5. - What should I do if I want to buy a property through the Sistema Torrent?

The steps to follow in order to buy a property by the Sistema Torrent are as follows:

 

a) Contact Torrent de Juià S.L. by phone or at the email address that appears on this website.

b) Visit the property (through assisting at an Explanatory Presentation, arranging a visit beforehand or visiting on the same day of the auction).

c) Request information about the property provided by the Land Registration Office, contractual information regarding the operation (Basis of the Auction, Deposit Agreement, etc.) and an updated official valuation.

d) Check all this documentation.

e) Calculate with the Final Cost Simulator the total amount that should be paid depending on the opening and the winning bids of the auction, taking into account all the taxes and other associated costs. If funding is required, a Mortgage Fee Simulator can also be used in this website.

f) Attend one of the previous Explanatory Presentations organized by the Sistema Torrent.

g) In the event of being interested in enjoying a stay in the property, it is necessary to ask about this possibility. When this is available, a Stay Contract has to be signed and the bank cheque, explained in the following point (h), must be handed over as a deposit upon signing the contract. Against this deposit the property keys are delivered. Once the stay is finished, if there is no obvious anomaly, the cheque is given back when the keys are returned to Torrent de Juià SL. and it can be used again to gain access to the auction on the day it takes place. In the event that any anomalies are detected as a consequence of the stay, the rules specified in the Stay Contract will be applied.

h) Prepare a certified bank cheque made payable to Torrent de Juià, SL, dated on the day of the auction if there is no interest in staying in the property, or dated on the day of the beginning of the stay if there is interest, for 5% (plus VAT when applicable) of the opening bid. This requirement is essential in order to gain access to a stay in the property or to gain access to the auction since it must be delivered as a deposit when signing the Registration Document.

i) Attend the auction with a clear idea of the maximum bid that you are willing to make having analyzed all the above steps.
In order to attend an auction by the Sistema Torrent as individual and as a buyer, you must be aged 18 or over.
If the buyer is a legal entity, you must first show the powers granted by your company and that there are no restrictions placed on your participation in an act of this nature. Although in the General Conditions of the Basis of the Auction it is stated that assistance at an auction is allowed whether as an individual or a legal entity, you must also consult the Special Conditions of the Basis of each specific auction to assure that there are no restrictions regarding this point.

 

j) Supposing that the acceptance of the winning bid at the auction was yours, you have to sign the Deposit Agreement and deliver a cheque for an amount of 10% (plus VAT when applicable) of the opening bid of the property (it is not necessary to be a bank certified cheque). Both cheques (5% + 10%) make up the token payment of 15% of the opening bid that must be delivered to sign the Deposit Agreement at the end of the act. If this cheque for 10% is not correct and could not be cashed by Torrent de Juià, SL, you will automatically lose the total amount of the 5% cheque in favour of the seller and the organization, by way of damages, using the same criteria as in the case of an “interruption” of an auction.
Supposing that the acceptance of the winning bid at the auction was not yours, you have to pick up the 5% bank certified cheque by returning a copy of the Registration Document delivered upon entering the auction. In order to compensate the damage to the company’s image, this cheque will not be returned to anybody responsible for an auction “interruption”, which means a person who has accepted the winning bid and then does not want to sign the Deposit Agreement.

k) In a period of up to 4 weeks, to sign the Public Registration of Sale before a Notary.

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.