Sealed bids (carta fechada): how to submit a proposal

Updated on 12 November 2026

Short answer

In a sealed-bid sale (carta fechada), each interested party submits one secret offer before a deadline and all offers are opened together. In Portuguese court sales the announced value is 85% of the base value and the bid needs a 5% deposit. In Tax Authority sales it is the second stage, with a 50% base value and electronic submission.

Legal review pending. This guide is general information, not yet reviewed by a lawyer, and does not replace legal advice.

What a sealed-bid sale is

In a sale by (carta fechada, literally "closed letter"), each interested party delivers a written offer, stating the price, before a deadline. Nobody sees the other offers. On the set day they are all opened together and, as a rule, the highest wins.

It differs from an , where you see the bids and can raise yours. In a sealed-bid sale there is, in principle, one chance only.

The rules change depending on who is selling. This guide separates the two most common cases: courts and the Tax Authority.

	Courts (CPC)	Tax Authority (CPPT)
When it is used	When the property is not sold another way; today the preferred method is the online auction	Second stage, if the online auction gets no bids
Value from which bids are accepted	85% of the	50% of the value set under article 250 of the CPPT
(caução)	5% of the announced value	Not provided for in the CPPT
Where to deliver	Court registry	Tax office or electronically
Time to pay	15 days after notification	15 days after the award decision

Sealed bids in court sales

The rules are in articles 816 to 826 of the Code of Civil Procedure (Código de Processo Civil, CPC).

Announced value

The value announced for the sale is 85% of the property's base value (article 816(2)). Offers below it are not accepted, unless the creditor who requested the sale (the ), the debtor (the ) and every creditor with security over the property agree (article 821(3)).

How it is announced

The judge sets the day and time of the opening. The (agente de execução) publicises the sale 10 days in advance, through a notice on a public website and an (official notice) posted on the door of the building (article 817). The notice states the day, time and place of the opening, the assets and the announced value.

How to make the offer

Read the notice and the edital. The law does not set a template for the offer. The notice states where, by when and how to deliver it. If in doubt, confirm with the enforcement agent named in the notice.
Identify yourself and the sale. As a rule, the offer states the bidder's name, tax number (NIF) and contact details, the case number and the asset it refers to.
Write the price unambiguously. State the amount in figures and in words. It must be equal to or higher than the announced value.
Attach the deposit. The offer must come with a bank-certified cheque (cheque visado) payable to the enforcement agent (or to the court registry, when the case is handled by a court officer), for 5% of the announced value, or a bank guarantee for the same amount (article 824(1)). Without the deposit the offer does not comply with the law.
Deliver it in a sealed envelope. Offers are delivered to the court registry (article 820(1)), within the deadline.
Attend the opening if you can. Bidders may attend. Being present matters in a tie, as explained below.

Illustrative example. A property has a base value of €120,000. The announced value is 85% of that: €102,000. The deposit is 5% of the announced value: €5,100. An offer of €110,000 still carries a deposit of €5,100, because the deposit is calculated on the announced value, not on the amount offered.

What happens at the opening

Offers are opened before the judge, with the enforcement agent present (article 820). Then:

Tie. If the highest price is offered by more than one person, opens between them at once. If only one is present, that person may top the others' offers. If none is present or none wants to go higher, lots are drawn.
Creditor. If present, the creditor may state that they want the asset, and bidding opens between them and the author of the highest offer.
Pre-emption. Once an offer is accepted, anyone present who holds a is asked whether they want the asset at that price (article 823).
Complaints. Irregularities at the opening can only be raised during the session itself (article 822(1)).

An offer that has been delivered cannot be withdrawn, unless the opening is postponed by more than 90 days after the first date set (article 820(4)).

If your offer is accepted

The bidder is notified to deposit the rest of the price within 15 days (article 824(2)). If they do not, they may lose the deposit and the sale is set aside, or they may be made to pay the missing amount, with assets frozen (article 825). The deposit guide explains when the money is returned and when it is lost.

If there are no offers, or none is accepted, the sale moves to (article 822(2)).

Sealed bids in Tax Authority sales

In Tax Authority sales, the sealed bid is the second stage. It only happens if the 15-day online auction ends with no bids (CPPT, article 248(3)).

Length: 15 to 20 days.
Base value: 50% of the value set under article 250 of the CPPT (for urban property, the , VPT).
Delivery: at the tax office running the sale, or by electronic data transmission (CPPT, article 251). On Portal das Finanças, the offer is submitted in the sale's proposal panel, after reading and accepting the "Condições de Entrega de Proposta" (bid submission conditions) (Sistema Integrado de Vendas guide).
Opening: on the set day and time, at the tax office. Bidders may attend (CPPT, article 253).
Tie: as in court sales, there is bidding among those tied or, if nobody is present or wants to go higher, a draw.
Deposit: the CPPT does not provide for one. The full price is deposited within 15 days of the decision (article 256).

Illustrative example. An urban property with a taxable value of €100,000 first goes to online auction with a base value of €70,000. With no bids, it moves to sealed bids with a base value of €50,000.

If the sealed-bid stage also gets no offers, a new 15-day online auction opens, in which the highest bid wins, subject to the 20% floor (article 248(4) and (5)). See the full path in how to buy a house at a Tax Authority auction.

In other sales

Social Security. Enforcement for Social Security debts follows its own rules and, where these are silent, those of the CPPT. The conditions of each sale are in its notice.
Insolvencies. The sells preferably by online auction but may choose another method, including sealed bids (CIRE, article 164). The conditions, including any deposit, are in the sale notice.

Before you deliver, check

The amount you offer is equal to or higher than the announced value.
You have the right deposit, where one is required, payable to whoever the notice names.
You can pay the full price in 15 days. If you need a loan, read mortgages for auction property.
You have added taxes and registration to the price.
You have read the and know which exist and which do not lapse.
You know whether the property is occupied or let.

This guide is general information about the law. It is not legal advice. The conditions of each sale are in its notice. Confirm them with the body running the sale and, if in doubt, with a lawyer or solicitor.