Acquirers of immovables by subasta : quid juris?

Abstract

The institute of judicial sales by auction is multifaceted. The genesis, as shall be portrayed in the opening chapter, is Roman law. Subasta is a mechanism which features in a number of legislations, including our own. Judicial sale by auction has already been the subject of past theses. It is therefore my aim to restrict my thesis to an analysis of the position of acquirers of immovables. We find ourselves in an era where the registration of rights of preference over immovables has become a sine qua non contracting a substantial debt. The whole scope of rights of preference would prove futile in the absence of individuals willing to purchase property from subasta. The economic implications of the institute are not to be disregarded. Since security of tenure and reassurance of peaceful possession are indispensable elements for the acquisition of property, it is only equitable and just to provide sufficient safeguards in favour of persons opting to acquire by subasta. The legal scenarios which a bona fide acquirer might encounter subsequent to acquisition of an immovable by subasta are several. The scope of the present work is that of attempting to clarify or, where necessary, identify, the rights of acquirers in such eventualities. The nature of the subject necessitates a combined study of substantive and procedural law rules. It would be incorrect to confine the rights of acquirers to a purely substantial or a purely procedural characterization. A proper study of the rights of acquirers is indispensably a twofold exercise. Consequently, the position of the acquirer shall be analyzed on the basis of two fundamental criteria namely, the scenarios which might arise subsequent to acquisition, and secondly, the remedies, if any, available to the acquirer.