Auction Laws Of Malaysia ( As of 15.1.2013 )
Auction Laws of Malaysia
As of 15.1.2013.
Detailed Contents Of Auction Laws Of Malaysia ( As of 15.1.2013 ) :
The auction laws in Malaysia are primarily governed by the National Land Code (NLC) and the Auctioneers Act 1927. Under these laws, an auction sale is defined as a public sale where goods are sold to the highest bidder.
The NLC regulates the auction of land and property in Malaysia. It stipulates that an auction of land must be conducted by a licensed auctioneer who has been authorized by the state government to conduct such sales. The auctioneer must follow the rules and regulations set out by the NLC and must provide the necessary documentation and notices before the sale.
The NLC also requires that the auctioneer must obtain a reserve price for the land or property to be sold. The reserve price is the minimum price at which the property can be sold, and if the bidding does not reach the reserve price, the property will be withdrawn from the sale.
The Auctioneers Act 1927 governs the conduct of auction sales in Malaysia. It requires that any person who wishes to become an auctioneer must be licensed by the Ministry of Finance. The Act also sets out the rules and regulations for conducting auctions, including the responsibilities of the auctioneer, the requirements for advertising and notifying potential bidders, and the procedures for conducting the sale.
Additionally, the Act provides for the protection of buyers and sellers at auction sales. It requires the auctioneer to disclose any defects or encumbrances on the property being sold, and also provides for the return of the deposit to the buyer in the event that the sale does not proceed.
In conclusion, the auction laws of Malaysia are primarily governed by the National Land Code and the Auctioneers Act 1927. These laws provide for the regulation of the conduct of auction sales, including the requirements for licensing, advertising, and notifying potential bidders, as well as the protection of buyers and sellers at auction sales.