Auction and Buying Real Estate

Auction and Buying Real Estate (or the selection method of acquiring property)

Act. 527/2002 The. from. on voluntary auctions, as amended (hereinafter referred to as "Zodd") was adopted in 2002, at a time, when the SR function developed real estate market, Hosted by which the particular business of real estate companies, but also private initiative of individuals. As the real estate market was able to operate for so long without rationale of voluntary auction is quite legitimate question, if this is at all necessary and to institute brings benefits.

For the following questions, we will try in this paper and give answers to satisfy the interest of the general public to obtain basic information. Institute of voluntary auctions to the law adopted in the major reform pledge and enables efficient execution lien liquidate advance. Before the reform pledge because pledgee could implement its pledge only through lengthy judicial enforcement, or equally lengthy process execution. Voluntary auction, at the time of its legislative anchoring function as an inevitable consequence of the acceleration of the economy, where required to improve the availability of credit resources, which was subject to accelerated enforceability of funds provided. They are primarily voluntary auctions necessary for debtors and creditors, which provide a transparent framework for securing loans, or. framework for recovery of secured receivables from credit relations. Secondary voluntary auctions are also useful for those interested in buying a property based, since the auction in real time experienced candidates and the result of their mutual competition is price, which approximates fair market value of the auctioned property. Videlicet : „Kto buy at auction, can not be sure, for assets that pay fair market value ". Interested in the real estate market often succumb to emotions and persuasion by the real estate agent and property charged much more, than its actual value, what the auction practically can not happen. It may happen, that through an auction candidate obtains property for a very reasonable price subjective. Very significant is the fact, the auction is void only be challenged on grounds specified in § 21 ODS. 2 Zodd, and only in the three-month limitation period running from the implementation of voluntary auction. On expiry of this period is no longer possible to levitate bidder any legal claims by third parties.

In real practice it is not unusual, that the buyer gets into extremely disadvantageous position after the acquisition of property by purchase agreement, which is the subject of an action to determine ownership, which has its origins in earlier erroneously disposed of relations, where such purchaser has very little possibility of an effective defense and must suffer for the mistakes of their predecessors, or. for errors authorities administering the Real Estate. At the end of proceedings concerning the determination of title the buyer can remain without property, But even without the purchase price. It is also not uncommon, that the buyer only after the conclusion of the purchase contract becomes aware of the, the purchased property is burdened by liens, possibly, claims that the pledgees are much higher than originally anticipated. Also occur in practice, the situation, when due to uncertain arrangements for remuneration realtor pay the buyer not only the purchase price, but also real estate agency. All of the following situations are described bidders can confidently avoid, since the acquisition of property at auction can be legally challenged effectively only in proceedings for a declaration auctions. In the case of, that is found error Auctioneer, the successful bidder to obtain claims from compulsory insurance requirement Auctioneer liability. In the case of, the auction is declared invalid court, yield is returned to the bidder in its entirety.

Advantages of the process of voluntary auctions as described above derives all entities. Debtors, through voluntary auctions certainty, that will sell their assets retained formal framework for the law on voluntary auctions, which also protects their rights. Creditors may rely on NATO, that their claim will be recovered as soon as possible for the lowest cost. Bidder have certainty, the subject of the auction will receive the best possible price and the expiry of three months from the execution of auctions have certainty, that they have no right of ownership effectively call into question.


Auctioned is easy

Participate in the auction is easy. The site everyone interested in the section of the auction can choose property, which satisfies all the preferences. Auction personnel department of the company are always ready to give up the details by e-mail or phone call, which will facilitate decision making. For all real estate and other assets auctions are held at least two recognisance, whose dates are posted on our web site. It also offered at each auction property is available for download expert opinion and the notice of auction in the electronic form. After obtaining all the necessary subjective information on the subject of auctions has divides candidates from participating in the auction, only one step – composition of the auction guarantee in the amount specified in the notice of auction. Auction guarantee must be entered in the account in the manner specified directly in the auction notice. In the case of, that is not a participant of the auction the auction successful (nevydraží home), composed auction guarantee is immediately refunded in cash or by transfer to his account (depending on how the composition).

After taking the auction guarantee is interested in participating in the auction, Thus, the process of bidding, where the auctioneer invites all present candidates, to make an offer at least the lowest bid amount stipulated in the auction. It follows, that notice of public sale shall contain all relevant facts and conditions, the auction.

If the candidate does present among participants in the auction the highest bidder (application), granted him the auctioneer hammer, which manifests itself as, hitting the hammer on a wooden mat. Impact upon the granting of the successful bidder becomes the owner of the lot (provided, within the prescribed period shall pay the full amount of the auction). The deadline for payment of the auction price is generally 15 days and as well as other important data referred to in the notice of auction. After additional payment of the full price the bidder has not prevented, subject began to take auctions.