Estate Auctions Sample
How to participate
Any interested party may participate in the auction of a property, personally or through a proxy achievements.
In order to qualify for an auction of property, interested parties must have lodged a "guarantee", in cash or in a bank note or in account transfer, equal to 30% of the starting price of the competition, before the opening of the competition to the notary public.
The new Legislative Arrangements dictate the following:
Α) The starting price is now the commercial price of the property and not the objective value of the property,
Β) Real estate auctions are carried out exclusively by electronic means other than bankruptcy auctions which will take place at the local courts of first instance.
After the competition, the recipient of the property obtained from the auction must:
- Within five (5) days, pay to the tax office the due amount of tax. The amount of tax is calculated either on the fair value of the property or on the market price of the property, whichever is greater than the two values.
- Within ten (10) days he will have to pay the remaining amount of the property's auction to the notary public.
- The process of transcription of the property begins immediately after the completion of the above actions and obligations. The property is relieved of all charges and remains free of any claim to the new owner / bidder, immediately upon completion of the transcription.
Our office for many decades has been informing our customers about some serious opportunities that exist in the auctions sector.