The first auction carried out by a bailiff must be electronic. In the case of a repeated electronic auction, a bailiff can choose either the oral or verbal auction format.
How is an electronic auction carried out?
The bailiff prepared an auction notice, which will be published in Ametlikud Teadaanded and internet portals www.oksjonikeskus.ee,www.varad.ee. An advertisement of an immovable property is published with photos in at least one widely used property portal. The bailiff may publish the advertisement in a newspaper distributed at the location of auction. It may also be published in any other publication on the request of the claimant or the debtor.
The auction notice must set out the start and end of registration of participants for the auction, the terms of payment of the deposit and the interval of the end-of-auction feature.
Registering for the auction is possible from the publication of the notice until the start of the auction. The start of registration is determined by the bailiff. It will not be possible to register as a participant after the start of the auction concerning a movable property.
Start of the auction – the time of making bids. Lasts until the end of the auction. The last bid made at an auction can be overbid within the time determined by the bailiff upon the end of the auction (end-of-auction feature).
The determined deposit is up to 10% of the starting price. The deposit can be paid in cash at the bailiff’s office if the amount does not exceed €640. If the deposit is paid to the account determined by the bailiff, the deposit will be deemed to have been paid when the bailiff’s account is credited to the extent of the deposit.
The bid with the highest price submitted by the end of the auction is declared to be the best. The best bid will be announced in the auction environment on the working day following the date of the auction.
Participants in an electronic auction may submit objections concerning the conduct of the auction within the working day following the date of termination of the auction. Objections must be submitted to the organiser of the auction.
The auction report will be prepared after the expiry of the deadline for declaration of the best bid and the submission of objections. The bailiff will deliver the auction report to the claimant, the debtor, the person who submitted the best bid and persons whose rights regarding the thing at auction are known to the bailiff.
