How to buy a forest
FOROS platform offers forestry companies and investors a fast and convenient way to buy forests: forests with land, uncut forest and timber warehouses. At FOROS auction, forest buyers bid in real time.
Why should I bid in FOROS?
- THE HIGHEST FOREST PRICE is ensured by an open auction principle and transparency of the company’s activities.
- Auctions are organised FREE OF CHARGE.
- CONVENIENT. Assistance in the handling of documents from the very beginning until the closing of transaction.
- SAFE. Winning bidders undertake to buy the forest, so transactions are guaranteed. Forests are sold only if the price pre-agreed with the owner is reached or exceeded.
- RELIABLE BUYERS. Solvent, reliable companies bid in the auctions.
- FAST. Auction duration does not exceed 2 weeks.
- SMART. As you offer your forest to potential buyers, you let them know your expectations running a risk of the price getting lower.
Your forest is worth more than you think!
I would like to bid and buy at the auction. Where do I start?
Only registered companies that have a contract with FOROS SIA can place bids and buy at the auction. Please register here. Once the registration form is completed, we will email a contract that must be signed if you wish to bid at the auction.
How do I bid?
Auction starts from the initial price increased at pre-determined intervals. To be able to place your bid, log in to the auction and increase the price by a specified increment or offer a higher price.
What is the automatic bidding?
If you choose automatic bidding, the system automatically increases the price for you up to the specified limit. In case of automatic bidding, the system places the first and subsequent bids at pre-determined bid increments. If you get outbid, the system automatically bids for you to keep you the winning bidder (within your limit of automatic bidding). If another bidder raises the price above your automatic bidding limit, your bidding ends. You can increase the bidding limit; however, the limit cannot be reduced. You can also win the auction with the price that is lower than the automatic bidding limit, if other bidders stop bidding and the auction ends.
Who wins the auction?
The auction is deemed to have taken place if the initial price of sale agreed with the forest owner was reached or exceeded. The bidder with the highest bid wins the auction.
What are the bidders’ obligations?
The bidder with the highest bid undertakes to buy the property and sign the Sale Agreement not later than within 60 days after the auction announcement date. The Agreement can be deemed void only if a neighbour of the forest offered for sale chooses to exercise priority right to purchase the forest.
How is the fee payable by the winning bidder determined?
The winning bidder is required to pay the auctioneer the auction fee within five (5) working days after the end of the auction. The commission fee is expressed as a percentage of the initial forest price.
Is it possible to extend the auction duration?
If a new bid is placed within the last five minutes of the auction, the auction is automatically extended for additional five minutes. The number of such extensions is unlimited and the auction duration is extended until no new bid is placed within the last five minutes of the auction.
Does the auctioneer notify the sellers about the announcement of an auction?
The auctioneer notifies forest sellers about the announcement of their auctions.
Does the auctioneer notify the winning bidders about the end of the auction and date and time of signing the Purchase Agreement?
The auctioneer notifies the winning bidder about the end of the auction by electronic means stating the date and time of signing the Purchase Agreement. The auctioneer also coordinates the signing of the Purchase Agreement between the winning bidder and the owner.
How do I know that I have successfully registered in FOROS platform (confirmed as a bidder and permitted to place bids)?
Notice of confirmation and activation of a new bidder’s account is sent as a message to the contact phone number specified by the bidder; the signed contract is sent to the bidder’s email address.
Who prepares and handles all documents?
Auctioneers prepare and handle all documents to be signed by the parties.
Who takes care of the National Land Service (NLS) certificate?
Once the auction ends, the forest sale expert helps the forest owner to order the NLS certificate and takes care of the subsequent sale process until the transaction is concluded.
Am I required to find my own notary?
No, everything is taken care of by the experts of forest sale. Having received the NLS certificate, they reserve the date and time with the notary.
If you have any questions, contact us: [email protected]