After winning the bid, the buyer is required to submit the following documents to facilitate the sale of the Penrose condo.
1. NRIC
2. Company Stamp
3. Power of Attorney
Besides preparing a cheque for the deposit, the buyer might need to arrange another separate cheque for the payment of GST (if there is any) – as it is a necessary procedure in the sale of Singapore auction properties.
Then, the buyer will have to make the remaining payment according to the terms stated in the Conditions of Sale.
Once all necessary payments are made, the buyer can move to his property according to his convenience, which is usually within 8 to 12 weeks of the auction.
If the buyer breaches the Condition of Sale (e.g. not paying on time), the seller has the right to take legal action against him.
The property will not be sold in such scenarios.
But, keen buyers may sometimes contact the seller and negotiate in private.
If they come to an agreement after the auction, it follows the standard sale procedure.