AWARD AND DELIVERY OF AUCTIONED ASSETS
4.1 What is the right of adjudication “Decree of ownership”?
After the auction is held. It corresponds to the courts / judicial secretary to dictate a resolution, that is called decree of adjudication or Decree of ownership, and that is watt serves as a title deed.
This step will be managed by JAVEA HOMES / PROPERTY AUCTIONS SPAIN if our services are hired.
4.2 How long before I have to pay all the rest of the amount I have offered for the auction?
The law establishes deadlines for the best bidder to pay the difference between the amount initially deposited to participate at the auction and the final price offered.
In the case of JUDICIAL AUCTIONS these terms are normally forty working days, so do not count Saturdays, Sundays and Bank holidays.
If the rest of the amount is not paid in the agreed time frame, this is what is commonly known as rigging of bankruptcy of the auction, and that means the loss of the amounts that has been consigned.
4.3 Can I finance the purchase at an auction?
Financing can be arranged on the purchase of the property, it is possible to do so by allowing a mortgage on the auction right or “Decreto de adjudicacion”. We recommend that the buyer has already agreed with his or hers bank the financing or loan and at least there is a agreement in principal before the property goes to auction.
4.4 What happens if I am a better bidder and my price is lower than the deposit I had to make to participate?
Once the Management Company receives the deposit to participate in the auction and verifies that the price offered is lower, than the amount owed, the courts shall t proceed to return the excess by transfer to the account indicated at the time of the bidding. This time frame can take approximately one month from the end of the auction.
4.5 If I win the auction or property for a price lower than what the depthor owes, do I have to pay the difference to the creditor?
No, who acquires the property at the auction, will only pay the auction price. The amount offered will be deducted from the outstanding debt, and it will be the debtor himself who will have to face the balance of the payment and, for this, the executing creditor will be able to seize other possessions.