¹ AJD on claim acquisition: The cesión de crédito hipotecario requires a public deed and registration in the land registry (Art. 149 Ley Hipotecaria). This triggers AJD cuota gradual — in the Balearics 1.5 % of the principal at the time of transfer. Notary and registry fees flat-rated approx. €4,000–5,000.

² Adjudication: The eligible claim (principal at transfer plus statutory default interest accrued up to the auction date) fully covers the minimum bid. No additional cash outlay required for the adjudication.

³ ITP on adjudication: Since Ley 11/2021 the base is the higher of the adjudication price or Catastro reference value. In this example calculated with adjudication = minimum bid (130.000 €); if the reference value is higher, ITP will be proportionally higher. ITP rate in the Balearics: 8 % up to €400,000, scaled up to 13 %.

Note: Bid-to-Own and Cash-Flow are mutually exclusive. Which scenario plays out is decided at the auction itself.