PROPERTY AUCTION PROCESS
Step 1: Sign an auction service contract
The person having the auctioned asset signs an asset auction service contract with Vu Anh Auction Enterprise to conduct the asset auction according to the provisions of Article 33 of the Law on Property Auction 2016 (Law on Property Auction).
When entering into an asset auction service contract, the person having the auctioned asset is responsible for providing the asset auction organization with evidence proving the ownership, right to use or right to sell the asset in accordance with regulations. of the law and take responsibility before the law for such evidence.
The asset auction organization is responsible for checking information about the right to sell the property provided by the person having the auctioned asset. The asset auction organization is not responsible for the value and quality of the auctioned asset, unless the asset auction organization fails to fully and accurately notify auction participants of necessary information. related to the value and quality of the auctioned asset under the asset auction service contract
Step 2: Issue the Auction Regulations
Vu Anh Auction Enterprise promulgates the Auction Regulations applicable to each auction before the listing date of the asset auction and publicly announces the Auction Regulations according to the provisions of Article 34 of the Law on Real Estate Auction 2016.
Step 3: List and publicly announce the asset auction
Vu Anh Auction Enterprise lists and announces the asset auction specified in Articles 35 and 57 of the Law on Property Auction 2016.
For auctioned assets being movable:
- Time for listing the asset auction: at least 07 working days before the date of the auction, at the headquarters of the Auction Enterprise, the place where the property is displayed (if any) and the place where the auction is held according to the law. Point a, Clause 1, Article 35 of the Law on Property Auction 2016.
- Time to publicly announce the asset auction on the printed or visual press of the Central Government or the province or centrally run city where the auctioned asset is located and the specialized website on asset auction: at least 02 times, each time at least 02 working days apart in accordance with Clause 1, Article 57 of the Law on Real Estate Valuation 2016; The time for the second notice is at least 07 working days before the date of the auction under Clause 3, Article 57 of the Law on Real Estate Valuation 2016.
For auctioned assets being real estate:
- Time to list the auction of assets: At least 15 days before the date of the auction, at the headquarters of the Auction Enterprise, the place where the auction is held and the People's Committee of the commune where the auctioned property is located (Point b, Clause 1. Article 35 Law on Property Auction 2016).
- Time for public announcement of asset valuation on printed or visual newspapers of the central government or the province or centrally run city where the auctioned asset is located and the specialized website for asset auction: at least 02 times, each time at least 02 working days apart (Clause 1, Article 57 of the Law on Property Auction 2016); the time for the second notice is at least 15 days before the auction date, Clause 3, Article 57 of the Law on Real Estate Valuation, 2016
Step 4: Sell, receive auction registration documents
Continuously from the date of listing until 02 days before the auction date, Vu Anh Auction Enterprise sells and receives auction registration documents from organizations and individuals according to Clause 2 of this Article. 38 Law on FTA 2016.
Step 5: Collect advance payment
Within 03 working days before the auction date, Vu Anh Auction Company guides, monitors and checks the collection of pre-orders according to Clause 2, Article 39 of the Law on Real Estate Investment 2016 and closes the list of registrants. qualified auction.
Step 6: View the auction property
Within at least 02 days from the date of listing until the date of holding the auction according to Article 36 of Law on Real Estate Investment 2016, Vu Anh Auction Enterprise organizes for eligible people to participate in the auction.
Step 7: Organize an auction
After carrying out the legal procedures, Vu Anh Auction Enterprise organizes the auction according to the selected form and method according to the promulgation regulations and makes the auction minutes specified in Articles 40 to 44 of the Law. 2016 GTS.
Step 8: Transfer the auction documents, sign the contract of sale and purchase of auctioned assets
Within 03 working days from the end of the auction, Vu Anh Auction Enterprise shall transfer the asset auction results, auction minutes, and list of auction winners to the unit having the auctioned asset for sale. sign a contract for the sale and purchase of auctioned assets or for a competent authority to approve the results of the asset auction and complete relevant procedures.
An auction asset sale and purchase contract shall be signed between the person having the auctioned asset and the auction winner, or between the person having the auctioned asset, the auction winner and Vu Anh Auction Enterprise if there is an agreement.
