Auction properties
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 Jul 21 2019, 09:04 AM
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#1
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Probation
32 posts Joined: Jun 2019 
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Hi, guys. Anyone know how to check if there is any outstanding progressive payment due to developer for auction landed property? In the POS stated in the event got outstanding progressive payment of 2.5%, purchasher need to clear the balance. What is outstanding progressive payment? If it stated in POS doesn't mean there is outstanding right? Need to check, but how to check?
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Jul 21 2019, 03:10 PM
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#2
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Probation
32 posts Joined: Jun 2019
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One more question, if the POS only stated master title no and lot no, and its public auction, does it mean the owner haven receive individual title? What will be the risks if want to buy this type of auctioned property? 🤔hope can learn from all the sifus here.
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Jul 21 2019, 03:27 PM
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#3
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Probation
32 posts Joined: Jun 2019
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QUOTE(jetwash @ Oct 16 2017, 11:44 AM) Here's what I do before I bid; Hi, May i know the '4. Do title search at land office. Can skip this if master title' does it mean if it's master title just avoid from it? What will be the risk?1. Google around for auction properties. 2. Get the Proclamation of Sale. Read terms esp on who pays the outstanding maintenance fees, quit rent, assessment fees etc. 3. Site visit. Estimate for repairs. If owner stays at the property, cancel and go back to step 1. Get a copy of utility bills for checking. 4. Do title search at land office. Can skip this if master title. If got private caveat by individual then go back to step 1. 5. Go for bidding with a set budget (always below bank valuation). 6. Win - sign contract; lose - return to step 1.  |
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