1. Not, caveat can be found at land search, so its totally preventable before enter the bidding hall, so its not consider cheating.
2. third party caveat is the most headache thing. mostly the reason like, family dynamic (inherit issues among family), Divorces case, illegal / loan shark / liability owner / LHDN caveat if not paying tax / etc etc.

Hi all, I joined my second auction after this event. Won it at reserved price, 4th round auction for the unit. 

Anyway the first thing I was very worried about was adhering to the 90-day timeline to complete the payment. Auction bank was PBB, and I used MBB loan.

So I asked my lawyer to provide a timeline how to achieve this. This was what was given.

14 working days for the developer to revert on the direct transfer
7 working days to comply to the developer request
14 working days for the developer to execute the MOT to transfer to you
14-21 working days for leasehold consent
7-14 working days for your loan execution depending on bank
7 working days to stamp your loan agreement and lodge caveat on bank's behalf
7 working days to advise and disbursement

My property is leasehold, bumi lot, in KL & developer agreed to do direct transfer. So your miles may vary.

In overall, we managed to complete loan disbursement within 68 calendar days. (could've been earlier if I didn't take 1 week to decide which bank to sign for my loan)

I created a whatsapp group with the law firm and followed up the progress diligently every week. Hope this helps for others who plan to join auctions.

For non bumi to bid bumi lot, it is very high risk.

The unit can be non transferrable to non bumi buyer, so you will forfeit the deposite ( normally 10% of the awarded price, some bank might request lesser , about 5%)

Or it will take time for transfer, then you unable to comply all procedure within timeline (forfeit the deposit), especially if you are not cash buyer, normally bank will not release the loan until land office approve the transfer of ownership, it will take long time , unless you have cash to complete the house purchase 1st , then loan later.

Previously i heard the conversation might take 9 to 12 months, but still subjected to land office approval in each state, maybe some state shorter, some state is hardly approve.

Some said if auction by high court, then bumi lot is ok to buy for non bumi. But hearsay only, i am not sure how true is it, as the money is your own money, better check with lawyar and lelong agent before bidding

That is some cases the auction unit reauction in next few months, as non bumi bidder successful bid from bank auction but they do not realize it is bumi lot. In the end, the bidder forfeit the deposit.

Unless the bumi lot is extremely low price, if not i rather buy from subsales than auction unit.