Notaries' auctions

Anyone may make an overbid within ten days of the sale. A new, final sale is then arranged.

Most auctions are subject to an overbid clause. If it is possible to make an overbid this is recorded in the specification sheet. In this case, on the day of the sale the property is auctioned provisionally pending receipt of an overbid.

The period for making an overbid lasts for ten days after the sale. During this time anyone (apart from the seller) may make an overbid 10% higher than the original bid.

If there is an overbid a new, final sale is arranged with a fixed price set 10% higher than the original auction price. An overbid may not be made after this second auction sale following an overbid.

A notarized statement records the fact that no overbid has been received and the parties need not be involved. When there is no overbid, the winning bidder is considered to be the owner of the property from the day of the sale.

Important points

The overbid must be made within 10 days of the auction.

If there is an overbid a new sale is arranged with a fixed price set 10% higher than the first auction price but no further overbid may be placed after this sale.

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