6. - What processes are involved in a property auction using the Sistema Torrent?

An auction using the Sistema Torrent consists of three very distinct processes:

6.1. - Registration Process.

6.2. - Auction Process it self, which is subdivided into three subprocesses:

6.2.1. - Acceptance of Bids.
The Bids Acceptance Subprocess covers the period of time from the start of the auction, announced by the Director of it when expressing aloud the opening bid, until the moment when there is a winner of the Bids Acceptance Subprocess, which means the best bid accepted and confirmed in accordance with the rules and criteria explained in the following paragraphs.

6.2.2. - Deposit Agreement Signature.
 The signature of the Deposit Agreement covers the period of time ranging from the moment when there is a winner of the Bids Acceptance Subprocess, until the full token payment and the corresponding signature of the Deposit Agreement.

 6.2.3. - Definition of the Reserve Winning Bids.
Once the Deposit Agreement is signed and before starting the Exit Process, the 10 accepted bids will be publicly defined, along with their order of preference, which remain in reserve in case the winner of the Bids Acceptance Subprocess does not sign the Public Registration of Sale within the stipulated time.
It is important that no-one leaves the Auction Process before the definition of these reserve winning bids, since any of them could have a real chance to purchase if the winner of the Bids Acceptance Subprocess that has signed the Deposit Agreement does not finally sign the Public Registration of Sale.

It is very important to understand the distinction between these three subprocesses. The auction officially ends when the reserve winning bids are defined and the Director informs those attending of them. Nobody should leave the auction room before this happens.

6.3. - Exit Process.

To explain the Sistema Torrent, Explanatory Presentations are held periodically and before the auction in the property to be auctioned, which presents an opportunity to visit it. Dates and timetable can be consulted in "Explanatory Presentations".

If requested and without any commitment on your part, we also offer the possibility to make Explanatory Presentations where and when they are required.