Aggiudicazione (Auction Award)

In a real estate auction, this term refers to the final awarding of the property to the highest bidder. The winner is called the aggiudicatario. After the last bid, the auction judge or notary declares the aggiudicazione, which is essentially the acceptance of the winning bid. The buyer then must pay the price and closing costs within a set time. The auction award is formalized in a court decree of transfer in judicial auctions or a notarial deed in private auctions, which serves as the title deed for the aggiudicatario.