Anyone can get into debt today. This is definitely not unique. But what should be a priority for each of us is the effort to solve the debts. If we do not, there will certainly be big problems .
Among the largest is the execution of the property. That is, a situation where our bailiff can seize our property. And it has such great powers that it can focus on:
- Our apartment or house
- Our land of any type
- Our holiday house – cottages
We will lose the property
The biggest risk with which the real estate is linked is that we will lose the real estate. Of course, everything takes time, so if the execution takes place, we still have to wait for the auction itself .
This gives us any time to solve the whole thing. But if we do not face the problems, it means a problem for us that the property is sold to a new owner.
Subsequently, the relevant changes are made in the Land Register and we do not represent the owners as such. By losing an apartment, house or land, we are also deprived of a substantial part of our property.
The execution of property will deprive us of housing
Of course, people are most likely to live in those properties that are being seized. So we must focus on the second big negative. Within it, the execution of property can deprive us of our own home.
To be specific, the new owner can decide what to do with us. If he plans to live here alone, it is clear that he can evict us . In this case, we find ourselves homeless.
But there are situations where it turns out a little better. There are some property owners who will allow us to live in an apartment or house. However, we must not forget the most important thing, and that is the need to pay rent.
The price of the property need not cover the debt
Another major drawback is the situation where the property is sold, but its auction price failed to cover all the debts we have. In this respect, the execution of the property was only partially successful. And what does that mean for us? The fact that we lost property, the fact that we can lose housing, but also information that we still owe .
How much? It depends on how much our commitments were made and how much the property was sold for. It should be noted here that prices may be relatively high given the number of candidates.
This is illustrated by the website Good Finance, where it is stated: “ Buying a property in a bailiff auction can be a good investment opportunity.
A house, apartment or land can be bought cheaply and often without any obligations. “Unless leased contracts, easements or obligations which the court has decided not to terminate in an auction are connected with it, the candidate shall purchase a real estate which is not substantially associated with legal risks .”
And what do we advise based on the information given? Always solve your debts in time, so that the execution does not have to happen. Only in this way will you be able to live a trouble-free and also very happy life!