Generally, there are 2 types of auctions in Malaysia
property market.
#1. Juridical
– public auctions
Most auctions in Malaysia are inevitably juridical properties. The juridical ones are foreclosure auctions meaning that
the properties are being auctioned due to default payments with banks. Auction
is ordered either by the Land office or High Court depending on the type of
title. It can also be done by the banks respectively. It is frequently called
as high court auction as the majority public auctions are always handled by the
High Court.
There are 2 types of public auction emerges in recent years
that are LACA auction and non-LACA auction due to the problems in late issuance
of individual titles. The acronym LACA refers to Loan Agreement Cum Assignment.
LACA auction is done by banks for properties without individual/strata title
issued and usually in bulk sales while non-LACA auction is done through High
Court for properties with individual/strata title issued.
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