Deposit (caução)
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A caução is a sum or bank guarantee handed in with a bid to show it is serious, and it is lost if the winner fails to pay the price.
Not every sale requires a caução, and this is where most confusion arises.
Court . The deposit is mandatory: a bank-certified cheque (cheque visado) payable to the (or the court office), or a bank guarantee, for 5% of the value announced for the sale (CPC article 824).
e-Leilões. The platform rules do not provide for a deposit in order to bid. On the other hand, a bid cannot be withdrawn, and a winner who does not deposit the price faces the consequences of CPC article 825, including attachment of assets.
Tax Authority. The CPPT does not provide for a deposit. The winner has 15 days to deposit the price and, on failing to pay, is barred from bidding in tax sales for two years (CPPT article 256).
Example
Illustrative example: in a judicial sale by sealed bids, the announced value is €100,000. Each bid carries a certified cheque for €5,000. The winner pays the remaining €95,000 of a €100,000 bid within 15 days.
In practice, at an auction
If the accepted bidder does not deposit the price in time, the deposit may be lost (CPC article 825). The notice for each sale states whether a deposit is required, how much and in what form: always check that document.
Full guide: The deposit: how much, how to pay it, when you get it back.