Four good reasons to buy or sell at auction
Notaries’ auctions enable you to sell or buy any type of real property.
They are the only method of selling that guarantees speed, transparency, market price and security.
A sale by auction takes only two to three months to complete, since the sale is ready to go and details of the buyer are already known. The sale takes place on the day of the auction, subject to the suspensive conditions appearing in the specification sheet. Together with his/her notary, the seller fixes the date of the auction, making it possible to arrange the transfer of property at the most convenient time. He/she then collects the price obtained at auction within 45 days of the sale. The buyer is entitled to take possession of the property as soon as the proceeds have been paid.
Public and thus accessible to everyone, Auctions are always heavily advertised and are universally recognized as the most transparent method of selling property. The auction price is rarely challenged by the taxation authorities. Sales are held in public in the auction room of the Paris Notaries’ Chamber. Whether the bid is made by a hand gesture or out loud, all those present in the auction room are aware of the previous bidding and the final offer.
The sale is thus made in the open. The property goes to the final and highest bidder, so the seller cannot choose the buyer. The result is published and can be viewed on this site.
The transparency of bids is the feature that is essential and vital to this method of sale.
In a sale by mutual consent, the price obtained is the result of negotiations between the seller and the buyer.
In a sale by auction, on the other hand, the sale price is the result of the various bids being made by all the potential buyers present on the market.
The price obtained in this way is therefore the true market price on the day of sale.
Auctions held by the Paris Notaries’ Chamber are managed and supervised by the public officials who are notaries themselves.
Prior to the sale, the seller is advised by his/her notary with whom he/she establishes all the conditions of his sale in the specifications sheet.
The specifications are made available to interested parties three weeks prior to the sale and they must meet all the requirements of the buyer. The price is not fixed by the seller but by the buyer, who is entirely in control of the limit that he/she wishes to impose and thus the price that he/she intends to pay.
The buyers gather in the same room, each being able to see the opposition and react accordingly.
Buyers who are afraid of getting «carried away» by the excitement of the bidding can either be assisted by their own notary, or by a notary who is present on the day of the sale.