Property auctions typically go through two phases:
- Betting on auction
- Exit at auction
Usually the bet and the exit follow each other immediately, sometimes there is a few weeks in between.
The bidder with the highest bid receives a wagering premium (iron money). When auctioning, the auctioneer (notary / auctioneer / butler) calls an ever-decreasing series of amounts. Whoever yells "my" owns the property. For example: the bet is 300,000 euros. At turn, the turner then starts at 500,000 and slowly counts down.
Auction methods sometimes vary from region to region. In Amsterdam and Almere, a system of bidding + auction applies. For example, the bet is 200,000. The turner then starts at 150,000 and starts counting up. Calling at 100,000 will sell the item for 250,000
Resolutive conditions such as retaining financing do not work at auctions. The selling party has the right not to award the transaction to the highest bidder without having to give a reason. In some cases, several lots are auctioned at one auction.
The buyer usually pays a stake premium of 1%. This stake premium is calculated by the notary or the auctioneer. If the seller agrees, the purchase agreement is a fact.
