How to participate in a judicial auction

The way to be part of a judicial auction is through the electronic auction system. This can be found on the official website - portal of judicial and administrative auctions of the State Agency Official State Gazette.

For an auction to take place, there must be a prior judicial resolution that establishes it, where the judge orders the debtor to put his assets up for sale. The objective of the auction is that prices are established on the goods of the lot and that once sold with the money, the debts to the creditors are paid.

What is a judicial auction?

The auction is a procedure by which state-owned assets are publicly disposed of. In its origins and until today the process has always been very simple. It consists of exhibiting articles with a starting price and then the monetary bids can be increased until there is a winner, who is awarded the good. Public auctions are the result of coercion procedures and have been used since the times of the Roman Empire.

The judicial auction is recorded developed in the order in article 636 of the Law of Civil Procedure. In addition to this precept, there is more regulation detailing about movable or immovable property.

How to participate in a judicial auction?

This legal tool is primarily used for registered assets and foreclosures. There are a number of essential requirements:

1. Prior enforcement procedure, which implies a judicial resolution due to the execution of a debt.

2. The goods to be offered must be sufficient and have been appraised.

3. The sale occurs in a single auction.

4. Follow the legal procedure of the auction.

What types of auctions exist?

Although the best known are the judicial ones, there are also administrative, private and notarial ones.

The most frequent type of auctions are those that take place in court. This procedure must be registered in the Official State Gazette and to participate in the judicial auction you have to register. Within the judicial auctions are those that come by way of urgency, those of foreclosure, those of a bankruptcy.

How to participate in a judicial auction?

Apart from registering on the portal, you must follow the calls in which the goods are listed and see the starting prices. You must identify yourself with your DNI or NIE, or if you have the digital certificate. Once you have chosen where to bid, you will always need to leave a reservation or deposit to participate. If you finally do not buy the good, it will be returned to you.

How is the judicial auction procedure?

Once the bids have been submitted by all the participants, said information is taken to the Lawyer for the Administration of Justice, who orders them in chronological order.

The person who was the winner will have a certain period to deposit the price (10 days if it is movable property, 40 days if it is real property) that they had offered at the auction. The winner must pay the difference between the amount she paid to participate, the deposit and the awarded price of the property.

If you need to consult with a lawyer, call us.