Basic terms:
“Enforcement seeker” - means a person who has initiated proceedings for the purpose of enforcing a claim, and a person in whose favor the proceedings have been initiated ex officio;
"Debtor" - means the person against whom the claim is realized;
"Participant" - means a person who is not a party to the enforcement proceedings, but participates in the proceedings because a decision is made on his right or because he has a legal interest in doing so;
“Competent court” - Municipal / Basic court conducting enforcement proceedings.
Question:
when purchasing the property at a public sale, do the encumbrances in Land Registry Excerpt remain?
Answer:
Pledge rights registered on real estate cease with the enforcement of the Decision on the award of real estate within the court proceedings in which the real estate is sold, while the actual encumbrances, real easements and construction rights do not cease with the sale of real estate.
Question:
At what point do I become the owner of a property I bought at an auction?
Answer:
The Right of ownership is acquired by registering that right in the Land Register. After making a Decision on the award of real estate, the Court will - at the request of the buyer, order by the Conclusion that the real estate is emptied and handed over to the buyer.
Question:
How long does it take to take possession when buying at auction?
Answer:
After making a Decision on the award, the Court will, at the proposal of the buyer, order to other persons to hand over the property to the buyer without delay. The time required for taking possession depends solely on the degree of efficiency of the Court conducting the enforcement proceedings.
Question:
How long does the executive and how long the bankruptcy procedure last?
Answer:
There is no uniform answer and the exact duration of the proceedings cannot be determined, given that not all enforcement and / or bankruptcy proceedings are of the same complexity.