Often overlooked, voluntary notarial auctions (or candle sales) are a unique way to sell your property. These are organized by the Chamber of Notaries, or on spot, or in a room close to the property sold by auction.
Before the auction
Through the agreement with the seller, the notary sets the amount of the initial price, estimated in most cases at 75% of the value of the property.
It then advertises in the press, on public posters, on the Internet, etc.
During the three weeks preceding the sale, the notary, whose contact details are given on the advertisements, answers all questions from potential buyers. It also informs them of the day and time of the visit to the property.
The day of the auction
After announcing the starting price and the amount of additional costs payable by the successful bidder, a small wick is lit which symbolizes the beginning of the auction.
During these auctions, each wick (or fire) that goes out is replaced by a new one, and so on.
After the extinction of two successive wicks, materialized by the smoke which escapes, and without any new auction that occurs during their burning, the auction is pronounced in favor of the last bidder.
The consignment check deposited by the buyer to bid is immediately cashed. The buyer then has 45 days to pay the full price (if no higher bid has been made within 10 days of the session).
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