You are here:
19 July 2018 / article

Biddit.be – A new transparent and safe online platform for public auction

On 8 May 2018, Biddit.be was launched by the Federation of Belgian Notaries (Federatie van Belgische Notarissen - Fednot), an online platform for public auction of real estate.

Loyens & Loeff Real Estate Quarterly - Biddit.be

Since many years, public auctions of real estate assets are executed by notaries and are organised in the public auction sales hall or sometimes in the local café (well yes, welcome to Belgium).

In a judgment dated 9 June 2016, the Belgian Supreme Court confirmed the legal monopoly of a notary public to organise and sell real estate assets through a public sale. If the asset was sold through a public auction website, such sale was not considered valid and could even be annulled. In response to this case law, the legislator has created a legal basis to organise and sell real estate assets through a public auction website in the new Insolvency Law of 11 August 2017.

Since 8 May 2018, making a binding offer can be simply done from your computer at home (with use of an e-ID reader) or even from your mobile phone (with use of the app Itsme). You can make an offer manually or automatically by pre-setting a maximum amount for your bid. From the perspective of the seller, the major advantage of such online auction is that you reach more people, which means more bidders.

Moreover, each offer you make on the online platform is visible for every visitor on Biddit.be, which makes the use very transparent. The identity of the bidder is however not disclosed. The periods to make an offer consist of 8 to 10 days. Once the bidding period is terminated, you immediately receive a notification. In case you are the highest bidder, the notary in charge will contact you to finalise the acquisition.

And above all, the sale will be completed much quicker via Biddit.be compared to a classic sale, where it takes approximately between 3 to 4 months to finalise the notarial deed. With an online sale at Biddit.be, the notary performs all real estate searches in advance, limiting the timing and process of finalising the notarial deed up to 2 or 3 weeks.

After a whole series of IT projects and collaborations with the government, Biddit.be is a new step in the digitalisation of the notary sector.



Class/collective actions in Belgium: overview

Class/collective actions in Belgium: overview

A Q&A guide providing an overview of class actions in Belgium, including the legal framework, current trends and the recent extension to SMEs. read more
The rise of the Code of Companies & Associations

CJEU rules on 'tender shaping' practices in the medical device sector

On 25 October 2018, the CJEU ruled in Case C-413/17 on the margin of discretion of contracting authorities to establish technical specifications in relation... read more
Alcohol at New Year’s reception

Alcohol at New Year’s reception: what risks do you face as an employer?

The period of New Year receptions at work is approaching again. Do you, as an employer, have to take precautions to limit alcohol consumption? Who is liable... read more
Stay informed

Don't miss out. Stay up to date about our latest news and events.

Subscribe