10. - What happens if the BU winner of an auction by the Sistema Torrent does not sign the Public Registration of Sale before a Notary within the deadline set out in the Deposit Agreement?
In this case the BU that has the first reserve winning bid has the next option to do so, and so on, until there is one that signs the Public Registration of Sale.
Supposing that these reserve winning bids had the new option to buy, they should formalize a Deposit Agreement not later than 3 working days after notice, which is officially communicated, and sign the Registration of Sale in the same period prescribed in the rules of the auction by the Sistema Torrent.
There are 10 reserve winning bids and they are defined on the day of the auction after the signature of the Deposit Agreement and before the event comes to a close.
One of the reasons why the contact details of all those attending the auction are recorded during the registration process is to advise these 10 reserve winning bids in the case they have an option to buy.
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.