Italy – First international online auction

posted in: National news

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The first international notarial online sale was concluded on 11 December 2017 with the purchase of a hotel in Prague for 14,612,000 euros. The auction was for the shares of two companies that own a prestigious 82-bedroom hotel in central Prague. It ended after 16 raises (€300,000 each) between two bidders through notaries in Prague and two bidders through notaries in Florence and Rome. This is a record in terms of the price of the sale and the participation of bidders from several countries.

The procedure was carried out via the Rete Aste Notarili (RAN), a platform of the Italian notariat that allows the management of a real estate auction via the web, linking notaries in Italy and other countries belonging to the International Union of Notaries. The RAN platform offers a fast and efficient tool for these sales and reduces costs for the buyer who does not have to physically travel to the auction venue, participating through local notaries (also from another country) connected to the platform.

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Among the special features that have determined the success of the auction are the use of a restricted web-based data room, from which about 3,000 documents have been downloaded. The virtual environment of the Italian notariat’s auction network makes it possible to safely manage both the presentation phase of the offers, which are encrypted and stored in a centralised and digitised register, and the auction phase with the participation of remote bidders assisted by a local notary who can guarantee identification, bid security and deposit management.