The General Real Estate Authority explained real estate auctions vary depending on the nature of the property and the purpose for which it is being offered, noting that there are three types of auctions, which differ based on the entity or party requesting the auction and the associated procedures.
Private Real Estate Auction
A private real estate auction is held at the request of the property owner or their legal representative, and a licensed real estate agency is responsible for organizing and managing the auction in accordance with approved procedures.
Special Judicial Real Estate Auction
A special judicial real estate auction is held based on a court ruling, and a licensed real estate agency is responsible for organizing and managing the auction on behalf of the service requester or their legal representative.
Judicial Real Estate Auction «Enforcement»
As for the judicial real estate auction «Enforcement,» is held for the purpose of enforcing orders or decisions issued by enforcement authorities, through the «Enforcement» Support and Liquidation Center.
A licensed real estate entity is responsible for organizing and managing this type of auction, within the framework of the procedures related to the enforcement of orders and decisions issued by enforcement authorities.
