Placement of Bids
Placement of bids
Minutes of auction
The participant who have logged into the auction environment and registered can start bidding only after the guarantee deposit and participation fee (if there is any) has been received on the account of the Ministry of Finance. The participant will receive a unique username ensuring anonymity that will be used until the end of auction.
Until the closing date the participant is allowed to place an unlimited number of bids that cannot be below the starting price taking into account the pre-set minimum and maximum bid increments. Auction participants enter their bids online and in euros as an integer (without euro cents). All bids are entered into the list of bids, which is attached to the minutes of the auction.
In order to avoid any technical problems, the sales organiser recommends, if possible, setting the limit for automated bidding. In order to place the bid, the participant shall click the button "Osale enampakkumisel" (Participate in the auction) at the object. Thereafter all required information about the object will be displayed to the bidder.
At bidding general details of the object are given and they can also be viewed on the map.
The following general data are displayed.
1. Auction without extended closure
If the auction does not have the extended closure, it will always end on the date and at the time specified in the notice.
2. Auction with extended closure
-If the notice of the auction indicates that the auction has an extended closure, the submission of offers will end on the date and at the time specified in the notice if during the period of extended closure no new offers have been submitted by the arrival of the time specified in the notice.
-If during the period of extended closure a new offer will be submitted before the arrival of the due date, the moment of submission of the offer will be deemed to be the new beginning of the period of extended closure and the auction will be extended. The auction is extended until a new offer is submitted during the period of extended closure. The auction ends if no new offers have been submitted during the period of extended closure.
E.g. when the set close time is at 11.00 o'clock and the period of extension is 15 minutes, the bid that is placed 15 minutes before the close time (e.g. at 10.50) extends the auction automatically by another 15 minutes (e.g.11.05) . This will continue until no new bids are placed within the dynamic end period.
To enter the bid, press the button "Tee pakkumine" (place the bid). After that your bid will be displayed in words. If you want to change your bid, press "Muuda pakkumist" (change the bid), if you want to confirm your bid, press "Kinnita pakkumine".
In manual bidding it shall be taken into consideration that you cannot enter a new bid unless somebody has overbid you. If you still try to enter a new bid, the following error message will be displayed:
(Your previous bid is highest. No new bid can be entered)
In the event technical failures occur during participation in the auction or submitting offers, an offeror must immediately notify the contact persons indicated in the notice of the auction.
By confirming the offer, the offeror undertakes to pay the offered price for the sale object and conclude a sales contract on terms and conditions and within the term specified in the notice of the auction.
Participants of the auction are bound to their offer from the submission of the offer until approval of the results of the auction. Person or persons in favour of whom the results of the auction are approved are bound to their offer until the conclusion of the contract.
In the case several persons submit a joint offer, these persons may exercise the right to acquire or use the state asset only jointly.
The bidder can set a maximum bid for automated bidding. In this case the system will respond to every bid that exceeds your bid. The bid amount in automated bidding is the lowest allowable increment. In order to set the maximum bid, you shall enter the amount into appropriate field and press the button:
(set the limit for automated bidding and place an automated bid)
The user will receive the following confirming message:
(the limit for automated bidding has been set)
In case you try to enter a maximum amount that is lower than the lowest allowable next bid, you will receive the following error message:
(the limit for automated bidding must exceed the lowest allowable bid)
In order to quit the automated bidding, click the button:
When your maximum automated bid is overbid, you will receive a corresponding message provided you have checked the box "Info tellimine" (Request of information) in the registration form. When this box is checked, the bidder will receive also information on the closing of the auction.
The number of auction participants, the usernames and the bids placed by the participants are visible to all participants from the moment the participation fee and guarantee deposit are received or the bank guarantee is submitted to the auction organiser.
After the auction has ended the completed auctions can be viewed on the opening page of auctions. To view your own completed auctions, select from dropdown menu.(My completed). The completed auctions are displayed in lighter grey than active biddings. There is also a button "Vaata tulemusi" (View results), by clicking on it you can view the final results of the auction.
In front of these auctions that you have won a yellow circle will be displayed instead of a green one. If the bidder has participated in a great number of auctions, additional location-based filters, such as county and city/rural municipality, can be used for searches.
The page with the final results displays the name of object, respective cadastral parcels and the link to the map. Also the details of the bidding, the period of bidding, the starting and current prices, the increment and the information on the guarantee deposit and its payment, the history of bids (all bids) and the details of bidder.
In addition to that there is a direct link to the minutes of the auction, which is available to all participants who placed a bid. In the minutes there are separately indicated the winner and winning bid as well as the second best bidder and second best bid.