How it works
Kaaja is fast, transparent, safe and guarantees a purchase with no nasty surprises.Find out how to place a bid in an auction and sign the purchase proposal in 3 simple steps.
  • 01

    Placing a bid in the auction

  • 02

    End of the auction

  • 03

    Purchase proposal

Placing a bid in the auction

Any user registered on the website can place a bid in property auctions.

Your bid

In order to place a bid it is necessary to provide a credit card to guarantee the offer. A pre-authorisation will be requested for the auction deposit amount on this credit card.

Duration

The offer is binding and will last up to 7 days after the auction closes.

Deposit

This amount will only actually be withdrawn from those who win the property at the end of the auction. All other participants will have the authorised amount released within 7 days of the auction's ending.

End of the auction

At the close of the auction, all relevant details will be requested from the successful bidder.

Winning bid higher than the reserve price

In this case, the purchase proposal (or preliminary purchase agreement) completed and pre-approved by the seller will be sent to the buyer.

Winning bid lower than reserve price

In this case, the seller will have 3 days to consider the best offer. If it is rejected, the auction will close without any winner. If it is accepted, the purchase proposal will be sent to the buyer in the usual manner.

Purchase proposal

A few easy and fast steps to get the purchase proposal done.

Next steps

Upon receipt of the purchase proposal, the buyer will be asked, within 5 days, to:

  • pay a confirmatory deposit equal to 10% of the offer amount;
  • paythe auction fees amount equal to 3%, net of the deposit withheld from the credit card at the conclusion of the auction;
  • digitally sign the purchase proposal;
  • provide any additional documentation, including the anti-money laundering forms (AML), the consent to privacy and the declaration regarding the existence of conflicts of interest.

Checks

At this point, the seller will have to carry out all the checks required by the relevant legislation. Subsequently, the parties can set a date with the notary for the deed.

If the bidder does not proceed with the purchase

If the highest bidder decides not to proceed with the purchase, he/she will lose the deposit authorised at the time of participation in the auction. In this case, Kaaja will contact the second-highest bidder and continue the process in the same way as described above.