Notifications for Auctions
Notifications for auctions pursuant to Part VIA of the Transfers and Mortgaging Property Law, 1965, No.9.
For any queries please call telephone numbers: 22-126845 or 22-126843.
It should be noted that the mortgaged property may not be sold:
- to a person who holds more than two per cent (2%) of the share capital of the authorized credit institution or a licensed financial institution or is connected with this person or their representative or their spouse or their parent or their descendants up to third degree, or any officer, director, employee of the mortgagee
- to any officer, director, agent or relative up to the fourth degree of auctioneer
- to the appraisers who prepared the property valuation report and their relatives up to the fourth degree relation
Note: for payments to be made at auctions
The bidder with the highest bid is required to proceed with an immediate payment of an amount of not less than twenty percent (20%) of the accepted bid price, which is paid directly to the auctioneer at the acceptance of the offer. The remaining amount is paid to the mortgage lender within a period not exceeding twenty (20) days from the date the offer is accepted.
Transfer expenses (8% of the sale proceeds exceeding the amount of € 350,000 per property owner), registration fees (€ 10 per property) and the title issuing costs (€ 5 per title) are payable together with the above advance payment.
The payment of the above amounts can be made by bankers cheque or personal cheque.