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Frequently Asked Questions
It is the amount that must be deposited with the public administration to participate in an auction.
It is advisable to stay close to the figures provided in the previous section – CALCULATING SALE PROFITS. Acquiring the property for significantly less may result in the loss of the opportunity to another interested party.
It is not possible to visit the properties before making an offer. The need for renovations should be considered when making the offer to avoid future surprises. In the event that the property is occupied, the court will determine the process of vacating the property.
Correct. After the conclusion of the auction, the public administration proceeds with the return of the deposits immediately on the following day.
The term varies according to the administration, but is usually 40 days. In judicial auctions, it is allowed to establish a mortgage to cover the cost of the auction. It is advisable to consult with your financial institution about the conditions for granting a loan if required.
It is essential to cover the expenses of the Real Estate Tax (IBI) and of the community of owners for the current year and the three previous years. Any charges generated later will be eliminated, but the previous charges will persist and must be covered together with the amount offered in the bidding.
Therefore, it is CRUCIAL to perform a thorough analysis of the encumbrance status of the property BEFORE making an offer. Previous encumbrances, liens or mortgages of the same rank can result in significant obligations. If you require assistance, contact us at [email protected].
To better illustrate:
If you purchase a property for 50,000 euros that has a community debt of 2,000 euros and a previous lien of 5,000 euros, the final unexpected cost would be 57,000 euros.
In such a situation, you should have verified the charges through a Nota Simple RECIENTE or a Certificación Registral (available online) to then calculate the maximum offer you should make.
That is, if your intention is to buy the property for 50,000 euros, you should subtract 2,000 euros (community of owners debt) and 5,000 euros (previous embargo), resulting in an offer of 43,000 euros so as not to exceed the desired total of 50,000 euros.
Of course, it is possible. Please notify us in order to suggest an assignment price to the executor in case the auction receives no or insufficient bids. It is crucial that you contact us in advance to make the necessary arrangements.
Contact us at [email protected] to help you through the whole process.