How to participate in electronic court real estate auctions
Law 119/2016 has amended Art. 569 paragraph 4 c.p.c., deciding that real estate sales in enforcement procedure contexts be performed electronically.
Said discipline has found applicability in enforcement procedures in which the sale has been set at a date after April 10, 2018.
The sales methods used are the following:
- SYNCHRONOUS SALE: The sale is made in real time with pre-set timed rebids. In this typology of sale the seller and the buyer are connected to the system starting from a specific day and time and are connected until the end of the sale itself, namely until the expiration of the rebid period, without any offer being made;
- MIXED SYNCHRONOUS SALE: The mixed synchronous sale is instead characterized by the possibility to present offers and rebids both electronically and on analogic platform through paper-based submission. The offers made on the analogic platform, the rebids and offerors’ comments are recorded on the electronic tender handler’s site and are made available to all participants;
- NON-SYNCHRONOUS SALE: It is carried out, solely through electronic participation, during a pre-set timeframe (which can, for example, be expressed in hours, days, according to what is indicated in the notice) during which it is possible to submit one’s bids until expiration, with possible extensions if provided. In this typology of sale the seller will manage the initial participants admission phase and the final awarding phase, and he/she shall be connected to the system during said periods.
The following are the steps to be followed to participate in a “SYNCHRONOUS” electronic auction:
- CHOICE OF THE PROPERTY for which one wishes to make a bid:By accessing the following websites (www.asteimmobili.it – www.astalegale.net – www.portaleaste.com – www.publicomonline.it – www.isveg.it) it is possible to select – also with the use of filters – the real estate units for sale, viewing all related documentation, in particular:
- The appraisal prepared by the court-appointed technical consultant containing the property description, zoning compliance and the starting auction price;
- Photographic documentation and blueprints;
- The sale notice prepared by the appointed professional in which the date and time of the auction are indicated, upon opening of the envelopes containing the bids.
- CERTIFIED EMAIL ACCOUNT ACQUISITION It is necessary to obtain an identifying certified email account, as provided by DM 32 February 26, 2015. If a certified email account cannot be obtained it will be necessary, in order to submit the bid, to retain a professional who will act within the auction portal on behalf of the offeror as a mere “submitter”.
- REGISTRATION on the website www.spazioaste.it as a physical person or as a legal entity.
- SECURITY DEPOSIT PAYMENT to guarantee the amount equal or higher than 10% of the bid. The payment must be made with the methods outlined in the auction notice.
- BID ARRANGEMENT to participate in the electronic auction it is necessary to click on the “create new envelope” button on the website www.spazioaste.it and proceed with filling the forms adding all required information and uploading the necessary documents, which consists of:
- Bidder’s identification document;
- Authorization from the legal guardian in case the bid is submitted on behalf of aminor;
- Valid residency permit in case the bid is submitted by a non-EU citizen;;
- Updated CCIAA certification (not older than 10 days) in case the bid is submitted by a company;
- Proof of €16.00 virtual tax stamp payment;
- Proof of security deposit payment.
- BID SUBMISSION via certified email. The system allows to choose from the following three options:
- Option 1: “certified email with attached proof”. It is necessary to attach proof of identification by the certified email site manager issued to the certified email account owner.
- Option 2: “certified email with proof at the bottom of the message”. The proof of identification of the owner of the certified email account is automatically added at the bottom of the certified email message. It is necessary to check with one’s certified email site manager whether said message has indeed been added.
- Option 3: “certified email and digital signature”. It is necessary to proceed by digitally signing all documentation attached to the envelope.
- ENVELOPE OPENING by the appointed professional on the day and time indicated in the auction notice. The bidders have the possibility to verify in real time the validity of their own envelopes through the automatic update of the bid outcome and examination status. Following envelope verification the electronic auction begins, during which it is possible to make rebids in order to be the best offeror and win the auctioned asset. At the end of the auction there will not be any better offer compared to the last one and the auction shall be deemed closed. The bidding status will show “Closed”, indicating the “best bidder”.
- PAYMENT of the offered price in case of adjudication. At the end of the auction the professional shall contact the winner for all information related to the payment of the balance due (the difference between the offered price and the security deposit which will be held in the auction’s bank account). Said payment shall be made within 120 days from auction adjudication and may also be made through a financing contract which provides for the direct payment of the sums made available for the auction by way of accessing a mortgage or taking over the mortgage originally signed by the garnisheed debtor.
Besides the winning bid price, the following costs must be taken into account:
- Registration fee or VAT wherever applicable
- Mortgage and cadastral fees;
- Fees due to the appointed professional for the property conveyance phase
- ENTRY INTO POSSESSION OF THE PROPERTY by receiving the keys from the custodian following the conveyance decree signature made by the enforcement judge.
- POSSIBILITY TO PARTICIPATE TO THE AUCTION: Generally participation to selling proceedings is solely granted to the debtor, creditors and possible co-owners.