Sourcing Guide
How distressed real estate reaches the market in Iberia
A practical overview of the public and private channels through which we acquire assets in Portugal and Spain, and what each one requires from a buyer.
Portugal — Tax Authority sales
When a taxpayer does not settle tax debts, the Portuguese Tax Authority (Autoridade Tributária e Aduaneira) may seize assets and sell them within a tax enforcement procedure. Sales are announced publicly and usually take place electronically, with sealed bids or online auction.
Each sale notice identifies the asset, the base value, the deadline and the conditions of payment. The buyer must pay within the stated period and is responsible for verifying the asset's physical and legal condition before bidding.
- Public announcement with base value and deadline
- Electronic bidding
- Payment and deed within fixed periods
- Buyer's own due diligence is essential
Portugal — court and enforcement sales
In civil enforcement proceedings, an enforcement agent (agente de execução) conducts the sale of seized assets under the supervision of the court. The preferred method is the electronic auction, run on e-leiloes.pt, the platform managed by the Order of Solicitors and Enforcement Agents.
Auction notices contain the property description, registry references, the minimum value and viewing arrangements. Liens registered in favour of creditors are generally cancelled on sale, but other charges, occupancy and licensing matters must be checked case by case.
- Conducted by an enforcement agent
- Online auction on e-leiloes.pt
- Registry and encumbrance review required
- Occupancy and licensing checked before bidding
Portugal — insolvency sales
Under the Insolvency and Corporate Recovery Code (CIRE), the insolvency administrator liquidates the assets of the insolvent estate, with the involvement of the creditors' committee. Sales may take place by auction, by sealed bids or by private negotiation.
Insolvency sales can include individual properties, groups of assets or entire businesses. Where the property is held by a company, the transaction can involve the company's shares or quotas rather than the property itself.
- Led by the insolvency administrator
- Creditors' committee involvement
- Auction, sealed bids or negotiation
- Assets, businesses or shares
Spain — public auctions and insolvency
In Spain, judicial auctions, tax authority sales (Agencia Tributaria) and many other public sales are published and conducted electronically through the official auction portal of the State Official Gazette (Portal de Subastas del BOE).
Insolvency proceedings are governed by the Insolvency Act (Ley Concursal). The insolvency administrator (administración concursal) sells the assets according to the liquidation plan approved by the court, by auction or by direct sale.
- Official BOE auction portal
- Deposit required to bid
- Court-approved liquidation plans
- Direct sales possible in insolvency
Private treaty and off-market sales
Owners, partners and creditors sometimes prefer a negotiated sale to a public procedure — to save time, keep the matter confidential or sell a company as a whole. We work directly with owners and through their lawyers, brokers and advisers.
In a private sale we apply the same diligence as in a public one, and we verify the identity and authority of every party involved before making an offer.
- Confidential negotiation
- Direct or through advisers
- Identity and authority verified
- Same diligence standard
What we review before every bid or offer
- Land registry certificate (certidão predial) and tax record (caderneta predial)
- Registered liens, mortgages and seizures
- Urban planning, licensing and permitted use
- Occupancy, leases and possession
- Physical and structural condition
- Outstanding taxes, condominium charges and utilities
- For companies: corporate records, accounts, liabilities and contracts
- Identity and authority of the seller or intermediary
Following a sale or a process?
Send us the auction or process reference and we will review it.