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Briefings and Regulations
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PUBLIC
AUCTIONS - REAL ESTATE AUCTIONS
It is the most popular system in the Courts and it is used both for bankruptcy and executive procedures. All citizens or companies (except for the debtor) can participate to the auction.
To take part to the auction the applicant buyers must present a petition in stamp of € 10,33 in the observance of the term decided by the Judge in the ruling of sale and/or in the auction notice, usually by 12.30 a.m. of the day preceding the sale. He also must attach to the petition two not negotiable banker’s cheques made out to the Court of competence or to the appointed notary, one of 20% of the starting price as deposit, and the second one of 15% as advance depending on if it an auction of buildings or of lands. In case of not adjudication the cheques made to participate to the auction will be given back to the owner.
The percentages of the deposits to be done can change according to the ruling of sale made by the appointed Judge. We recommend you to check beforehand the ruling, because those conditions vary from Court to Court according to the different practices adopted, the kind of sales (if it is executive or bankruptcy) and to the tax that will apply on it (VAT or proportional tax of general record).
It is possible to have such information at the Court. In the petition the bidder must indicate, his generalities and fiscal code, the residence and, if the residence is situated out of the district of the Court, it will be necessary to indicate an address in the area of the judicial bureau. For married people it will be necessary to indicate the property situation between them. For Companies it will be necessary to attach the certificate of entry in the commercial register of companies (CCIAA) and the powers given to the legal representative or proxy that will appear in front of the Judge. Finally it will be necessary to indicate the number of the procedure, the date of the hearing, the lot, the name of the Judge proceeding and the information about the deposits of the amounts necessary to participate to the auction.
The application must be presented at the chancellery to the Judge or at the office of the appointed notary. In the fixed day, the bidders or the proxy, must appear in front of the Judge or notary and must pronounce voice bids. After three minutes by the last bid (the higher one) without other higher bids, the Judge in person provisionally knocks down.
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Asteitalia, leader in the field of the Judicial Auctions, can help you to have all the services and necessary advice, having qualified professionals that can assure you professionalism, transparency and maximum reserve.
Moreover, Asteitalia has done agreements with the best banking institutions, and has a portfolio clients for investments on immovable properties; for this reason Asteitalia is able to sell any immovable property with mortgage or foreclosure, extinguishing the procedure, with cash payment.
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