The first 24 hours — fast but important actions
When the auction system shows that you are the winner, the first reaction is often joy — and simultaneously, confusion: what now? The answer is simple: move according to a clear sequence and do not delay.
The first thing to do is sign the auction protocol — the document confirming the winning fact and establishing the subsequent deadlines. If the auction took place on an electronic system (e.g. e-aukcionai.lt or Turto bankas turtas.lt), the protocol is usually provided electronically. It is important to sign it within the first working day after the auction — delays can cause complications.
The same day or the following morning, contact the auction organiser: check what exact deadlines apply to your transaction, what are the payment instructions and whether additional documents are needed from your side.
Payment — exactly 30 days
In Lithuanian property auctions, especially those organised by Turto bankas, the standard settlement deadline is 30 calendar days from the auction day. This deadline is strict.
The guarantee deposit you paid when registering (typically 10% of the starting price) is counted toward the final purchase price. So you need to pay the remaining amount, not the full amount. For example, if the purchase price is €100,000 and the guarantee deposit was €10,000, within 30 days you pay the remaining €90,000 (plus commission, if applicable).
Important: payment is usually made through the account designated by the auction organiser or through a notary — not directly to the seller. Read the payment instructions you receive from the organiser carefully.
If you are financing the purchase with a bank loan — immediately after winning, contact the bank, submit the auction protocol and start the valuation procedure. 30 days is not much time when a bank, valuer and notary are all involved in the chain.
Notary and Register Centre — the final steps
When payment is confirmed, the next step is the sale-purchase agreement at the notary. The notary checks all documents, confirms the legality of the transaction and signs the agreement with both parties. This procedure is mandatory for every property transaction in Lithuania.
After notarial confirmation the data is transferred to the Register Centre, where the ownership right is officially re-registered in your name. The process typically takes up to 10 working days, but the exact time depends on the centre's workload.
From the moment of ownership re-registration, the property officially belongs to you — you can arrange insurance, utility agreements and moving in.
What to do if you cannot pay on time?
This question is uncomfortable for many, but it is important to know in advance: if you do not pay the remaining price within 30 days, the guarantee deposit is not refunded, the transaction is cancelled and the property is returned to auction.
An extension of the deadline is a very rarely applied exception, not a rule. Turto bankas and notary auctions follow strict rules — if serious difficulties arise, contact the organiser as early as possible, but do not expect an automatic extension.
This is precisely why the financing question must be resolved before the auction, not after it. Bank pre-approval is not bureaucracy — it is your insurance against a situation where the funds cannot be gathered within 30 days.
If you lost — the guarantee is refunded
If another participant won the auction, your guarantee deposit is refunded in full. The refund usually takes place within a few working days after the auction ends. If the money does not return within a week — contact the organiser and request confirmation.
Losing is not a failure. It is experience: you know how the price rose, what the other participants were like, and you can assess the next object more accurately. Experienced buyers withdraw far more often than they win — it is simply the process.