What are judicial sales?

Judicial auctions are the means through which judicial authorities arrange for the sale of assets from foreclosures, seizures, bankruptcies, etc.

Anybody, except the debtor, may participate in judicial sales, without the assistance of a lawyer or other professionals. Assets are usually appraised by experts appointed by the Court. In addition to the award price, auction fees and taxes are also payable, where required (see the CHARGES section of the page for the asset).

The auction takes place with the de facto conditions of the goods and is not subject to regulations concerning warranties for defects or lack of quality, nor can it be annulled for any reason. The existence of any defects, lack of quality or non-conformity of the item being auctioned does not give rise to any compensation, indemnity or cause for restitution of payment as all these have been taken into account in evaluating the goods.

Right of withdrawal shall not apply. The balance of the price and any taxes must be paid within the deadlines indicated in the specific rules for participation. Ownership of the asset is transferred to the purchaser upon payment of the full price and taxes.

In the event of non-payment of the balance of the price by the set deadline, the successful bidder is declared to have forfeited the asset. If the sale provided for the payment of a bid bond, this shall be retained as a penalty.

If a new auction is held in which the winning bid is lower than the sum of that from the previous auction plus the forfeited bid bond, the defaulting successful bidder shall be obliged to pay the difference, pursuant to Section 587 of the Italian Code of Civil Procedure.

All bids presented are IRREVOCABLE. The right of withdrawal shall not apply, nor can bids be taken back.

Any person who disturbs or hinders the free running of auctions by promises, gifts or fraudulent means commits an offence punishable by fines and imprisonment, in accordance with the Italian penal code.

Sales may be suspended and/or cancelled at any time by order or decree of the judicial authority which originally determined they should be held.

Type of sale

Online auctions

Timed online auction in which, at the end of the set time, the highest bidder wins.

Simultaneous auctions

Sales operations can be conducted by electronic means as well as in person, at the auction site, at the same time. During the auction, the users in the auction room can also view the bid raises received from users logged onto the portal.

Bid collection

Bids can be placed throughout the entire period provided for. Once this time has elapsed, the highest bid constitutes the starting point for an auction which takes place only in the room. If no new bids are received in the auction room, the property will be awarded to the highest online bidder.

Prolongation is also possible for all auction types, activated exclusively in the event of bids arriving during the very final minutes. The new countdown starts when the last bid is received, and the auction shall be extended until no more new bids are submitted.