Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Buying properties in Malaysia through auctions

By Jeevan Nanthan Subscribe to RSS | June 20th 2012 | Views:

In Malaysia, many times a property is auctioned in the market. But, before buying any such property in real estate Malaysia it’s always advisable to be careful as to why the same are being sold on auction. There are two types of auctions that are carried out in any place and similar is in Malaysia. First are the auctions done by banks and second are the auctions done by courts. The most common reason that why properties get auctioned, is the foreclosure of the same being undertaken by either the bank or the court.

Properties that are auctioned by banks follow a procedure termed as LACA or Loan Agreements cum Assignment procedure. Such properties usually are auctioned as they do not possess a necessary title. Any person interested in buying such a property should have enough money to undertake the process of getting a title. In Malaysia, such properties do exist but are not very frequent to find.

On the other hand, properties that are auctioned by banks are termed as non-LACA or non-Loan Agreements cum Assignments. These properties however possess a title and the deposit amount for such non-LACA properties is higher when compared to the LACA properties. Also, such properties that are auctioned by the courts are very difficult to be found in Malaysia. It is due to the long process that is needed to make the property available legally for the auction.

Any person, who wins in the auction, conducted whether by the bank or the court, should first check the current condition of the property. This can be accomplished by visiting the appropriate Malaysian government agency that deals with real estate ownerships in the country. It should be carefully seen that whether the property requires repairing or renovation and how the buyer would make arrangements for the funds needed for settling the same.

The property should not have any occupants as it’s the new owner who holds possession rights for the same. Sometimes the occupants create nuisance in emptying the premises. Under such circumstances one can easily find a lawyer in Malaysia who can help in getting aware about the procedure of getting the property emptied quickly. Also, the payments due on the property linked with assessment, unpaid utility bills or quit rent must be settled.

In order to know more about such auctioned properties one can get information at the Malaysia National House Buyer’s Association. They can prove really helpful for first time buyers. But, other than this there are many real estate agents, property firms and government agencies that can help an interested person in knowing about such auctioned properties in Malaysia.

Any buyer should carefully study the difficulties or issues that they can encounter while buying any such auctioned property in real estate Malaysia. Missing titles, mismanaged properties, poor conditions and no-title issues along with ownerships transfer are some important things that mist not be overlooked. Being aware can easily help in getting out of any trouble that crop up when buying any such property on auction in Malaysia.

Jeevan Nanthan - About Author:
The author is an expert in real estate malaysia and works with SriShanBid to assist with buying and selling of mudah penang. SriShanBid as a leading property company can help anyone in finding their dream properties in Malaysia at best possible deals.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:

Related Real Estate Articles Subscribe to RSS

New real estate destinations in Mumbai
Published by Prop Tiger on June 22nd 2012 | Real Estate
The costs of residential property in Mumbai are touching to the sky and purchasing for the piece of ...
Real estate agents in California
Published by Fawad Umair on June 30th 2012 | Real Estate

Once you may have located real estate you should buy, you are going to begin seeing and hearing ...
Central London estate agents see strong international demand
Published by John M. Alcorn on February 18th 2012 | Real Estate
Despite a general slowdown in the UK property market, central London estate agents are still witness...
Gain more insight on making investment in real estate
Published by Mike Nicholson on January 30th 2012 | Real Estate
In this article, I will explain the basics of real estate investment. Let’s start with the definit...
Jacob fox real estate agents
Published by Glyn Jones on July 17th 2012 | Real Estate
Real Estate Agent or Realtor is a person certified within a specific state to help and support peopl...
Buy a Property in Cyprus in real and very cheap rates
Published by Jane Cyrus on February 6th 2012 | Real Estate
Are you planning to buy a property in Cyprus? But purchasing a property without an agent is stressf...
Invest in mohali real estate
Published by Neha Gupta on May 11th 2012 | Real Estate
Making a property purchase is possibly the most momentous fiscal decision for a first time buyer. Th...
Benefits of hiring an experienced real estate agent
Published by Deepti on April 17th 2012 | Real Estate
Selling or buying a home is probably the most significant financial decision that an individual make...
It’s time to go with real estate India again
Published by Mike Nicholson on May 4th 2012 | Real Estate
Those days are gone when real estate in India was not a lucrative sector. Today, it has developed in...
Investment options in residential sector of real estate
Published by Deepti on May 10th 2012 | Real Estate
Residential real estate in India is a booming industry and attracts investors from different parts o...
Bangalore patrons looking for higher returns in Real estate with no risk
Published by Prop Tiger on June 11th 2012 | Real Estate
The stock markets tanking and therefore the rupee depreciated against the dollar appear to be daily ...
Tips on how to make money on real estate foreclosures
Published by Shaz Memon on December 26th 2011 | Finance
Making money on real estate foreclosures is indeed a good idea. Get cheaper ones and earn good money...
Factors influencing the investment in residential real estate
Published by Deepti on April 17th 2012 | Real Estate
Investment in residential real estate and getting good returns is a task that requires a lot of hard...
Residential real estate investment-things to consider
Published by Deepti on May 9th 2012 | Real Estate
With increasing prices of the residential real estate, there has been increasing number of real esta...
Awesome place naples florida waterfront real estate
Published by Harry on June 19th 2012 | Real Estate
waterfront homes for sale in naples florida. This is a community that is highly sought after for go...
Why you ought to Buy a home in Bay Location Real estate Like Walnut Creek, Brentwood and Antioch?
Published by Yurem on January 3rd 2012 | Real Estate
As a result of continuing economic situation worldwide the values of bay area houses for sale may be...
Port Washington real estate brokers can make way for your dream home
Published by Jack Smith on July 13th 2012 | Real Estate
Port Washington real estate brokers are working to make your dream true. Many people are taking thei...
Penang: the property hotspot in real estate Malaysia
Published by Jeevan Nanthan on April 6th 2012 | Real Estate
Also, the high end condos and homes at Batu Ferringhi and Tanjong Bungah have helped in making Penan...