The Auction Basis in Foreclosure and Pledge Processes

The Auction Basis in Foreclosure and Pledge Processes

Categories: Blog

In mortgage or pledge guarantees, the auction base is an essential element since it will set the initial amount for which, eventually, a guarantee will be executed.

When the base has not been previously established in the mortgage contract, the amount determined through an expert appraisal or the value registered in the Municipality when it is updated in the last two years, or the higher grade mortgage expired, will serve as the base.

In mortgage matters, we find different modalities that can be used to establish the base of the surplus, such as:
a) Main amount
b) Capital Due
c) Main amount and interest
d) Main amount, interests and costs

It is very important when establishing a mortgage or pledge, to be as clear and precise as possible with this point, since this will not only determine the basis of the auction, but will also influence with respect to the successive ones, the percentage to participate as well as to establish the amount up to which a performer in privileged condition can bid without having to make a deposit for it.

The sum agreed by the parties will serve as the  Auction Base. In the absence of an agreement, at the choice of the executor, the amount determined by an expert appraisal or the registered value will serve as the basis, when the assets have an updated tax or fiscal value assigned in the last two years. In all other cases, the appraisal will be carried out, which will be carried out by experts from the official list, except in the case of absolute or relative inadequacy.

At ERP Lawyers we have a team of experts in Notarial Law and in the constitution of mortgage guarantees. In case you have questions, queries or need to establish a mortgage or pledge, we invite you to contact us at info@erplawyers.com where we will gladly assist you.

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