RULES OF OPERATION OF THE AUCTIONS IN THE BIDUP PLATFORM
BIDUP TECHNOLOGIES, S.L. is a company registered in the Mercantile Registry of A Coruña that has developed the BIDUP platform to digitally process and process online auctions of real estate assets to carry out a sale or rental operation.
The sale by digital auction is collected in Spain in Law 19/2015. In the Statement of Reasons of this Law, it is stated the advantages of the digital auction: efficiency, increased diffusion or greater concurrency.
BIDUP TECHNOLOGIES, SL, as the owner of the BIDUP platform, will act at all times with the utmost rigor legal and operational, guaranteeing the maximum security and probative effect of the actions carried out by the different Users in the event of any discrepancy.
In order to be eligible for the acquisition or rental of the goods auctioned in the Bidup platform or to create an auction of a real estate property, prior registration as a user is required. The user account must be personal and non-transferable. In the event that you detect any incidence regarding the use of your passwords in the www.bidup.es platform, please inform us of this circumstance as soon as possible by sending an email to firstname.lastname@example.org, through the help chat or by calling to the phone (34) 881964880.
The personal data and the asset to be online auctioned will be incorporated into an encrypted file of maximum security, guarded in a blockchain service platform, whose deeds are endowed with full legal value throughout the European Union.
IDENTIFICATION AND AUTHENTICATION PROCESS
Once registered on the BIDUP platform, you can participate in the services offered on the BIDUP platform.
For users who create auctions in the name of another person or company, it will be necessary to prove their capacity duly, providing sufficient power of representation or edicts of appointment as Insolvency Administrator. The acceptance of the auction will be conditioned to the effective accreditation of the representation and its verification by the team of BIDUP TECHNOLOGIES, S.L.
CONDITIONS OF USE FOR OWNERS WHO CREATE AN AUCTION TO SELL
The creation of an online auction for the sale of a real estate asset of which you are the owner or representative of the same will mean acceptance of the conditions of use of the BIDUP platform and payment of € 150 at the time of insertion of the property to be auctioned on the BIDUP platform, as well as the payment of a successful commission of 2% of the sale price in the event that this occurs, either because there is at least one bid above the minimum acceptance price or well because there has been a bid to the price of direct award freely established by the seller.
In case the auction is deserted, the seller may open new auctions on the same property later without having to pay the platform use right fee of the 150 € again.
In order for the success commission to be effective, the winner of the auction must accept and sign the private contract of sale within 5 days of being required to do so. In case the successful bidder waives the signature, it will be charged the amount of € 1,000 penalty on his credit card and the right of acquisition will pass to the next bidder with the highest proposal.
In case of the acceptance and signing of the private contract of sale, both parties, seller and successful bidder – buyer must agree to sign the public deed of sale. The seller must make effective at that moment the commission of success in favor of Bidup collected in the contract of creation of the auction (conditions of the auction).
CONDITIONS OF USE FOR OWNERS WHO CREATE A RENTAL AUCTION
The creation of an auction for the rental of a real estate property of which you are the owner or representative of the owner of the same will suppose the acceptance of the conditions of use of the BIDUP platform and the payment of a commission of € 150.
CONDITIONS OF USE FOR BUYERS OR BIDDERS AN AUCTION TO SELL
The introduction of a bid in a sale or rental auction does not grant in any way the acquisition or the right to use the property at auction and, apart from the legal consequences of bidding in order to alter the price of the auctioned asset, which are included in the Spanish Penal Code, will mean the acceptance of the payment of € 1,000 as a penalty when being the winner of the auction the signing of the private contract of sale or rental – as appropriate – is not accepted within 5 days from the date of request to the email address provided at the time of bidding.
A duly registered and identified User who has made the highest bid price bid during the auction period or who has made a bid at the price of immediate award within the bid period will be considered the winner of a sale auction.
A duly registered and identified User who has made the highest monthly rent bid during the auction period or who has made a bid at the price of the immediate award within the bid period will be considered the winner of a rental auction.
Both in online auctions for sale or rent a bidder or participant without the highest bid could be required to sign the private contract and fulfill the conditions established on it under the € 1,000 penalty, because of the resignation or default of those responsible for higher bids.
The sequence of bids made in each auction and the amount of each one will be encrypted and registered in the blockchain service platform and will serve as proof of any claim that may arise.
Users who violate the rules contained in this document will lose any of the amounts they had given as registration fee, deposit or other concept, reserving BIDUP TECHNOLOGIES, SL, in addition, the right to exercise the appropriate legal actions in order to demand responsibility for the damages and losses caused.
CHARACTERISTICS OF THE AUCTIONS IN THE BIDUP PLATFORM
Registration of auctions
The auctions carried out in the online platform www.bidup.es will be carried out through the certification of bids in the blockchain service platform DataEngrave, a platform with full legal value throughout the European Union and acting as a public, indelible and unchangeable record of the information entered.
The goods that are the object of the auction will be periodically published on the www.bidup.es website together with the term established (start and end date of the auction).
Information to create an auction:
Each auction will contain, at least, the following information in relation to the auctioned good:
- Type of auction (sale or rental)
- Starting price or minimum acceptable price
- Direct award price (not mandatory)
- Type of real estate
- Location of the property (municipality / province / country)
- Detailed description
- Catastral reference
- State of conservation
- Loads that weigh on the asset at the time of creating the auction
- Other information that the owner considers of interest
- Graphic documentation
- Private contract of sale or rental
- Updated simple registry note
The information, description and situation of the asset will be provided by the owner (natural or legal person), by his representative or insolvency administrator or by the judicial, notarial or administrative authority that manages the auction, so that no liability can be required to BIDUP TECHNOLOGIES, SL in case there is an error in the description of the goods that are auctioned.
Each auction will contain the conditions of the same.
The starting price of the auction, freely set by the seller.
The price minimum acceptance price. The fixing of a minimum acceptance price will imply an obligation to sell or rent, as appropriate, in the event that there is a bid duly formulated at an equal or higher price.
The price of direct award. The creator of the auction may establish a price at which he accepts to sell or rent (as the case may be) the good, immediately, to the bidder who makes a bid duly formulated for that amount or higher. The realization of a bid for the price of direct award will paralyze the auction period immediately, and it will be terminated. The fixing of an immediate award price will not be mandatory for the seller
Period of time that averages between the date of the beginning of the auction and the date of completion. The fixing of the two dates will be free for the creator of the auction. Bidup Technologies, S.L. recommends, however, not to open the auction period of a property for sale over 2 months and a property for rent over 1 month.
The seller or landlord of a real estate property may also create an auction at a fixed price that will be mandatory in case of receiving a bid that equals the same during the auction period. In this case, what is sought is to perform the operation in the shortest possible time.
The creator of a sale or rental online auction of a real estate property may restrict the concurrent to it. The restriction may be:
- to a specific list that the seller will provide and that Bidup Technologies, S.L. will be in charge of contacting in relation to the celebration of the auction by private invitation, mentioning or not who invited them to the creator’s choice
- in case of sale, to a list of professional investors available to Bidup Technologies, S.L., list that will be created by BIDUP TECHNOLOGIES, S.L. over time, as the BIDUP platform develops.
PROCESS TO FOLLOW WHEN FINISHING THE AUCTION
Once the auction period ends, BIDUP TECHNOLOGIES, S.L. will analyze the set of bids received and determine, as the winner of the auction, the highest bid duly made within the auction period. Once the successful bidder has been determined, it will be required for the signature and acceptance of the purchase or rental contract that was available in the auction documentation. In case of not receiving the signed or accepted document within 5 days, the amount of € 1,000 will be charged to the winner’s account as a penalty. At the time of receipt of the contract of sale or purchase signed and accepted, Bidup Technologies will send the same to the creator of the auction with the invoice of the established success commission.
If contacted all the bids above the auction minimum price, none of them accept and sign the private contract, BIDUP TECHNOLOGIES, S.L. will then return the fixed fee of € 150 to the seller, in the case of a sale auction.
BIDUP will not refund the fixed fee of € 150 if there is no bid at the minimum or higher price.