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Buying at a property auction is quite simple, once you know the rules, of course.
In order to assist you on the auction day, we recommend you to read information below on how auctions are conducted, as well as to reading our terms and conditions of business.
Once you have seen a property that interests you and you decide that you would like to bid on that particular property, then the next step is to contact us over the phone or via the internet and register without any obligation. Such registration enables you to receive additional information for the property of your interest. Since all the documents are provided by the vendor it is recommended that you check all the documents related to a particular property with an independent legal advisor. Once you have checked all the details and are satisfied with legal aspects, we suggest you also inspect the property. You also need to ensure that your finances are in place. On auction day you will need to provide a payment for a deposit of ten percent (10%), pay the legal and notary fees, as well as the agent's commission. Following that, you ought to have enough money to pay for the balance of the property within 30 of days from the auction date, as well as for paying Property Purchase Tax.
On auction day you will need to complete the Registration form and therefore register as a bidder/ buyer with the auction organizers. Once registered, you will receive a Registration Number which will allow you to actively participate and bid at the auction. In order to register, you will need: *
- Photo ID card or a passport
- 'OIB' (Croatian Tax Reference Number, if applicable)
- Your solicitors details
- Notarized Power of attorney, if you are bidding on behalf of someone else
- Completed and signed Registration Form for bidders/ buyers
- Obligatory confirmation of payment method to cover deposit, legal fees and agents commission
The Starting bids are set at the level where bidding for properties may start, although by the very nature of the entries, the actual sale prices depend on the demand. The Starting bids are set in good faith, and may be changed at any time leading up to the auction. The Reserve Price (or the lowest price that any property can be sold for) is determined by the seller. The Reserve Price is strictly confidential between the seller and the auctioneer and cannot be disclosed before the auction. Therefore, the auction begins with 'Strating bids' and the intension is to reach at least the Reserve price (ie. minimal price) or above.
We normally arrange and organize viewings for each property in agreement with the seller at specific, agreed times. Please contact us for each property you may be interested in viewing. Before the viewing can take place, you need to register with us over the phone or via the internet. A confirmed booking is required for each viewing and we do not guarantee to attend the viewing where the appointment has not been confirmed or you have not registered. Viewings of all tenanted properties are strictly by appointment only and will be enabled by courtesy of the tenants at times convenient to them. All sellers and tenants are under strict instructions not to allow unauthorized viewings i.e. viewings which have not been agreed by us. All interested parties are asked to respect the privacy of the occupants at all times.
If you are intending to bid at the auction you are advised to obtain professional advice from a solicitor. Financial arrangements must be put in place before the date of the auction and any valuations/ surveys, if required by the bank, should be completed before you bid. We can recommend and provide a list of our partners- valuation specialists that can assist you with any related enquires.
Prospective buyers are advised to make their own valuations and investigations of the property they are interested in, to satisfy themselves as to the property conditions. Also, we consider that prospective buyers have received, read and accepted all our terms and conditions, as well as the property Contract prior to bidding. We must remind you that with the "fall of the gavel" you become a successful buyer and have to pay 10% deposit to the seller and sign the property Contract which is binding. The property Contract is to be signed and notarized immediately after the auction.
For each property we require the following documentation: Title Deeds, a copy of Cadastral Plan, List of Possessors, Location Permit, Building Permit, Usage Permit and a photo of the property (an electronic copy). All legal documentation supplied to us, will be available for inspection at the auctioneer's office by prior arrangement and in the auction room before the auction. We strongly recommend you use a solicitor to check the entire legal documentation. If you do not have a solicitor, we could recommend one of our Associate Partners.
All the legal documentation has been supplied to us by the vendor. We, the auctioneer carry no responsibility for the correctness of such documents and you are strongly advised to seek independent advice on the document's content.
A successful buyer is obliged to pay to a seller a deposit of 10% of the agreed purchase price immediately after the auction. The deposit payment is to be made by direct payment/ bank transfer crediting the account of the auctioneer, "Aukcija Nekretnina d.o.o.", which is representing the seller. Alternatively the deposit payment could be paid in cash in front of the Public notary. All deposit payments should be made immediately after the auction and after signing of the property Contract verified by the Public notary, situated at auction venue.
Agents commission is paid by a successful buyer to the auctioneer, amounting to 2.5% of the agreed purchase price (excluding VAT). The buyer is also obliged to pay any legal and notary fees incurred, as well as Property Purchase Tax.
The auctioneer reserves the right to present offers received before the auction to the seller. Only realistic offers will be submitted to the sellers. Pre-auction offers will only be considered if the potential buyers have registered with us and all the legal papers have been obtained and inspected.
WITHDRAWN OR SOLD PROPERTIES
It is possible that a property is withdrawn or sold prior to the auction. Therefore, in order to avoid disappointment on the auction day, we recommend that all interested parties call our office 48 hours before the auction to ensure the particular property is still being auctioned on the auction day.
THE AUCTION DAY
Our advice is to personally attend the auction if you are an interested buyer. However, if you are not able to attend in person, you may authorize someone else to do the bidding on your behalf. The representative will need to have a notarized Power of Attorney in order to be able to do the bidding and will need to register prior to the auction as a bidder. Alternatively, you can give us a notarized Power of Attorney to bid on your behalf, providing you have paid to our account the 'guarantee payment' of 10% of the 'Starting bid' for the particular property you may be interested in buying. It is considered that all participants at the auction, whether they are buying or just attending, have received, read and accepted all our terms and conditions of business (general and special).
If you are personally intending to bid at the auction it is necessary to register before the auction starts. Therefore, arrive in plenty of time and complete a Bidders Registration form. Once registered, you will receive a Registration number, which will enable you to bid at the auction.
Please check which properties are offered for sale and view any last minute documentation. Hear the opening announcements - they may affect your decision to purchase. Questions are not invited during the auction, but last minute information can be obtained from the agency's employees.
Once the auction itself starts, and you are not interested in the properties before yours, we ask you to follow carefully the way in which the auction is conducted.
By lifting you Registration number towards the auctioneer you are becoming an active participant in bidding for that auctioned property. Therefore, bid briskly by raising your Registration number so that the auctioneer can see you and hear you clearly.
On the fall of the gavel the highest bidder becomes the buyer. They will be approached by one of our employees and directed towards a legal representative and a Public notary situated at the auction venue, in order to sign a Contract. A successful buyer is one that has offered the highest price which needs to be equal to or higher than the Reserve price (a minimum price set by the seller). The buyer is required to sign and notarize the Contract before the Public notary, to pay 10% deposit of the purchase price (price achieved at the auction), to pay any legal and notary fees and to pay the agents commission.
In accordance with our terms and conditions (general and special) and Money Laundering Regulation, all potential buyers are required to register their details before the auction. To register you will need to provide a photo I.D Card or Passport giving the full names and address (or authorized representatives for companies), OIB (Croatian tax reference number, if applicable), solicitor's details, notarized Power of Attorney if you are bidding on someone else's behalf, completed registration form and a obligatory confirmation about method of payment of the deposit, notary and legal fees and agents commission.
AFTER THE AUCTION
A list of unsold properties will be available after the auction. The auctioneer will be able to take additional bids for these properties from interested buyers and submit them to the sellers ('late offers'). If the offer is accepted the buyer then has to sign the Contract and notarize it before the Public notary, pay the deposit and agents fees in accordance with our terms and conditions for buyers. The rest of the money will have to be paid within 30 days of signing the Contract.
Good luck on the day of the auction and if you have any further questions regarding buying or selling at auction, please do not hesitate to contact our office at:
Tel: + 385 (0) 1 383 9663
Tel: + 44 (0) 203 176 0939