{"id":56396,"date":"2023-05-22T13:59:57","date_gmt":"2023-05-22T10:59:57","guid":{"rendered":"https:\/\/amlak.net.sa\/?p=56396"},"modified":"2023-05-22T13:59:57","modified_gmt":"2023-05-22T10:59:57","slug":"%d8%b9%d8%a8%d8%b1-%d9%85%d9%86%d8%b5%d8%a9-%d8%a7%d8%b3%d8%aa%d8%b7%d9%84%d8%a7%d8%b9-12-%d9%85%d8%a7%d8%af%d8%a9-%d8%aa%d9%86%d8%b8%d9%85-%d8%a7%d9%84%d9%85%d8%b2%d8%a7%d8%af","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/56396\/","title":{"rendered":"Via Survey... 12 Articles Regulating Real Estate Auctions\u00ab"},"content":{"rendered":"

The General Authority for Real Estate has released the regulatory bylaws for real estate auctions through the \u00abSurvey\u00bb platform, with the aim of enabling the public, government agencies and the private sector to express their views and comments on them before their approval.<\/span><\/p>\n

She explained that the draft regulatory framework was built according to best practices and after studying the current situation in the market, and conducting a benchmark comparison with the best international experiences regarding real estate auctions, with the aim of avoiding any challenges facing this activity.<\/span><\/p>\n

The draft regulation contains 12 articles covering licensing provisions, licensee obligations, the electronic platform, the request to hold a real estate auction, provisions for holding a real estate auction, and other articles.\u00a0<\/span><\/p>\n

The provisions of this regulation shall apply to all real estate auctions in the Kingdom, including judicial real estate auctions and the like, to the extent that no special provision has been issued to regulate them.<\/span><\/p>\n

The Authority indicated that there are requirements for licensing the practice of real estate auction services \u2013 in addition to the requirements contained in the executive regulations of the Real Estate Brokerage System \u2013 for establishments that provide them through electronic means, the most important of which is linking the electronic real estate auction platform of the licensee to the Authority\u2019s electronic platform, pledging to guarantee the integrity of the operations carried out on the licensee\u2019s platform, and stopping or re-examining the real estate auction in transactions that are marred by technical errors or violations in a way that ensures the protection of competitive supply and demand, in addition to linking the electronic platform with the National Access Platform, and the beneficiaries\u2019 access to the electronic means through it.<\/span><\/p>\n

It stated that, according to the draft, the regulations stipulated the most prominent requirements that the licensee for practicing real estate auctions must adhere to: preserving all real estate auction bulletins and records, recording the events of visible auctions, and the documents and data for all his transactions for a period of five years from the date of the end of the real estate auction, holding the real estate auction during the period of validity of the brokerage contract, and announcing the real estate auction bulletin at least five days before the date of holding it.<\/span><\/p>\n

She added: According to the provisions of the regulatory regulations, the licensee must include a number of pieces of information, the most important of which are: the method of holding the real estate auction, its date and duration - if any - the type of disposal of the property subject to the real estate auction, the minimum acceptable award value for disposal of the property after bidding, the minimum starting value of the auction, the amount of entry into the auction - if any - provided that the amount does not exceed 5% of the estimated value of the property based on an assessment by an accredited appraiser, specifying the type of amount "deposit - down payment - refundable security", the time period specified 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 awarding.<\/span><\/p>\n

It was clarified that the licensee is required to submit a request to hold the real estate auction on the Authority's electronic platform, and fill out the approved form - at least fifteen days before holding it - provided that the "Authority" studies the request within a period not exceeding five working days from the completion of the request, and issues approval to hold the real estate auction, or rejects it, stating the reasons for rejection and informing the applicant of that. It was noted that the licensee must close the real estate auction on the electronic platform after its completion within a period not exceeding five working days, and return all the financial amounts to the competitors that he received from him in the real estate auction - except for the one who won the real estate auction - within a period not exceeding three working days from the date of completion of its holding.<\/span><\/p>\n

The General Authority for Real Estate pointed out that it is possible to access the survey platform and submit comments and suggestions regarding the regulatory framework for real estate auctions.<\/span><\/p>","protected":false},"excerpt":{"rendered":"

Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>The General Real Estate Authority has released the draft regulations for real estate auctions via the \u00abIstisla\u00bb platform, with the aim of enabling the public, government agencies, and the private sector to provide their feedback and comments before the regulations are finalized. It explained that the draft regulations were developed in accordance with best practices, following an analysis of the current market situation and a benchmarking comparison with the best international practices regarding real estate auctions, with the aim of avoiding any \u2026 Read more<\/a><\/p>","protected":false},"author":10,"featured_media":56399,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"0","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","_seopress_news_disabled":"","_seopress_video_disabled":"","_seopress_video":[],"_seopress_pro_schemas_manual":[],"_seopress_pro_rich_snippets_disable_all":"","_seopress_pro_rich_snippets_disable":[],"_seopress_pro_schemas":[],"amlak_video_sent":"","footnotes":""},"categories":[104],"tags":[],"class_list":["post-56396","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-and-regulations"],"acf":{"amlak_post_excerpt":"","amlak_post_excerpt_source":{"label":"Amlak 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