Month: May 2013

Court Auction

The purchase of real estate for private use through a public or private auction is a modality of purchase that has acquired some prominence in the sector, but that requires the purchaser to know its operation and main features. They are organised by public bodies such as the Ministry of finance or private, such as financial institutions, although its procedure, regardless of who organizes them, is similar. Sets a date for its conclusion, listed assets will be auctioned, its initial value and possible burdens that has the property. To participate in some of them, interested parties must deposit a bail previously to the completion of the auction, which represents the percentage of output and that usually result in 30% of the value that has been granted to the property. The participants, for their part, will have to prove, at the time of the auction, that have made this payment, presenting the shelter that justifies that the deposit has been made in the account deposits and appropriations. From the moment in which the auction is announced until its conclusion, all concerned carried out their different bids in writing in a sealed envelope.

At the conclusion of the auction, presided over by the clerk, shall be read aloud all the proposals and conditions of the auction that will end with the announcement of the best bid and the name of who has formulated it. If the best bid is equal to or greater than 70% of the value of the property, the Court will favor this bid and the interested party will have to pay the difference between the amount paid before the auction and the final price set during the celebration of the same within a period of 20 days. For its part, the rest of participants who did not get the property receive the money delivered as a signal. These auctions are usually announce, at least 20 days prior to its holding through an edict published and visible on the seat of the tribunal, although Internet has improved the way in which these judicial auctions are presented, and the truth is that there are online portals where you can view upcoming auctions available.. subastatotal. com,. auctions. atisreal.

com,. publicasubasta. com or the IRS auctions page (. is) are some websites which can be found one of them with the characteristics of the property and date of celebration. Tips before you participate in an auction of any form, participation in a sale of these characteristics involves taking into account issues related to funding or loads. In General, the more advisable before starting in a home purchase through an auction is: 1st study and analyze the bid of the auction, in order to know if you have additional obligations or burdens. 2 Nd take account expenditure that is associated with its acquisition, as the notary, services provided, etc. 3 obtain adequate funding for the relevant Bank.