Notaries' auctions

The specification sheet specifies the conditions for transferring ownership and when the buyer is entitled to enjoyment of the property.

The ownership transfer procedure takes place as soon as the auction is final , i.e. after the last candle has gone out, subject to the suspensive conditions in the specification sheet. In fact, this document specifies the various terms of ownership transfer and when the winning bidder may enjoy the property.
The specification sheet also contains clauses relating to insuring the property after the auction.

Normally, the successful buyer must first pay the purchase price and sale expenses before becoming the beneficial owner of the property.

The sale can be challenged by a third party as soon as it is published in the land registry or the property register. For this eventuality, your notary will lodge an authenticated copy of the sale specifications, any other agreements and the auction record at the appropriate mortgage office.

Important points

Ownership is transferred as soon as the sale is final. Usually, the winning bidder may not enjoy the property until the purchase price has been paid in full.

All terms for transfer of ownership and when the successful buyer may enjoy the property are set out in the specification sheet.

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