day of successful bidding, can we legally go and stay (ie. take over) at the unit ?

2. Why do we have to pay the previous condo service fees, sinking fund, water fees etc because that should be paid by the previous owner since he is the one using it. The previous owner owed the management and the management should held the old owner responsible and not new owner.

(  Assuming banks don't pay.)

3. New owner should be responsible from the date of successful bidding.

4. What if there is ONLY one bidder ? What will happen ?

5. Where can we get the floor plan ? The developer is NOT helpful and the bank doesn't have it.

The condition is as is where is, correct. But most POS nowadays for high court actually reads that the bank will absorb most of the outstandings, inclusive of utilities (this was the case 1 year plus ago). I won't go into the very detail of the law, but if you have a good lawyer, there is a limit to what you need to pay to the management if there is outstandings and the POS clearly states that the bank will not pay for it.

There is no S&P in auction. It is called a memorandum of contract. You cannot move in straight away even though you are the beneficial owner. You are not the registered owner as the registered owner is still in the borrower's name. The bank has been assigned the rights to auction off the property but as the succesful bidder you are not given the same rights. If you choose to break and enter, you will do so at your own risks.

---

Added on April 16, 2012, 12:25 am