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The Security Deposit in Online Auctions: What It Means and How It Works

Discover everything you need to know about the security deposit in online auctions, from payment methods to refunds.

author: Internal Editorial Team
18-02-2025
2 mins to read

What Does "Security Deposit" Mean in an Online Auction?

The security deposit is a required payment to be authorized to participate in an auction, as defined in the sales conditions. It is the step that follows registration for the auction and acceptance of the sales conditions related to the lot of interest.

On our specialized platform Gobidreal.it, the predetermined security deposit amount can be paid via bank transfer. Payments must be made according to the methods specified in the auction notice or the specific sales conditions. The security deposit must be credited before the auction closes.

In this article, we will explore how it works on our Gobidreal platform, dedicated to real estate auctions.

Security Deposit Refund: When Does It Happen?

If participants do not win any items in the auction, the security deposit will be refunded within 20 business days after the auction ends.

If one or more lots are awarded, the security deposit will be held until the transfer of ownership of the purchased real estate is completed through a notarial deed. Alternatively, with prior authorization from the seller, the deposit may be deducted from the total amount due.

Things to Keep in Mind

As explained, the security deposit is a crucial aspect of online auctions, ensuring reliability and security in the sales process.

If you plan to participate in an auction, always read the terms and conditions beforehand. Additionally, make sure you are informed about the accepted payment methods and the specific refund timelines. This way, you can avoid surprises and enjoy a smoother, more informed auction experience.

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