NBE publicizes an online-statement concerning an auction conduct. The statement should include:
a) auction start and end dates. The auction duration mustn't be less than 7 days and more than 10 days. In any special occasion the NBE Chief is authorized to increase the auction duration within the reasonable deadline;
b) starting price of the property that totals 50% of the base value pointed out in the Appraisal Act of the property;
c) short description of the selling property and its locality, also the value of transitory rights, if any;
d) guarantee service due totaling 5% of the market value of the property, excluding the case stipulated by 21 article of the Paragraph;
e) the volume of price rise tempo;
f) procedures of holding an auction.
You might find the term "transitory right" in Internet announcement. The right is transitory if it is valuable for the property after its realization and a buyer is obliged to meet the requirement of a creditor having this right.
Parties (except the tax body) don't get personal notifications about holding an auction.
Individuals owning the registered claims in Civil Registry after a claim by a creditor providing the enforcement, as well as individuals with transitory rights are informed about the auction. As refers to repeated auctions, the latter are notified via www.eauction.ge and www.nbe.gov.ge.
