Auctions FAQs
What is a public auction?
A public auction is the procedure by which, Gordian Holdings Ltd can sell mortgaged property in accordance with the provisions of Part VIA of the Real Estate Transfer and Mortgage Act of 1965 (Law 9/1965), and based on the Immovable Property Transfer and Mortgage Law of 2015 and according to the provisions of the Ministerial Decree for the Sale of the Mortgaged Property through an Electronic Auction System of 2019 . The auction can take place either electronically or sale through a tender process (following the conclusion of the first auction).
The interest of the properties are offered for sale without further warranties regarding the existence, occupancy status, type or size of the property or the right that the mortgagor / judgement debtor has.
The procedure set out below focuses on some key procedural issues for easy reference and in no way replaces the Law or is intended to provide full information regarding the provisions of the Law or to provide legal advice.
Where are electronic auctions conducted?
ACB E- AUCTIONS LTD is a limited liability company registered in Cyprus with registration number HE393949 and it is a wholly owned subsidiary of the Association of Cyprus Banks and acts as Administrator of the Electronic Auction System, according to the provisions of the Ministerial Decree for the Sale of Mortgaged Property through an Electronic Auction System of 2019 (the “Decree”).
As Administrator of the Electronic Auction System, ACB E- AUCTIONS LTD is responsible for the maintenance, control and reliable operations of the Electronic Auction System through which the electronic auction of mortgaged properties takes place, based on the Immovable Property (Transfer and Mortgage) Law and the relevant Decree. The Electronic Auction System is announced on the website of the Association of Cyprus Banks as the electronic auction system which complies with the provisions of the Law and Decree.
How can I bid/participate in an auction?
- To participate as a bidder in electronic auctions, you need to be identified and you need to register on the E-Auctions platform using http://www.eauction-cy.com.
- The applicant should deposit the participation guarantee for the specific auction, 10% of the Reserve Price. The participation guarantee amount should be paid not earlier than five (5) working days before the date of conduct of the electronic auction and at the latest by 15:00, two (2) business days prior to the designated date of conduct of the electronic auction. It is provided that, in the event that the participation guarantee is paid by means of a debit or credit card commitment, the commitment can be made no later than 7:00 a.m., on the previous working day of the electronic auction.
- Payment can be made in one of the following ways, as the Administrator of the Electronic Auction may decide from time to time:
a) by wire transfer to the special bank account held in the name of the Administrator of the Electronic Auction (ACB E-AUCTIONS LTD) with Hellenic Bank which will be posted on our website.
b) By banker’s draft in the name of Mortgage Lender on behalf of whom the electronic auction is carried out, which must be delivered to the Administrator of the Electronic Auction following arrangements with the eauction Officer.
c) by blocking the amount through a credit or debit card. If this method is selected, the amount will be taken from the card of the candidate bidder only if he is the Highest Bidder.
Useful information regarding electronic auctions
HOW TO: https://www.eauction-cy.com/Home/HowTo
FAQ: https://www.eauction-cy.com/FAQ
What happens on conclusion of the auction?
- Upon the conclusion of the electronic auction, an email will be sent to you by ACB E-AUCTIONS LTD, informing you of the outcome and the next steps.
- The guaranteed amount will be forwarded electronically to the Mortgage Lender with whom you will be in contact for the transfer procedure and payment of the remaining amount, registration fees (€10 per application), title issuing costs (€5 per title) and possible transfer fees (8% of the sale proceeds exceeding the amount of €350.000 per property owner, currently reduced by 50%) or V.A.T, that must be paid within twenty (20) calendar days from the date of the auction. The VAT payable is not included in the sale price, it is over and above the sale price amount.
- In case the successful bidder refuses, neglects or fails to pay the remaining amount within this deadline, the sale of the property will be canceled and the advance payment will be held by the Mortgage Lender, while the successful bidder will be liable for any losses that may arise in subsequent sale.
The mortgaged property may not be sold:
According to the provisions of the Real Estate Transfer and Mortgage Law of 1965 (9/1965), the mortgaged property may not be sold:
- To a person who holds more than two percent (2%) of the share capital of the licensed credit institution or a licensed financial institution or is affiliated with the mortgagee 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, representative or relative up to the fourth degree of the auctioneer.
- To the valuers who prepared the property valuation reports and their relatives up to the fourth degree.
Where can I find more information about the auction process and/or the property to be auctioned?
If you have any queries regarding the manner in which the electronic auction System operates call + 357 22 22 22 30 or visit the auction website at www.eauction-cy.com.
For any queries regarding the auction listings conducted by Gordian, please call +357 22812126, +357 22 81 21 49 and +357 22 81 21 16.
Gordian Holdings Limited has made every reasonable effort to confirm and / or verify the in-formation provided. It is noted, however, that (a) this information was obtained from public records and / or third parties without the possibility of confirming their accuracy; and (b) Gordian Holdings Limited neither has possession nor is the owner of the property for sale, therefore the details provided are solely for information purposes, without assuming any responsibility and / or duty and / or obligation by Gordian Holdings Limited to any person who may become aware of them.
Gordian Holdings Limited strongly urges and / or strongly suggests that any Interested Buyer that, with the help of specialized consultants of their choice, they conduct their own investigations and / or on-site examination of the property for sale in order to verify and / or to obtain personal knowledge of all information and data that may affect the decision to participate in the upcoming auction of the property for sale.