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> Auction Property

dc28yk
post Dec 6 2018, 09:22 PM, updated 2w ago

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HI All,

I bid an auction property and won the bid. I paid full price for it.

The bank suppose to pay all maintenance fees. But then the amount is more then my bidding price.

Hence they only pay half of the total price, the other half comes from the interest of the maintenance fees.

They do not want to cover. How can they say they pay all but interest from the fees they do not cover beats me.

So now my question is, can i dont transfer the prop to me?

This post has been edited by dc28yk: Dec 6 2018, 10:19 PM
jetwash
post Dec 6 2018, 09:40 PM

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Wallahi I cant understand the question!
AskarPerang
post Dec 6 2018, 09:47 PM

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read through the Proclamation of Sale first
puchongite
post Dec 6 2018, 09:49 PM

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QUOTE(jetwash @ Dec 6 2018, 09:40 PM)
Wallahi I cant understand the question!
*
Haha I suspect he said the maintenance fees owed to management is more than the auction price. So he does not want to transfer the title ( to avoid paying the maintenance fees ).
dc28yk
post Dec 6 2018, 10:14 PM

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QUOTE(puchongite @ Dec 6 2018, 09:49 PM)
Haha I suspect he said the maintenance fees owed to management is more than the auction price. So he does not want to transfer the title ( to avoid paying the maintenance fees ).
*
That is correct?... SO what will happen to me ya.
Lelong King Jeff Low
post Dec 6 2018, 10:34 PM

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Did your agent advice you before go for bid?
puchongite
post Dec 6 2018, 10:37 PM

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QUOTE(dc28yk @ Dec 6 2018, 10:14 PM)
That is correct?... SO what will happen to me ya.
*
I am not the knowledgeable person in auction.

But I suspect you can try these :-

1. Find out if the bank bears the maintenance or give you some subsidies.

2. Negotiate with condo management.

3. Cancel the auction and lose deposit.
AskarPerang
post Dec 6 2018, 10:40 PM

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QUOTE(dc28yk @ Dec 6 2018, 09:22 PM)
HI All,

I bid an auction property and won the bid. I paid full price for it.

The bank suppose to pay all maintenance fees. But then the amount is more then my bidding price.

Hence they only pay half of the total price, the other half comes from the interest of the maintenance fees.

They do not want to cover. How can they say they pay all but interest from the fees they do not cover beats me.

So now my question is, can i dont transfer the prop to me?
*
As mention in my previous post. Refer to the lelong POS.
Will be clearly stated which item bank will cover, which item bank will not cover.
Some bank will place limit such as cover up to 10k amount only. Or cover up to 5 years back only.

So for your case, guess that the late payment interest charges is not covered by the auction bank.
You can nego with the management. Pay full 100% lump sum and appeal for the late payment interest to be waived. Just try.

Yes, you can choose dont want to proceed. Cancel the transfer. Forfeit the deal.
Just burnt the 10% deposit.

This post has been edited by AskarPerang: Dec 6 2018, 10:45 PM
dc28yk
post Dec 6 2018, 11:03 PM

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This is the actual POS:

18. All service and maintenance charges, quit rent and assessment payable in respect of the Property shall be apportioned as
at the date of auction. Subject to the Successful Purchaser complying with the stipulations in sub clause (a) and (b)
below, the portion attributable for the period up to the date of auction shall be paid out from the Purchase Price. The
portion attributable from the date of auctionshall be solely borne by the Successful Purchaser. The Successful Purchaser
shall:

(a) pay all service and maintenance charges, quit rent and assessment in respect of the Property from the date of the
auction; and
(b) submit evidence of the relevant payments in respect of service and maintenance charges, quit rent and
assessment by way of the original receipt(s) and/or copy of the original receipt(s) duly certified by the issuer of
the said receipt(s) and itemized billing of the respective charges to the Assignee/Lender together with the
payment of the Balance of Purchase Price. For the avoidance of doubt, in the event such receipt(s) and
itemized billing are not submitted, any subsequent claims made thereunder will not be entertained by the
Assignee/Lender.

19. Unless otherwise agreed by the Assignee/Lender (subject to such terms and conditions as the Assignee/Lender may in its
absolute discretion impose), all taxes, rates, levies, administrative charges, fees, sinking funds, fire insurance, utilities bills
(including but not limited to water, electricity, gas or sewerage charges) and/or any other monies payable or owing to the
Developer and/or Proprietor any other relevant authority in respect of the Property shall be borne solely by the Successful
Purchaser. It shall be the responsibility of the Successful Purchaser to pay to the Developer any Balance of the Purchase
Price which may still be due and owing to the Developer under the Original Sale and Purchase Agreement between the
Developer and the First Purchaser in respect of the Property, if any.

This post has been edited by dc28yk: Dec 6 2018, 11:04 PM
AskarPerang
post Dec 7 2018, 08:20 AM

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QUOTE(dc28yk @ Dec 6 2018, 11:03 PM)
This is the actual POS:

18. All service and maintenance charges, quit rent and assessment payable in respect of the Property shall be apportioned as
at the date of auction. Subject to the Successful Purchaser complying with the stipulations in sub clause (a) and (b)
below, the portion attributable for the period up to the date of auction shall be paid out from the Purchase Price. The
portion attributable from the date of auctionshall be solely borne by the Successful Purchaser. The Successful Purchaser
shall:

(a) pay all service and maintenance charges, quit rent and assessment in respect of the Property from the date of the
auction; and
(b) submit evidence of the relevant payments in respect of service and maintenance charges, quit rent and
assessment by way of the original receipt(s) and/or copy of the original receipt(s) duly certified by the issuer of
the said receipt(s) and itemized billing of the respective charges to the Assignee/Lender together with the
payment of the Balance of Purchase Price. For the avoidance of doubt, in the event such receipt(s) and
itemized billing are not submitted, any subsequent claims made thereunder will not be entertained by the
Assignee/Lender.

19. Unless otherwise agreed by the Assignee/Lender (subject to such terms and conditions as the Assignee/Lender may in its
absolute discretion impose), all taxes, rates, levies, administrative charges, fees, sinking funds, fire insurance, utilities bills
(including but not limited to water, electricity, gas or sewerage charges) and/or any other monies payable or owing to the
Developer and/or Proprietor any other relevant authority in respect of the Property shall be borne solely by the Successful
Purchaser. It shall be the responsibility of the Successful Purchaser to pay to the Developer any Balance of the Purchase
Price which may still be due and owing to the Developer under the Original Sale and Purchase Agreement between the
Developer and the First Purchaser in respect of the Property, if any.
*
service/maintenance charge
quit rent
assessment fees (cukai taksiran)

fully covered.
Rest other items such as fire insurances, sinking fund, late payment interest, etc not covered.

Very clearly stated unless you didnt check how much the total outstanding amount before bidding.

Anyway, what type of property is this?

This post has been edited by AskarPerang: Dec 7 2018, 08:21 AM
puchongite
post Dec 7 2018, 08:35 AM

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QUOTE(AskarPerang @ Dec 7 2018, 08:20 AM)
service/maintenance charge
quit rent
assessment fees (cukai taksiran)

fully covered.
Rest other items such as fire insurances, sinking fund, late payment interest, etc not covered.

Very clearly stated unless you didnt check how much the total outstanding amount before bidding.

Anyway, what type of property is this?
*
He also mentioned he paid full price for it. So I really wonder if the option to forfeit the bid and cut loss at 10% of bidding price is still available to him.

Negotiate with condo management looks like the best option.
AskarPerang
post Dec 7 2018, 09:07 AM

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QUOTE(puchongite @ Dec 7 2018, 08:35 AM)
He also mentioned he paid full price for it. So I really wonder if the option to forfeit the bid and cut loss at 10% of bidding price is still available to him.

Negotiate with condo management looks like the best option.
*
Unlikely this is condo.
Outstanding > winning price of the property?

puchongite
post Dec 7 2018, 01:03 PM

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QUOTE(AskarPerang @ Dec 7 2018, 09:07 AM)
Unlikely this is condo.
Outstanding > winning price of the property?
*
15 or 20 years condo also not possible ? Maybe the management charge compounded 10% interest.

What else could it be ?
nexona88
post Dec 7 2018, 03:10 PM

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mistake done by TS..
already clearly stated...

anyhow can try luck nego.. but possibility of success is low
Randomization
post Dec 7 2018, 04:19 PM

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Interest total 50% of the property price?

That's really a pickle there.
puchongite
post Dec 7 2018, 06:33 PM

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QUOTE(Randomization @ Dec 7 2018, 04:19 PM)
Interest total 50% of the property price?

That's really a pickle there.
*
Based on an online compound interest calculator, after 12 years, the late payment interest vs owed maintenance fees will be 50:50 split.

enkil
post Dec 7 2018, 07:45 PM

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So not worth it?

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