Our office handles the entire process of acquiring a foreclosed property for you: from continuous updates on available opportunities, to finding the right property, all the way until its final handover.

Participation Procedure

In the bidding of a property auction, any interested party may participate, either in person or through a legally authorized representative.

In order to qualify to participate in a property auction, interested parties must deposit a “guarantee” either in cash, by bank check, or via bank transfer, in an amount equal to 30% of the starting price of the auction, before the auction begins with the appointed notary.

The new legislative regulations stipulate the following:

A) The starting price is now the market value of the property and not its assessed (objective) value.

B) Property auctions are conducted exclusively through electronic means.

Acceptance Procedure

After the completion of the bidding, the winning bidder of the property is required to:

• Within five (5) days, pay the corresponding tax amount to the tax office. The tax amount is calculated on either the assessed value or the market value of the property, whichever is higher.
• Within ten (10) days, pay and settle the remaining balance of their bid to the appointed notary.
• The property transfer process begins immediately after satisfying the above obligations. The property is freed from all encumbrances and remains free of any claims to the new owner/bidder immediately upon completion of the transfer.