///Hotel in Prague, first international notarial telematic auction.

Hotel in Prague, first international notarial telematic auction.

Hotel awarded for EUR 14,612,000 (+54% than its auction base)

Florence, 12 December 2017 – The first international notarial telematic auction ended yesterday with the awarding of a hotel in Prague for the value of 14,612,000 euros. The auction, whose objects were the shares of two companies owning a prestigious 82-room hotel in the center of Prague, was part of a bankruptcy proceeding by the Court of Florence bankruptcy section. The hotel was awarded after 16 raises (each of € 300,000) between two bidders located at a “peripheral” notary in Prague and two bidders located in front of two Italian notaries in Florence and Rome.
The auction base of the lot started at 9,500,000 euros and increased by 54%, reaching the value of 14,612,000 euros. This is a record both for the auction amount and for the telematic participation of bidders from abroad.

The procedure was carried out through the Notarial Auction Network (RAN), the Notariat platform that allows the management of a real estate auction via the web, linking Italian notaries with other countries belonging to the International Union of Notaries. The RAN platform aims to offer a quicker and more effective tool for real estate auctions, “globalizing” the audience of potentially interested bidders. At the same time, telematic auctions help to decrease the costs for the buyer, who is now able to participate also from another country through local notaries connected to the platform, without having to be physically at the auction site.

Among other tools that have determined the success of the auction, it should be pointed out the use of a web data room with restricted access, from which around 3,000 documents have been downloaded. The virtual environment of the notary auction network allows to legally manage in full security both the phase of submission of offers, which are encrypted and stored in a centralized digital deposit, and the bidding phase with participants from different locations, assisted by a local notary who can guarantee the identification, the safety of the bids and the management of the deposit.

Allowing real estate and corporate sales of significant value through the web, the Italian notary’s initiative is unique in the world and has already aroused the interest of countries such as France, Belgium, Russia and China – already members of the International Union of Notaries, which includes 87 nations, who will be able to use this effective system.

Source: Consiglio Nazionale del Notariato

By | 2017-12-13T19:55:02+00:00 December 13th, 2017|Politics & Economy|0 Comments

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