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tZZ
post May 28 2024, 04:28 PM

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466 posts

Joined: Jan 2003
From: N.S
QUOTE(AtMostFear @ May 13 2024, 11:41 PM)
Hi all, planning to join LACA auction next week. It's for a serviced apartment where I'm currently renting, but different unit. Please let me know if I've missed any steps.

1. Surveyed the house. Nobody staying there. Checked with the janitors, so far nothing unusual about previous owner.
2. Land search done. No caveat on the house. (Tanggungan dan endosan-endosan lain - Tiada)
3. Bumi lot. Leasehold. Strata title already issued. Called the developer, they agreed to do direct transfer with admin fee.
4. POS from auction house checked. Only maintenance fee can claim from bank (it's Ambank by the way), others I need to pay myself. Already checked all outstanding amounts (cukai tanah, pintu, etc.), so far I can cover it.
5. Pre-loan approval with 2 banks (PBB & RHB) got positive feedback. interest ~3.9%

Next step:
1. Get bank draft 10% value of reserve price. any additional amount (if bid price increase) to just transfer online later.
2. Just noticed the auction house organizing this also doing the bid online. Shall I go in person or just join online? scared if go in person become nervous or someone kacau, but if go online what if something goes wrong with internet/computer/etc. during auction  doh.gif

any other tips appreciated, thanks
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Could you pls share how did you perform the land search ?
tZZ
post Jun 4 2024, 12:48 PM

Casual
***
Junior Member
466 posts

Joined: Jan 2003
From: N.S
QUOTE(AtMostFear @ Jun 2 2024, 08:48 PM)
I'm no expert since it's also my first time but here's what I have gathered.

you need to pay to do a land search, and it involves getting the LATEST land document from land office. your option is:

1. DIY with Land Office (cheaper, RM30-50 per search)
if your property is in KL, then you need to do land search at KL Land Office. you can go to the land office physically to do land search. for KL Land Office, I found that we can do online at its website www.ptgwp.gov.my but apparently need to go to office for first time biometric identification. since I don't have time to go the land office, I did not take this option.

if you have the POS for the auction unit, I think it'll be easier to DIY since POS already states the unit number, lot number, etc. (doing land search is not just inputting the property address, you need to know the specific lot number of the property)

2. Just use agent/lawyer/www.easylaw.com.my/etc. (will be more expensive, but less hassle for you)
I paid my lawyer RM100 to do the land search for me. then asked him to explain the land document one by one. e.g. which part of the document says there's no caveat, which one says bumi lot only, etc.

if you're doing this once, I suggest to just use an agent/lawyer to do land search..unless you have time and knows how to read land document, then only DIY
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Thanks for sharing. Much appreciated.

 

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