Do you want to sell/buy in a voluntary auction in Spain? NOW IT IS POSSIBLE
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From October 15th, 2015 on, private auctions are possible in Spain before a Notary or a Judge
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1) Auctions by the Court Clerks
These need to be done at the request of the interested party and never within an enforcement procedure.
Jurisdiction will be of the municipality where the property is located
Application: Applicant will express to Court Clerk in written:
(1) Identification and status of the property
(2) Ownership title
(3) Special conditions under which the auction is to be held and
(4) A place where valuation will be collected.
Procedure: Once provenance of the auction is agreed, this will be done electronically in the Auction Portal of the State Agency for the Official National Gazette, under the responsibility of the court clerk.
The award decree will contain the description of the property, identification of the participants, expressing the terms of the award and other necessary requirements, if any, for registration. A copy of that decision, which will be handed over to the auction winner, will be sufficient for the practice of registration in the Land Registry.
2) Auctions by Notary
A notary can perform auctions pursuant to a judicial or administrative decision, contractual or testamentary clause, enforcement of arbitration award , mediation agreement , by special agreement in a public instrument, or voluntary ones.
Procedure
It will be made electronically at the Auction Portal of the State Agency for Official National Gazette.
The auction will be convened by the notary, at the request of the person standing to seek the sale of the property after examining the application, after the Notary attests to the identity and legal capacity of its promoter and legitimacy to urge it.
The announcement of the auction call will be published in the “ National Official Gazette” ( BOE), in addition to locations designated by the promoter.
The announcement of the auction must be made at least 24 hours previous to the opening of deadlines for submission of bids.
Property Valuations: Will be the contractual value or value provided by the applicant. If these are not brought to the Notary by the interested party, this will ask an expert to determine it. This valuation will be the minimum bid value.
Holding the auction
The auction will take place at the Auction Portal of the State Agency for the Official National Gazette. All exchanges of information to be made between notaries and Auction Portal will be made telematically.
Once the auction is closed, the Auction Portal will forward all the necessary information to the Notary.
Notary will attest all aspects of legal significance and will issue a deed to Land Registry entry.
Website for auctions: https://subastas.administraciondejusticia.gob.es/subastas/home.do
- WHAT COSTALUZ CAN DO FOR YOU?
CostaLuz Lawyers´ Management office can help you to go through the auction process at really affordable management fees!
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A nice street in Castellar de la Frontera, Cádiz, South of Spain