FAQs
Assets
On average, what is the co-relation between the minimum bid value and the valuation value of the asset?
The minimum bid value in relation to market value depends on a number of factors, such as the type, geographical location or supply of services in the area, as well as the status of the asset in question.
Are the assets sold free of charges?
Yes, always. If otherwise, it will be notified to the interested parties.
What is the state of conservation of the assets at auction?
The assets are sold in the state in which they are at the time of their disposal. Given that all real estate originating from insolvency proceedings/executives were once inhabited or held by the current insolvent mass/executed, and thus goods are used, it becomes essential to visit, so that the potential buyer can bid without reservations.
Can I proceed to buy assets without having previously visited them?
You can, on your own account. The assets are sold in the condition, physical and legal state in which they are, so LEILOSOC® Worldwide declines any responsibility regarding their state of conservation or operation. In this way, the photographs present on the site/brochure may not be sufficiently enlightening to make a fair assessment of the asset you intend to sell. It is therefore recommended to inspect the property or movable asset in advance.
Is it possible to visit the properties and movable asset that will be auctioned before the end of the auction?
Yes. Not only it’s possible, it’s encouraged. Assets should always be visited before any bidding is made. LEILOSOC® Worldwide is responsible for organizing the visits, which may have a pre-defined day or be scheduled with the auction manager. However, the buyer is responsible for the inspection of the goods, and the lack of this analysis cannot be attributed to LEILOSOC® Worldwide.
Are the assets sold individually or together?
Assets can be sold batch by batch, or through a sales combination, which normally brings together all the batches in the process, into one batch.
Who owns the assets at auction?
The assets for sale are the property of the insolvency or executive proceedings, or of a private seller (individual or collective). The owner, in the case of legal proceedings, is duly identified in the auction description found on the platform. In the case of a particular seller, the seller can choose whether or not their identification is published on the auction platform.
How can I obtain information about the auctioned assets?
Information about the assets is available at leilosoc.com, and also in our newsletter, which you can subscribe to on our platform. You can also contact the colleague responsible for the property or movable asset, which is on the auction page of the property.
Do the properties have all the information required by law?
Not always, as it depends on the seller.
If the seller is an insolvent estate, it is exempt by law from displaying a user license, energy certificate, or technical sheet, although these documents may exist. The property can be sold and registered without this documentation since being a judicial sale is an exception to the law.
However, if the bidder needs to display the documentation in question for any purpose, it is his responsibility to obtain it, as well as the inherent costs.
In cases where the properties come from a seller, bank, or similar, all documentation required by law to perform the sale is assured.
Do assets for sale have a warranty?
No. Assets from insolvent estates are sold in the physical and legal state in which they are found, free of encumbrances or charges, without guarantees of any defects that may arise or that eventually exist.
Registration
Is it free to register at LEILOSOC Market Partners® website?
Creating an account at LEILOSOC® is completely free. The accounts are used to buy assets at auction. Buyers will only pay commission over granted lots.
LEILOSOC
Who are the experts at LEILOSOC® Worldwide?
Each event is supervised by a wide range of experts, who evaluate all assets for sale to provide the best quality auctions possible. Located in different parts of each country where LEILOSOC® Worldwide is present, each specialist is truly an expert in their area of expertise.
What makes LEILOSOC® Worldwide so unique?
LEILOSOC® Worldwide is an auction platform with online and live auctions, private negotiations, sealed letter submission, and buy now auctions. Each event is supervised by a set of experts, who evaluate all assets for sale to provide auctions with the best quality possible. LEILOSOC® Worldwide auctions are open to the general public and not just to professionals, which provides a direct link in the valuation of the goods put on sale.
For how long has LEILOSOC® Worldwide existed?
LEILOSOC® Worldwide was created on February 17th 2000.
What is LEILOSOC® Worldwide?
LEILOSOC® Worldwide is an auction platform certified by Google Trust Services, with a management system with ISO 9001:2015 accredited quality certification and whose activity is licensed by the Directorate-General for Economic Activities (DGAE), in line with Decree-Law n. º 155/2015 of august 10th.
Live Auction
Where does the auction take place?
The auction site is advertised in the auction area at and usually takes place in a hotel or on the insolvent’s premises.
What happens to me if I buy an asset and I refuse to sign the Promise of Purchase and Sale Agreement?
You immediately lose the right to claim the security deposit made at the beginning of the auction and are subject to the legal implications provided for by law.
Do I have to pay a deposit to sign up for the auction?
Yes. You will pay a deposit of € 5,000.00. This deposit (which is not a fee) will be paid in check, at the order of LEILOSOC® Worldwide at the time of registration or buy bank transfer. The deposit will be returned to the prominent buyer if they didn’t buy a lot or already proceeded to the payment of the sign of the Promise of Purchase and Sale Agreement of the completed lot(s).
What do I need to do to sign up for the auction? Does the registration involve a cost?
On the day of the auction, you must register with the LEILOSOC® Worldwide employees present at the auction. The registration does not involve any cost for the prominent buyer.
Do I have to be present in the auction to be able to bid?
It is advisable to attend the auction. However, there is the possibility to conduct your bids by phone, through the LEILOSOC® Worldwide employees present at the auction. In order to be able to bid by telephone, you must contact LEILOSOC® Worldwide in advance and complete all necessary formalities to do so.
What is a Live Auction organized by LEILOSOC® Worldwide?
LIVE AUCTION consists in carrying out procedures for the public sale of assets to the bidder offering the best price. This form of sale is carried out in a Public Auction, at a previously defined time and place (hotel or other facilities), where interested parties must register and participate in person.
Online Auction
Do I have to pay a deposit to sign up for an online auction?
No, it’s not necessary to pay any deposit to sign up for an online auction.
What do I need to do to participate in the Online Auction?
Bidders and potential bidders must be duly registered on the LEILOSOC® portal before making any bidding. In the creation of an account on the leilosoc.com platform must contain all the identification elements necessary for the invoicing and / or preparation of the Contract-Promise of Purchase and Sale, such as name, address / headquarters, Number of B.I./Citizen card or permanent certificate and fiscal number. Upon completion of the registration, the client will be asked to confirm the email account. The confirmation is essential to validate the requested e-mail and be allowed to bid.
Registration is free of charge and does not involve any risk to the customer.
Is the asset awarded to the bidder with the highest bid?
The asset is awarded to the highest bid if it is equal to or greater than the Estimate Value indicated in the auction. If the bid is lower, it will be considered as an Offer Register, and will be considered by the Insolvency Administration or the Seller.
What is an Online Auction organized by LEILOSOC® Worldwide?
ONLINE AUCTION consists on a series of procedures destined to the public sale of assets to the highest bidder. The bidders can present their offers by bidding on LEILOSOC® Worldwide’s website (www.leilosoc.com), only after registering.
Bids
Are the bids visible to other interested parties?
Other interested parties have access to the most recent bid.
Will I be notified if my bid is surpassed?
Yes. Bidders are notified by e-mail if there is a bidding that surpasses theirs. You can also consult Your Bids in Your Account. You just have to click on My Bids.
Is there a minimum bid amount for each asset that goes to auction?
Yes. The minimum bid value, referred to as opening value, depends on the opening value of each batch and no bid below opening value is accepted.
Can I bid in more than one asset at the same time?
Yes. Participants are not limited in terms of bidding or auction participation.
However, we draw attention to the obligation of participants to bid responsibly.
Do other participants have access to my biddings?
Bids are visible to all users who log in. However, bidders are only identified with a bidder number assigned when registering on the platform. If you have not logged in, you can see the last bid made, but you cannot see previous bids or bidder number.
I placed a bid and regretted it. Can I withdraw it?
No. Bids cannot be withdrawn. The bidder that fails to comply with its obligations, may be held civilly and criminally liable for damage caused. When you bid, you assume the responsibility to acquire the asset for the value you offered.
How to buy
How to bid?
All interested buyers must complete a previous registration at the leilosoc.com platform to participate. Registration validation is subject to confirmation of indicated personal data and communicated through a message sent to the client’s e-mail address and telephone number.
Is it safe to buy at LEILOSOC®?
Yes. All personal and entrepreneurial data are secured and protected by a certified system.
Participants provide personal data during their registration used exclusively for auction’s execution purposes.
If consented by the participant, personal data will also be used to perform information and marketing activities from the platform, guaranteeing the security of the client’s personal data, who is protected by law.
The auction platform is certified and the mediation between buyer and seller is carried out by LEILOSOC® Worldwide, which monitors the entire process from the beginning to the end of the sale.
The payment is made securely and must take place within 3 days after the end of the auction. The buyer can choose the method of payment, from among the options available: bank transfer, Stripe, Mastercard, Visa, ApplePay or GooglePay.
After validation of payment by all parties involved, LEILOSOC® Worldwide is present at the delivery phase of the movable assets and also at the time of the Public Deed.
I am the highest bidder. Can I consider the lot as my own?
No. The auction’s result is communicated to the seller or insolvency administrator, who are responsible for all procedural steps. If the bids do not exceed the estimate sales value, and if the seller is an insolvent estate, it will be up to the trustee to notify the creditors so that they can pronounce accordingly, providing a period of 30 days for them to pronounce.
Even if the bidding exceeds the estimate sales value, it is necessary, however, to bear in mind that there are procedural situations that may determine a different result than expected, such as:
Exercise of preemptive rights;
Exercise of the right of redemption;
Verification of irregularity that dictates the invalidity of the sale.
General
What is the output value?
It represents the value from which the bids for the sale of the assets will be accepted.
What is the selling value?
The selling value is the value from which the goods are considered sold.
What is the average waiting time between the end of the auction and notification of the highest bidder?
After the conclusion of the auction, in the event of adjudication, the average waiting time is 2 to 3 business days. The client will be contacted in order to proceed with the payment and withdrawal of the assets. If the final bid falls below the minimum value, which represents 85% of the base value, the offer will not be considered binding, the bidder will be contacted in a timely manner in order to be informed of the position of the auctioneer. Other bids will be automatically filed.
When will I be granted the actual possession of the asset I bought?
In the case of properties, the actual possession is is usually granted following the signature of the Public Deed. In the case of movable assets, possession is effective at the time of the withdrawal of the items.
What is the signal I have to pay if I’m the winner of an auction?
In the case of a property, with the completion and signature of the PSPS, there will be a place for the payment of 10% of the proposed value as a sign. The remaining amount, including the commission and the respective VAT, will be paid on the date of the public deed. In the event that it is a movable asset, there will be the payment of the total proposed value and respective VAT.
If I buy a property, when do I have to sign the Purchase and Sale Promise Agreement (PSPA)?
The signing of the PSPA must necessarily be realized immediately after the property is bought, ending the property. LEILOSOC® Worldwide will contact the buyer to sign the respective Purchase and Selling Promise Agreements.
Will I have to pay anything to LEILOSOC® Worldwide?
The value of the sale is added to a commission for the services provided by LEILOSOC® Worlwide and the respective VAT, namely:
a. Real Estate: 5% on the proposed value and respective VAT (at the legal rate in force).
b. Movable Assets: 10% on the proposed value and respective VAT (at the legal rate in force).
c. Rights on Real Estate (measure, usufruct, naked property, root and inherited property): 10% + VAT at the legal rate in force.
d. Industrial property (shares, quotas, trademarks, logos, patents): 10% + VAT at the legal rate in force.
e. Commercial Establishment: 10% on the proposed value and respective VAT (at the legal rate in force).
f. Art: 15% on the proposed value and respective VAT (at the legal rate in force).
g. Specific cases will be indicated in the specific conditions of the auction and/or in the information area dedicated to the electronic auction or the particular product.
What is an insolvency process?
The insolvency process begins when the debtor – individual or collective – cannot fulfil its obligations, whereby the procedural purpose results in the sale of the insolvent’s assets with a view to reimbursement of creditors.
If the sale is given without effect, are the amounts paid returned?
Yes. If the sale is given without effect for reasons beyond the control of the bidder, all amounts paid referring to that same sale will be refunded in single.
What is the estimate value?
It is the sale value of an asset or a group of assets that integrate a lot, as it was determined within the insolvency process, regulated by the insolvency and companies’ recovery code, or the value previously determined by the seller.