How the auction actually goes

The gavel and the packed room come from the movies. A Costa Rican judicial auction is far more sober: an office, a handful of people, an official reading aloud and, with luck, twenty minutes.

Where and when

At the court named in the notice, on the exact date and time it states. Arrive early. Auctions do not wait, and getting yourself accredited takes a few minutes.

The auction may only take place once five business days have elapsed from the day following the first publication of the notice and after all interested parties have been served.

Who runs it

An auctioneer or the designated court clerk, without prejudice to the judge stepping in. It is not a negotiation: it is a formal act with a fixed script.

Minute by minute

1. The notice is read aloud. The crier announces the auction by reading the full publication. Listen closely: if anything differs from what you studied, this is the moment to notice.
2. Bidders are accredited. You present identification and your deposit, and designate a means for notifications.
3. Bids and improvements are taken. Whoever presides announces each bid and each improvement to those present. Bids below the base are not admitted.
4. It closes. When nobody improves the last bid, the act ends and the asset is awarded to the highest bidder.
5. The record is drawn up. It is signed by whoever presided, the buyer, the parties and their lawyers. If anyone present cannot sign, that is noted.

Payment

If you do not pay the full amount on the spot, you have until the third day to deposit it. Fail, and the auction is declared void and you lose the deposit (see the previous lesson, article 162).

Practical tips for the room

• Bring your ceiling in writing and respect it. The auction is designed to get you heated. A slip of paper in your pocket is the cheapest defence there is.
• Watch who else is bidding. If the creditor is in the room, remember they can improve up to principal plus 50% without depositing anything.
• Do not assume you are alone. Attractive auctions draw three or four prepared bidders.
• If anything in the notice sounds off when read aloud, do not bid. There is always another auction. There is not always another chance to get ₡25 million back.