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How to buy buildings and shares in companies on the E-Auksion online auction platform?

What is E-Auksion?

In August last year, the electronic trading platform E-Аuksion was launched. This is an online auction at which property confiscated by a court decision was initially sold, for example, cars, special equipment, real estate. The purpose of the site is to ensure the legality, transparency and objectivity of auction trading. On May 10, the site began to sell empty government assets and government shares in companies. From July 1, it will be possible to lease land there for business. Lots at the auction are put up not only by government organizations, such as the Bureau of Compulsory Enforcement but also by ordinary citizens and entrepreneurs. That is, anyone can put up their property for an online auction. True, you will have to pay for such a service.

What do you need to do to become a participant in the auctions?

First, you need to register on the trading platform. To do this, you need to fill out a questionnaire, authenticate via email and phone number. After registration, the user opens a personal account and a deposit account, from which money will be withdrawn when paying for a service or making a deposit. The second stage is to obtain an electronic digital signature at the Center for Organization of Electronic Online Auction. To do this, individuals must download the agreement for the purchase of an EDS, an acceptance certificate for work performed and an invoice, pay at the bank or through Payme for the amount specified in the invoice and receive a payment document. Then, with all the documents and the original passport, contact the Bureau of Compulsory Enforcement. You must have an empty USB flash drive with you. An employee of the Bureau will generate an EDS with a password, which will be sent to a mobile phone number, e-mail, personal account.

Who can participate in the auction?

Individuals and legal entities can take part in the online auction, except for employees of the judiciary, prosecutors, internal affairs, state tax and customs services, as well as the State Security Service, as well as employees of appraisal organizations who evaluated the property being sold.

What is required to participate in the auction as a buyer?

You need to submit an application certified by EDS and pay a deposit for the selected object. Applications for participation are accepted on the site from the date of posting information about the auction and end the day before its start. An application signed with an electronic digital signature must be accompanied by a document confirming the payment of a deposit in the amount of 5% of the appraised value of the property. Participants are assigned personal numbers under which they participate in the online auction. If you wish, you can change or cancel the application, only no later than the deadline for accepting documents. In this case, the deposit will be returned to the participant’s bank account within three days.

How does the auction proceeds?

An online auction is held in the presence of two or more participants during a working day from 9:00 to 18:00 hours. The starting price of the lot is equal to its estimated value. When holding an auction, two methods are used – raising and lowering prices. The latter is applied when the auction is repeated. For example, a car worth 10 million soums is being put up for auction. Information about this appears on the website 15 days before the start of trading. The first auction is held with an increase in price. Participants take steps, that is, they increase the value of the lot by a certain amount. According to the rules, the first four steps are equal to 5% of the appraised value of the object, the fifth and subsequent ones – 3%. That is, the participants in the auction with a car will have to raise the price for the first three times by 500 thousand soums, and then by 300 thousand. If the participant raises the price, the auction is extended by 10 minutes. During this time, other participants can offer their prices. If this does not happen, the auction is considered to be closed, and the winner is the one who offered the highest price. If the application was submitted by only one participant on the day of the auction, an offer to buy the lot at the estimated value is sent to him by mail. A repeated auction is held no later than 20 working days from the date the online auction was declared invalid.

How does the re-auction work?

It follows the same rules, only with a decrease in price. The step is 2% of the appraised value of the object. The auction begins when bidders are asked to confirm a price one step lower than the starting price. In the case of the car from the example, the amount will be 9.8 million. If no participant confirms their consent to purchase the lot within 20 minutes, the price continues to decline. The starting price is reduced until one of the participants agrees to buy the lot at the announced price. Let’s imagine that the price of a car has decreased five times by 2%, and now it costs not 10, but 9 million soums. If at this point one participant agrees to buy a car, the auction starts with an increase in price. That is, the rest of the participants are offered to increase the cost of the car by 2%. The winner of the auction is the participant who was the last to confirm the bid for the lot.

The participant won the auction. What’s next?

He must pay in full the cost of the lot within 5 working days and submit a copy of the payment document to the Auction Organization Center. There, no later than the next working day, a protocol on the results of the auction is drawn up, which has the force of a purchase and sale agreement. The protocol is the basis for lifting the arrest of the property, and also serves as the basis for the registration of property, property rights. If the winner has not paid the full cost of the object, the amount of the deposit will not be returned to him. And the lot gets the right to buy the participant who made the penultimate bet. The rest of the participants are refunded the deposit:

  • within 12 working days to the participant who made the penultimate bet;
  • within 6 working days from the date of the auction to the sole participant;
  • other participants within 3 working days from the date of the end of the auction or its recognition as invalid.

How do I list my property on E-Auksion?

To do this, you need to conclude an agreement with the Online Auction Organization Center. The seller opens a personal account on the website and is provided with a “user code”, which replaces the EDS. The cost of the service for organizing and conducting an online auction is indicated in the contract. But it should not be less than 1% of the amount of the property sold. For placement on the site of each lot, individuals pay 1 minimum wage, legal entities – 2. To place the property on the online auction, the customer sends an electronic application with a package of documents and photographs of the lot. After that, the property is put up for auction within three days. The seller must provide an opportunity for potential participants to inspect the property. The auction is held for price increases only. The seller can monitor the process online.