The award of a real estate auction and the moment that Report "victory” of the auction. However, once the auction is over, it is essential to understand the next steps and prepare for trial post-auction in order to avoid a possible revocation by the judge.
Award Phase
The award, i.e. the moment in which the auction is won, is marked by signature of a verbal of Award drawn up by the sales representative or by bankruptcy trustee. This report documents the outcome of the auction, including the date, time, signature and hammer price.
Price Settlement and Tax Payment Procedure
The next step is the balance of the price, not necessarily carried out immediately after the auction. Usually, the court grants a period of 120 days, starting from the signing of the report, to make the payment of the balance net of the deposit already paid.
This time is especially useful for those who have to take out a mortgage. The registration, cadastral and mortgage taxes and the compensation of the sales representative must be paid in the same period through one or more bank transfers, according to the instructions of the sales representative.
Issuance of the Transfer Decree and Transfer of Ownership
Once the balance of the price has been paid, the judge will sign the transfer decree That formalizes the definitive transfer of ownership to the successful tenderer.
The timing of issuance of this decree depends on the speed of the successful bidder in paying the price. This decree includes the order to vacate the property by the previous owner or other occupants, which may require the intervention of the public force in the case of refusal to vacate.
Consequences of Failure to Make Payment
If the successful tenderer does not complete the payment within the established deadlines, a situation of serious non-compliance arises. This could lead to revocation of the award, to the loss of the deposit and the possible condemnation of the winning bidder to pay the difference between the new hammer price and the one previously set.
Conclusion
After winning a real estate auction, it is important to understand the next steps to ensure a smooth transfer of ownership. Correct execution of each procedure is essential to avoid complications and ensure a smooth transition in the process of acquiring the new property.
