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The approval of the Auction Act is one of the most important stages within the Mortgage or Pledge Execution, since its firmness will allow the successful bidder to go to the Real Estate Registry for the purpose of materializing the adjudication by registry, and to be the owner of the real estate in question before third parties.
Article 163 of the Civil Procedure Code indicates:
“Approval, protocolization, cancellation of liens and delivery of the property
Once the auction has been carried out, the court will approve it, if the legal provisions have been followed for its realization. In the resolution that approves it, it will be ordered to cancel the registrations or annotations related to the expired higher grade credit that is executed and those lower than this, as well as those that appear in the basic certification of the auction and those that would have been noted later. Likewise, it will authorize the pertinent protocolization and order the delivery of the property”.
Once the auction is held, the judge must resolve all pending issues including exceptions, oppositions, revocations, and appeals; and subsequently declare the approval of the auction. Said approval will be notified to the parties involved and will become final within three days.
Against the approval of the Auction Act resolution, there is only room for one appeal, in accordance with article 67.3 of the Civil Procedure Code, which must be filed within the third day from the moment all parties are notified.
At ERP Lawyers & Associates we have a team of experts in Real Estate Law, as well as in Judicial Collection, so if you require advice, you can contact us at info@erplawyers.com, and we will be happy to assist you.