What to do after participating in a property auction

The auction concludes with the property being sold to the highest bidder, and the process continues with a few more steps to complete the purchase. Below you will find the key steps you must follow after participating in the auction.

1. Payment of Auction Price and Other Expenses

If you have won the auction, the next step is to complete the payment process:

• Settlement of the remaining amount: To finalize the purchase, you must pay the remaining balance of your bid (excluding the deposit you already paid as a guarantee). This payment must be made within ten (10) working days after the auction.
• eAuction usage fee: The successful tenderer is required to pay the electronic auction platform fee (€350 or €100, depending on the auction’s starting bid).
• Payment of other costs: Keep in mind that acquiring a property through auction also involves all expenses related to a property transfer, regardless of acquisition method. These include the transfer tax, the notary’s fee, and the lawyer’s fee (if applicable).

2. Auction Award Report

After the bidding process concludes, the auction result is announced and all participants are informed. The responsible notary drafts the auction award report, which records all bids and designates the winner.

• Summary of award report: This serves as the legal title, and once it is registered, ownership of the property is transferred to the winning bidder. Payment of the auction price is essential for the registration of the property title in the Land Registry and for completing the property transfer.

3. Registration of the Property in the Land Registry

The final step in completing the property transfer is registering the notarial deed with the competent Land Registry or Mortgage Office.

• Registration process: Registration updates the relevant authorities about the new property owner, thus finalizing the transfer.
• Payment of Land Registry fee: A fixed land registration fee must be paid per ownership right, which varies depending on the location, type, and number of properties. A proportional fee is also calculated on the transaction value.

4. Delivery of the Property

Once registration is complete, the new owner has the right to take possession of the property. The handover process is carried out with the assistance of a lawyer and a bailiff.

Conclusion

Acquiring a property through auction requires careful handling and proper fulfillment of financial and legal obligations. Timely payment of the auction price and related costs is crucial, as failure to comply may result in losing the property. Additionally, registering the ownership in the Land Registry ensures the lawful recognition of the new owner. Therefore, proper guidance from legal and technical advisors is essential to avoid delays or complications.

At Landea.gr, you can find the full list of auctioned properties and request assistance from experts for every step before, during and after the auction process.