Anybody interested in the auction process of immovable property can participate either himself or through a delegate notary.
Those interested in the auction are required to deposit the 30% of the auction starting price as guarantee before the beginning of the auction at the delegate notary.
The new legislation regulations are as followed:
- Starting price is defined the commercial value of the property and not the objective one.
- The auction process takes place electronically only except for the bankrupt auctions which are held at the first instance court at the areas where the property is.
When the auction is over the recipient-outbider should:
1) Pay the amount of money that accounts for the tax to the IRS within five (5) days
2) Within ten (10) days they are obliged to pay off the rest of the amount of the bid to the delegate notary
3) The procedure of the transcription of the property is over when the whole amount is paid.
4) The immobile property is cast off every other debts for the new owner after the completion of the transcription.
Our office is in charge of the whole procedure of the auction for our clients from the very beginning to the end.