- General terms and conditions
- Special terms and conditions
- How to sell at an auction
- Agency cooperation
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WHAT YOU NEED TO KNOW
Property auctions are quite simple. Once you know the rules, of course.
If this is your first contact with the world of property auctions and you are interested to buy, our advice would be to do the property checks before the auction. Our terms and conditions of business will give you a good start in achieving that. Therefore we recommend that you read them thoroughly.
We advise you to use a solicitor in order to check all the legal matters and documentation connected to the property that is of interest to you. If you do not have a solicitor, we will be pleased to provide you with a list of legal advisors from our list of partner firms.
Furthermore, we also advise you to do your own property valuations using licensed surveyors. We believe it is better to spend a small amount of money for a property valuation rather than spending significant sums to buy a property without a valuation. This is in order to avoid any problems that might arise from the sale of the property, as the cost of any works to rectify potential problems could be very high. Therefore we would be pleased to provide you with the list of licensed surveyors.
WHO ARE THE SELLERS AT THE AUCTION
People selling at property auctions are private owners of houses, flats, apartments, holiday homes etc. Furthermore, various companies may be selling properties at auctions such as building contractors, property developers, investors, investment funds as well as foreign nationals and companies that own properties in Croatia.
They all have their reasons and priorities as to why they are selling their properties and they have their own, different individual circumstances under which they are selling.
ADVANTAGES OF BUYING PROPERTY AT AUCTION
Some of the advantages of buying property at auction are:
FAST, EFFICIENT AND AFFORDABLE
Property auctions enable buyers to buy a property in a fast, efficient and affordable way. The successful buyer is the one that offers the highest price which has to be equal to or higher than the "reserved price"- a minimum price that property can be sold for. From the moment the gavel falls the property is 'yours', providing you complete the purchase in full within the 30 days from date of signing the Contract. Buying at auction removes the possibility of a seller changing his/her mind about the price. The Buyer and seller have a set time frame in which the Contract should be completed giving everyone piece of mind.
SELECTION OF PROPERTIES
Properties offered at an auction include a wide range of properties from all over Croatia consisting of residential and commercial dwellings such as houses, flats, villas, apartments, building plots, islands, already started building projects, investment projects, warehouses, office space , hotels, motels etc.
Buyers are actively participating in the process of bidding at public auction where they can be seen and see other potential buyers bidding. Everyone is free to use their own bidding strategies for outsmarting the other buyers in order to secure their desired property.
HOW TO PARTICIPATE IN THE AUCTION
The whole process is started with your registration with us. You will be sent a free auction catalogue with listed properties for a particular auction. The auction catalogue is available in a digital format as well as printed copy and is normally sent to all prospective and registered parties immediately after the catalogue release. Therefore, we advise you to register as soon as possible in order to get your free copy.
After the registration if you are interested in any of the properties, please contact us directly by phone or e-mail, so we can make the necessary arrangements on your behalf, including more information about the property, as well as viewing appointments.
On the auction day you need to complete the Registration form in order to register with us. Once you have done that you will be given a Registration number which will enable you to participate and bid at the auction. To register on the day of the auction you will need:
- Photo identification card or passport ( or list of authorised person(s) for companies)
- OIB (Croatian tax reference number, if applicable)
- Solicitor's details
- Notarised Power of Attorney if you are bidding on someone else's behalf
- Completed and signed registration form for Buyers
- Obligatory confirmation of means of payment for the deposit, legal and notary fees, as well as agents commission
During the auction if you are bidding for a certain property it is enough to raise you Registration number towards the auctioneer and confirm your offer and make it visible to the auctioneer.
With the fall of the gavel, the property will have been sold to the highest bidder (buyer). This person will be approached by one of our employees who will direct them to a legal representatives and Public notary in order for the Contract to be signed. A successful buyer is the one that has offered the highest price (which has to be equal to or higher than the Reserve price). The buyer is obliged to sign and notarise the Contract before the Public notary (located at the place of the auction's venue), pay the 10% deposit of the purchase price (Contract price), pay the legal and notary fees and agents commission.
Our advice is to personally attend the auction, if you are interested in buying a property. If for any reason you are not able to attend the auction, then you may authorise a representative to bid on your behalf. That representative needs to register with us before the auction and have a written and notarised Power of Attorney in order to be able to bid at the auction on your behalf. Alternatively, you can give us, the auctioneers a written and notarised Power of Attorney to bid on your behalf. Providing you have paid into our account a 10% 'guarantee payment' of the 'Starting bid' quoted in the catalogue for the property you would like to bid (refundable if you are unsuccessful in your bidding) . It is considered that all auction participants, the ones that bid and/ or attend the auctions, have received, read and accepted all our terms and conditions of business.
AFTER THE AUCTION
A list of unsold properties will be available after the auction. We will be able to take prospective bids from interested buyers and contact the vendors with such offers ('late offers'). If the offer has been accepted the buyer will have to sign and notarise the Contract before the Public notary, pay the deposit, agents commission, as well as any legal and notary fees incurred. The rest of the money will have to be paid within 30 days from the day of the auction and signing of the contact.
USEFUL ADVICE FOR BUYERS
BEFORE ARRIVING AT AUCTION, PLEASE CHECK THAT YOU HAVE COMPLETED THE FOLLOWING:
- taken professional advice from a solicitor/ surveyor/ and/or an accountant
- read all the terms and conditions (general and special ones)
- inspected the property/ lots that you are interested in
- check the relevant information and documentation about the property
- have finance available for the deposit and purchase price, legal and notary fees, as well as agents commission and property purchase tax
- satisfied yourself as to the accuracy and completeness regarding the property you are interested in, as mentioned above.
At the end we wish you a very successful property purchase at one of our auctions!
For any further information please contact us:
Croatia office: + 385 (0) 1 383 9663
UK office: + 44 (0) 203 176 0939