Last updated on 11/07/2013
Public sale: some advice...
Buying via a public sale offers increased legal safety. Indeed, when the property is presented for sale, a whole series of formalities have already been carried out by the notary. Not only fiscal, cadastral, mortgage and town-planning searches, but many other checks will already have been made. However, candidate buyers must be prepared for the consequences of being the highest bidder.
Here is some advice that they should keep in mind:
- Go to a session with a fixed price in your mind and do not change it as you go along - under any pretext.
- Charges: if no higher bid is possible, the buyer should know that all charges have to be paid within five working days.
- Transfer of ownership: except when a higher bid option is place, the price has to be paid within six weeks. It's better to be sure that you can pay before making the commitment.
Acquisition Terms and Conditions
If you're married under a community regime and the acquisition has to be made for the benefit of that community, both spouses have to be present. Failing this, a valid proxy conferred by the absent party on the other would have to be established. The present spouse would furthermore have to provide a guarantee for the absent spouse within the timeframe allowed by the notary.
Major point: a highest bidder who declares to have acted for a non-present third party and for whom he or she declares to stand as guarantee, will be required to bring to the notary, within six weeks of the adjudication becoming final, ratification of him or her for whom the guarantee was provided.
Choice of representation: This procedure is sometimes used when the real buyer wants to remain anonymous.
Guarantee: Even though it seldom happens, it's not always known that the notary can require the highest bidder to provide a good and solvent guarantee at his or her own expense. If you were unable to go to the sale and if the sale conditions allow a higher bid, it's not too late.
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