The requirements to participate in the judicial auction of a property are:
- Be of legal age.
- Not be disabled by judicial resolution.
- Not incur in the incompatibilities determined by the Civil Code.
- Make the consignment or deposit in advance: in cash or bank guarantee of 5% of the auction rate. In the event of making the deposit in cash, transfer, or check, you must first ask for the account number owned by the judicial body that calls the auction - which will be different for each auction file.
In addition, on the day of the auction you must ...
- Identify yourself with a sufficient document (DNI, or, where appropriate, other similar public documents that the Judicial Secretary creates enough).
- Present the receipt of the income of the deposit made in the current account owned by the judicial body that calls the auction, or the bank guarantee.
How can bidders intervene in an auction?
In an auction, you can intervene in two different ways:
- In-person, ie by attending the ceremony of the auction.
- By closed envelope, presenting it before the act of the auction, by means of a letter in which it will be stated that the sealed envelope is attached in which the price offered is indicated, and accompanying the receipt of having made the deposit of the deposit to take part in the auction in the current account owned by the judicial body that carries out the auction, or the corresponding bank guarantee. In writing, it must be stated that you are aware of the general and particular conditions of the auction.
The deposit can be made stating that the money is from a third party (with which the return of the money will be made to that third party or the possibility of approving the auction in favor of the same if the auction is bankrupt).
You can take part on behalf of a third party (person or company), which must be proven by power of attorney.
Several bidders can participate in undivided parts (for example, by halves, or in the proportion decided by the bidders)
Participation in a judicial auction is free.
What is the initial or "starting" price of a good to be auctioned?
Whether the property is movable or immovable, the judicial auction starts from zero euros.
When is the deposit returned to non-bidders?
The full refund of the deposits will be made in the days following the holding of the auction when the resolution approving the auction has been issued.
There is the possibility of non-return of the deposit to the interested parties who request it in order to be able to opt for the good for the price they offered if the auctioneer does not pay the rest of the price within the legal term - the assumption of auction "bankruptcy".
When is the rest of the auction paid?
It will be carried out, if it is real estate, in the 20 days following the day indicated by the Court (or 40 days if it is movable property, according to the new provision of Law 1/2013). It is possible to request a mortgage for the payment of the said remainder of the price, a situation that must be announced by the bidder in the auction, and that will suspend the course of the term to pay the rest.