«The Auction House REM-technodgy or REM of the Europe »
implements a comprehensive approach to the sale of property, vehicles and railway mechanization:
- organizes and carries out auctions for sale of objects
- carries out direct commissioned sale of objects
- provides legal assistance for sale objects
- provides services for real-estate assessment
- provides services for vehicles and railway mechanization assessment
For any questions, phone 359 (52) 319-980
Procedure of working with The Auction House REM of the Europe
Presentation of documents
1. For realization of real-estate or vehicles objects through the Auction House REM of the Europe; (hereinafter — the Proxy) a set of documents must be presented in accordance with the List for real-estate;
Preparation of express evaluation
- on the basis of the documents presented, the Proxy, taking into account the current situation on the market, sales volume and price index, and also the comparative characteristics of equivalent objects, carries out an express evaluation of the real-estate, mechanization or vehicles object and determines the recommended starting price. The cost of preparing an evaluation is 320 euro (not including VAT).
Signing an agreement on realization of the object
- In the case that the Auction House REM of the Bulgaria organizes the sale of units of the non-residential fund, preparation of a paid express evaluation of the real-estate object is not required.
- Under the conditions of the agency agreement signed, advertising of the real-estate object is carried out on a free basis.
- There is no need to pay an advance on the fee to the Auction House REM.
Main conditions of holding the auction
1. In the case that an agency agreement to hold the auction is signed, the Client and the Proxy agree on the form of conducting the auction based on the type of object, the starting price, the wishes of the Client and the recommendations of the Proxy on the English or Dutch system.
2. In accordance with the Agency agreement signed between the Client and the Proxy, the Seller must pay an advance of 3.200 euro, including 20% VAT, to organize and carry out the auction for the sale of the Object in accordance with the legislation of the Bulgarian or EU. This sum is part of the fee for the Auction House REM.
3. In the case that the auctions are found void because of a lack of applications for participation in the auction or because the Winner of the auction refuses to pay the price of the Object based on the results of the auctions, the Proxy undertakes within the framework of the agency agreement to hold repeat auctions at its own expense, and without additional expenses for organizing the auction or advertising the Object on the part of the Seller.
4. The procedure for organizing and carrying out the auctions includes:
- a legal analysis of the presented documentation by specialists at the Auction House of the Bulgaria or Europe (hereinafter REM) and legal assistance in the transaction;
- market research of the market of commercial real-estate or etc. object veand consultation on issues of concluding deals with immovable property or object, with the goal of an effective realization of the object;
- formation of a set of necessary documents for sale of the object;
- work with potential buyers (information, clarification of procedure for participation in auctions, answers to questions concerning the object of auction etc.)
- receiving application and deposits from bidders;
- holding auctions, summing up the results of auctions;
- registering the rights of the new owner to the object;
- publishing the information report on the auction, carrying out an advertising campaign.
5. The advertising campaign is formed individually for each object, and may include:
- Placement of information in periodic printed publication such as: "Property Index", "Bulgarian Home", Magazine "Luxury Real Estate Index", Magazine "Property Bulgaria", Catalogue of the Auction House REM of the Bulgaria or for Europe etc.
- placement of information on the Auction Internet portals auction.tampers.eu
- targeted sending of information about the object to potential buyers, based on the possible market segment (the client databases of the EU Property FUND and REM are used – over 20,000 clients).
- preparation and distribution of printed products (leaflets, booklets, banners)
- If the Client considers it advisable to advertise the Real-Estate or etc. Object it owns in other media and by other means, expenses on advertising are subject to agreement between the Proxy and the Client separately.
6. Expenses for holding the auction, publication of the information report, and also expenses on holding the advertising campaign are included in the fee of the Proxy.
7. In the case of the sale of the Object at auction, the Seller pays REM a fee of 5 (five) % of the sale price of the Object reached in the course of the auction, including VAT of 20 (Twenty) %.
Choice of form of sale and purchase Agreement by the Client
The Seller has the right to choose any of the following schemes for settlement under the sale and purchase agreement:
- The sale and purchase agreement of the object is signed between the client (owner), the buyer (winner of the auction) and the REM (acting as the guarantor for the deal, through which settlements on the sale and purchase agreement are made). Settlements between the REM and the client (owner) take place in accordance with the conditions of the Agency Agreement;
- The sale and purchase agreement is signed between the client and the buyer (winner of the auction). Settlements are made directly between the client (owner) and buyer (winner of the auction). The sum of the fee for the REM is taken out of the deposit. If the sum of the deposit is insufficient, the difference is compensated directly by the client.
Conducting the auction
The auction is conducted strictly in accordance with the conditions previously agreed upon by the Client and the Proxy for holding the auction at the established date and time.
The Proxy, on the day that the auction is held, undertakes to provide the Client which a specially equipped isolated room, allowing the Client to observe the auction process in real time.
In the case of the auction being found void, in accordance with the Agency agreement the Proxy and Client sign an additional agreement on a repeat holding of the auction, at which by mutual agreement the starting price and other conditions of the auction may be change