Award (adjudicação)
The award is the act by which the property is assigned to the winning bidder: the moment a bid stops being an offer and becomes an obligation to buy.
What it is, why it matters when bidding, and a worked example.
Once the auction closes, the enforcement agent (or the insolvency administrator) verifies the highest bid above the minimum value and awards the asset. Two clocks then start: the deadline to pay the balance of the price, and the issuing of the transfer title, the document that formalises ownership and allows registration.
The award is binding. If the price is not deposited, the enforcement agent may declare the sale without effect and the bidder loses the deposit, where one was lodged, among other consequences set out in CPC art. 825; on e-leilões those consequences can include, by the judge's decision, the attachment (arresto) of assets. A bid is not an expression of interest, it is a binding declaration, and that irreversibility is why the legal and cost analysis belongs before the bid, not after it.
Nor is the award the registration. Between award and registration there are steps with costs: IMT and Stamp Duty must be settled before registering, and the cancellation of encumbrances is done on the basis of the title. Counting the calendar from the award, rather than from getting the keys, avoids cash-flow surprises.
Example
In a sealed-bid sale with an advertised value of €90,000, a bidder lodges a €4,500 deposit (5%) and wins with an offer of €95,000. Once the offer is accepted, €90,500 remains, payable within 15 days. As a second home, IMT on €95,000 is €950 and Stamp Duty €760; adding €250 of registration, the real outlay after the award is close to €92,460, not the €90,500 left on the price.
Frequently asked questions
Can I withdraw after the award?
Not without consequences. If the price is not deposited, those of CPC art. 825 apply: the sale can be declared without effect and the deposit is lost, among others. That is why the decision is made before bidding.
When do I become the owner?
With the transfer title issued after full payment, which is the document evidencing the acquisition and allowing it to be registered in your name.
Related terms
Go deeper
From registration to title: the steps to buy at auction without surprises.
Read the full guide