One of the most common questions among people venturing into the world of BOE (Spain's Official State Gazette) Portal auctions for the first time is how to make the deposit required in order to bid. At Subastic, we explain step by step everything you need to know about this procedure.
In BOE Portal auctions, the deposit is an amount that must be lodged and acts as a security bond allowing you to take part in each auction. This sum remains frozen in your bank account while the process takes place, without any actual transfer being made, so its return simply means the amount is released.
When is a deposit required?
As a general rule, you will always need to make a deposit if you want to take part in a public auction through the BOE Portal. However, there are some exceptions to this rule:
- If you are the enforcing creditor, that is, if you were the one who set the auction procedure in motion as a creditor of the debtor, you will not need to make any deposit.
- Nor will a deposit be required from those who requested a voluntary notarial auction, or from co-owners or joint holders of the asset or right being auctioned.
What percentage of the auction value must I deposit?
In most cases, the deposit to be lodged is usually around 5% of the auction value of the asset or lot of assets. This amount applies to the following types of auction:
- Auctions of real estate in enforcement proceedings (procedimiento de apremio)
- Auctions of movable property in enforcement proceedings
- Mortgage foreclosure auctions
- Tax Agency (Hacienda) auctions of real estate (10% for movable property)
- Insolvency proceedings auctions, unless the liquidation plan states otherwise
- Notarial auctions, unless the terms and conditions of voluntary auctions specify a different amount
Nevertheless, it is important that you read the terms and conditions of each individual auction carefully, as the percentage to be deposited may vary.
Which banks can I make the deposit from?
There is a closed list of banks through which you can make the deposit to take part in a public auction. Specifically, the BOE Auction Portal uses the payment gateway provided by the Spanish Tax Agency (Agencia Estatal de Administración Tributaria, AEAT), so the bank account provided by the user must belong to one of the Agency's partner institutions.
These are the options available to you:
- Santander
- Banco Bilbao Vizcaya Argentaria (BBVA)
- Bankinter
- CaixaBank
- Ibercaja
- Kutxabank
Remember that when you make the deposit, the money is only frozen in your account, without any actual transfer taking place. If your deposit is returned, the amount will be released so that you can use it again.
How to make the deposit, step by step
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First of all, you will need to create your account on the BOE Auction Portal.
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Once you have chosen the auction (you can do so from our search engine),
go to the auction's page on the BOE and open its "Pujas" (Bids) section. In this section you will find, among other details, information on the time remaining until the process ends.
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At the bottom of the screen, you will see a button that lets you "Constituir depósito" (Lodge deposit) for the auction you have selected. Click on it to continue.
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On the next screen, you will need to enter the bank details of one of the partner institutions and enter the amount of the required deposit.
It is important to bear in mind that if you win the auction and fail to pay the rest of the price, you would lose the deposit and could even face claims for damages. That is why it is essential to study the conditions of each auction carefully before taking part.