Majid Al-Hogail, Minister of Municipal, Rural Affairs and Housing and Chairman of the Board of Directors of the Public Authority for Real Estate Real Estate Auction Regulations as attached and complete the legal procedures regarding them. <The license requirements for practicing <a href="https://amlak.net.Real Estate Auction Service includes five controls: linking the licensee's electronic real estate auction platform to the Authority's electronic platform, pledging to ensure the safety of operations conducted in the licensee's platform, stopping or returning the real estate auction in deals that are marred by technical errors or violations to ensure the protection of supply and demand competition, in addition to linking the electronic platform to the national access platform and beneficiaries" access to the electronic medium through it.
The license requirements stipulate five controls, which are linking the licensee's electronic auction platform to the Authority's e-platform.
Real estate auctions regulation
The regulation contains 12 articles that include the provisions of the license, the obligations of the licensee, the platform, the request to hold a real estate auction, the conditions for holding it, and others, and the provisions of this regulation apply to all Saudi real estate auctions, including judicial real estate auctions and the like to the extent that no special provision is made to regulate them.
Regulation of real estate auctions. The licensee to practice real estate auctions must adhere to the following integrity and sincerity, deal impartially and fairly, and not affect fair competition in any way.
Exercise professional diligence to achieve the best prices.
Preserve all real estate auction bulletins and records, and record the proceedings of visual auctions, documents and data for all its transactions for (five) years from the date the real estate auction ends.
<Hold the real estate auction during the term of the brokerage contract. Obtaining the necessary approvals from the competent authorities in holding the real estate auction.
<Practicing the service by qualified individuals affiliated with the licensee and registered with the Authority. Comply with the regulations and instructions of the competent authorities in practicing real estate auctions. Announcing the bulletin of the real estate auction a minimum of (five) days before the date of holding it.
According to the Real Estate Auction. <According to the Real Estate Auctions Regulation, the licensee must include a number of information, the most important of which are: The method, date and duration of the real estate auction, if any, the type of disposal of the property subject to the real estate auction, the minimum acceptable award value for the disposal of the property after the auction, the minimum starting value of the auction, the amount of entry into the auction, if any, not exceeding 5 percent of the estimated value of the property based on an evaluation by an accredited evaluator, the type of amount (deposit - down payment - refundable insurance), the time limit for awarding the highest price after bidding and the possibility of extending it for a similar period once, in addition to the mechanisms and periods for receiving and delivering the price after the award.
Real estate auctions regulation
