Property Auction, Guidelines and Tips for Buyer


Property auction is an event where foreclosed properties are sold to bidders at a price that is much lower than the market rate. Property auction is fast gaining popularity among investors in Malaysia.

To facilitate the auction, auction houses will manage the auction events and assist the direct transactions between buyers and sellers.

In Malaysia, the supply of foreclosed properties comes from the Loan Agreement Cum Assignment (LACA) auction. A LACA property auction is conducted by banks for properties without an individual / strata title while a Non-LACA property auction is conducted by the High Court for properties with an individual / strata title.

It is crucial to find out whether the property that is going under the hammer is a LACA or non-LACA property because the bidding procedures are different.

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It is Illegal for Merchants to Impose Fees on Credit Cards Usage

Credit-card users who are told to pay extra if they use their cards instead of cash should be aware that merchants are not allowed to impose merchant fees on users as stipulated in the card associations’ operating regulations.

Under the Bank Negara credit-card guidelines, banks are required to display prominently on the credit-card application forms their fees and charges table. banks are also required to print on the monthly billing statements to credit-card holders information on the various charges imposed on the oustanding balances and method of computation of such charges.

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