Looking for cheap repossessed property in Europe?
Find it with us!
Individuals and legal entities can participate in the public sale of the NRA. Participation is in person, through a legal representative or an authorized person.
With the announcement announcing a public sale/auction, all the rules and conditions for its conduct are determined - a description of the properties for sale and their starting price, the possibilities for inspection, the method of sale (by secret or open bidding), place and deadline for submission of bids, place and time of the sale, amount (20% of the starting price) and deadline for making the deposit, etc.
In auctions with secret bidding, an offer to participate in an auction is submitted in advance, and the offered price cannot be lower than the starting price.
Within the deadline for submission of proposals, each participant may withdraw his proposal in writing, as well as make a new one after withdrawing the original one, but it should be noted that one participant can make only one tender offer for same property. The auction is regular, even if only one bid is submitted, as long as it is made regularly and for a price equal to or higher than the starting price.
Bids, together with a deposit document, must be received no later than during business hours on the day before the announced bid opening date.
At the time and place specified in the announcement, the bids are examined and ranked, checking the validity and regularity of each of them in the order in which they were received. The presence of the participant or his representative is not mandatory.
The commission conducting the auction ranks the offers in descending order according to the size of the offered price, after which the winner of the auction is announced the participant who offered the highest price and the next two highest offers.
In the event of an equal highest price offered by two or more of the bidders present, the auction shall proceed only between them by open bidding. In this case, the auction authority announces the bidding step. If the highest price is offered by two or more bidders and at least one of them is not present during the consideration of the bids, the authority conducting the auction determines the winner by drawing lots in the presence of the bidders who appeared.
In auctions with open bidding, those who wish to participate must pay the deposit for participation in advance within the period specified in the announcement of the public sale and submit a document for its payment no later than the announced starting time for the auction.
When conducting an open bidding auction, participants must appear in person or authorize their representative. After the opening of the tender, the documents, the representative authority are checked and it is determined whether the conditions for participation have been met. If there is a reason for a candidate not to be allowed to participate in the auction, he must leave the venue. The auction continues only in the presence of the participants allowed to participate.
Bidding starts at the opening bid price, and the auctioneer can set a “bid step” as a fixed amount or percentage of the opening bid price.
After the end of the auction, the participant who offered the highest price is declared the winner of the auction and must pay within 7 days of receiving the notification, respectively from the date of the auction, the remainder of the price offered by him, deducting the value of the deposit made by him. If the amount is not paid on time, it is considered that the winner has refused to buy the property and the deposit made by him is retained.
Within a 3-day period from receipt of the sale amount on the account and presentation of a document certifying the payment of tax for the acquisition of the property, when such is due, the public executor issues a decree assigning the item to the buyer, i.e. ownership passes to the buyer.
The buyer is obliged to request the registration of the decree for the assignment of the real estate at the Registration Office at the location of the property.
The public contractor brings the buyer of the property into possession within 7 days based on the decree issued. Entry is made against any person who is in possession of the property. In cases where none of the participants submits their proposed price, a new auction is scheduled for the sale of the item, with the selling price set at 75 percent of the initial auction price, and in the case of a subsequent third auction at 50 percent of the opening auction price.
After payment of the price by a participant announced as a buyer, the authority that organized the public sale returns the deposited deposits to all participants who are not announced as buyers. If, within three months from the date of the auction, the price has not been paid by a participant who has been announced as a buyer, any participant who has not been announced as a buyer may withdraw his deposit.
The deposit is not returned to persons who did not have the right to participate in the public sale or who were announced as buyers, but did not pay the price offered by them in time.