6 CRITERIA FOR SELECTION OF PROPERTY AUCTION ORGANIZATIONS
On February 08, 2022, the Ministry of Justice issues the Circular No. 02/2022/TT-BTP providing guidance on selection of property auction organizations.
Specifically, 6 criteria for selection of property auction organizations include: Criteria of having physical foundations and equipment necessary for property auction; Criteria of having feasible and effective auction plan; Criteria of having capacity, experience and prestige; Criteria of having appropriate auction remuneration and auction expenses; Being on the Ministry of Justice-publicized list of property auction organizations, etc.
Besides, within 12 months from the date of dossier submission, if the property auction organization falls into one of the following cases, the following procedures shall be followed:
Firstly, if an auctioneer of the organization is administratively sanctioned for violating regulations on property auction activities, such property auction organization shall be deducted 5% of total score for each auctioneer sanctioned for administrative violations.
Secondly, the property auction organization failing to disclose information of the property auction on the National web portal on property auction as announced by the competent authorities shall be deducted 20% of total score, etc.
This Circular takes effect on March 25, 2022.
