Bid (lanço)
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A lanço is each price offer made at an auction, higher than the one before.
At an auction, interested parties offer ever higher amounts. Each of those offers is a lanço (also lance). The act of making bids is called , which is why the two words are often used as synonyms.
The Code of Civil Procedure uses the term where several people compete: if the highest price is offered by more than one bidder, bidding opens between them (article 820); if several pre-emption holders want the property, the highest bid is accepted (article 823); and in that case redemption must be made at the price of the highest bid (article 844).
On e-Leilões, each bid must beat the previous one by a minimum margin: 1% of the highest bid, or €10 if 1% is less than that (rules, article 7).
Example
Illustrative example: the highest bid in an auction is €80,000. The next bid must be at least €80,800 (1% more). In an auction of a €500 item, 1% would be €5; as that is less than €10, the next bid must be at least €510.
In practice, at an auction
A bid cannot be withdrawn. On e-Leilões the bid is final, and whoever holds the highest bid at closing, above the , is obliged to deposit the price.
A bid made in the last five minutes extends the auction by five more. Bidding at the last second therefore gives no advantage.
Set your limit before the auction starts, with , stamp duty, registration and any works already included. The cost calculator helps with that sum.