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Regulatory References


REPOSSESSION SALES

 

What are court-ordered sales?

Court-ordered sales are the tool through which court authorities execute sales of forfeited through attachment, seizure, bankruptcy, etc.
Everyone - with the exception of the debtor - can participate court-ordered sales without the assistance of an attorney or any other professional. The assets are generally appraised by experts appointed by the Court. In addition to the winning-bid price, any applicable auction fees and tax expenses must also be paid, where required (view the CHARGES section on the property sheet).
Sales are made on an as-is basis, in the actual condition of the asset. They are not subject to any warranties against flaws or defects, nor can the sale be rescinded for any reason.  The existence of any flaws, defects or nonconformities in the item sold shall not give rise to any claim for damages, indemnity, or disgorgement of the price, as all such matters are factored into the price itself.
There is no right of rescission.  The balance of the purchase price along with all taxes owed must be paid by the deadline specified in the terms and conditions for submission. Title to the asset shall transfer to the purchaser upon payment of the full price and all taxes.
Should the balance of the price not be made by the established deadline, the winning bidder's rights shall lapse. Where a down payment was required, it shall be retained as a fine.  
Should a new auction be called, the defaulting winning-bidder shall be required to pay the difference where the price obtained through the second auction, plus the forfeited down payment, is less than the previous auction price, in accordance with Article 587 of the Code of Civil Procedure.

Bids shall become IRREVOCABLE upon submission. No right of rescission is available, and thus bids may not be withdrawn.

Whoever impedes or rigs a public or silent auction using promises, bribes, or deceit, shall be guilty of a crime punishable with a fine and a term of imprisonment as identified in the Criminal Code.

Sales can be suspended and/or cancelled at any time upon provision or order by the Judicial Authorities who ordered such sales.

Types of sales

ONLINE SALE

Online timed sale, where the winning bidder is determined at the expiry of the online-sale period.

SIMULTANEOUS SALE

Sales operations may take place simultaneously, through an online platform, and by physical presence at the auction site. During the auction, users in the auction hall can view bid raises made by online users.

BID COLLECTION

It is possible to place bids throughout the established time period, at the end of which the highest bid submitted shall become the starting price for the sale, which would then take place in the auction hall. If no new bids are placed during the sale at the auction hall, the highest online bidder will be awarded the personal property.

 

All sales types allow for the possibility of an “extension” period. This is activated only where bids are placed in the last few minutes of “regular” time. The new countdown will then begin with the receipt of the last bid, and the auction will continue until no new bids are submitted.

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