Normally the ascending auction of a property lasts for fifteen minutes. The start and end time of the ascending auction can be found on the website on the auction information-page of the property (this is exluding possible extensions, five-minute rule). When the auction consists solely out of an ascending phase, the amount due is the highest bid plus the auction costs, taxes and/or VAT.
If the auction consists of two phases (ascending and descending) a bidder’s premium can be applicable. The bidder’s premium (usually 1% of the highest bid) will be awarded to the highest bidder of the ascending phase.
During the descending auction a counter is shown, which will count down to zero. The bidder who clicks the ‘BUY’ button first is the highest bidder in this phase of the auction. The purchase price will be the sum of the highest bid in the ascending phase, the descending phase, the auction costs and taxes. When there is no bid made during the descending auction, the highest bidder of the ascending phase is the buyer.