Payment of Guarantee Deposit and Participation Fee
In order to participate in an auction conducted by electronic means, before submitting an offer, participants are required to pay security deposit the amount of which is indicated in the notice of the auction. A participant who has logged in and registered in the auction environment can submit the offer to a selected auction only after the paid security deposit and participation fee (if applicable) have been transferred to the bank account of the Ministry of Finance.
1. The auction environment prepares a payment notice for a participant indicating the information necessary for paying the participation fee and security deposit.
2. The participant pays the sum of the security deposit to the bank account of the Ministry of Finance specified on the payment notice by choosing the suitable bank. The way the payment is made (via Internet bank or in the bank office) is up to the payer. Upon making the payment all data must be specified in the payment order, and information on the payment notice must be followed. When submitting inaccurate information upon making the payment, the participation in the auction is no longer possible. In order to avoid technical failures, it is recommended to pay the security deposit at least 2 hours prior to the time by which the offers can be made for a specific immovable property according to the information stated in the notice of the auction.
3. When paying security deposit in cash to the bank or by bank transfer form a foreign bank, indicate in the appropriate boxes in the auction environment the IBAN code, name of the bank (if security deposit is paid form a foreign bank), name of the owner of the account and the number of the account to which security deposit will be returned.
In a public auction, the body deciding the transfer of state assets may set a participation fee in the amount of up to two percent of the starting price of the auction. In the case the participation fee is set, it must be paid before the submission of offer along with the security deposit to the same bank account and with the same reference number. The participation fee is not subject to return to participants.
The guarantee deposit shall be paid with bank transfer to the bank account of the Ministry of Finance.
By clicking the button “Vaata arvet” (View invoice) a table will be generated for the bidder that contains information needed for the payment of deposit.
The above payment notice can be printed by clicking Fail>Print or using the keyboard shortcut Ctrl+P.
As a rule, security deposit will be returned to the same bank account it was paid from. By way of exception, the security deposit will be returned to the bank account of a participant indicated in the application only if the security deposit was paid in cash to the bank account or via bank transfer from a foreign bank.
The security deposit paid by the person who, as a result of the auction, is entitled to acquire the immovable property will not be returned and is deemed to be a partial payment toward the purchase price.
If the person in whose favour the results were initially approved will not conclude the sales contract, and the security deposits have already been returned to other persons entitled to acquire the immovable property (e. g. winner of the auction, adjacent neighbour, legal user of the land or person who submitted the second best offer), the person entitled to acquire the immovable property must again, before the results are approved in their favour, pay the security deposit pursuant to procedure established by the organiser.
Within ten business days following the communication of the results of the auction, the organiser returns the security deposits of the participants of the auction in whose favour the results of the auction were not approved. If, by that time, it is not clear in whose favour the results of the auction are approved, the security deposits will be returned within five business days following the approval or refusal to approve the results of the auction.
If the reason for the refusal to approve the results of the auction or for invalidity of the results of the auction was an infringement by the organiser, the security deposit of the person who acquired the right to acquire the immovable property will be returned in full within five business days following the refusal to approve the results or declaration of the results invalid.
In order to receive the refund of security deposit, a person who paid the security deposit for participation in the auction but did not submit an offer, must submit to the organiser of the sale an application indicating the following data:
· name of the person who paid security deposit;
· payment amount;
· date of the payment;
· reference number indicated upon payment;
· if the security deposit was paid in cash, the account number to where the paid sum should be returned.
Security deposit is not returned to a person whose actions resulted in the failure of the auction or a refusal to approve the results of the auction.
Also, security deposit is not returned to a person who caused a refusal to approve the results of the auction, for example, if the person evades the conclusion of the sales contract and, as a result, the immovable property will not be sold.