{"id":58947,"date":"2023-09-02T10:30:44","date_gmt":"2023-09-02T07:30:44","guid":{"rendered":"https:\/\/amlak.net.sa\/?p=58947"},"modified":"2023-09-02T10:30:44","modified_gmt":"2023-09-02T07:30:44","slug":"%d8%a7%d9%84%d9%84%d8%a7%d8%a6%d8%ad%d8%a9-%d8%a7%d9%84%d8%aa%d9%86%d8%b8%d9%8a%d9%85%d9%8a%d8%a9-%d9%84%d9%84%d9%85%d8%b2%d8%a7%d8%af%d8%a7%d8%aa-%d8%a7%d9%84%d8%b9%d9%82%d8%a7%d8%b1%d9%8a%d8%a9","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/58947\/","title":{"rendered":"General Real Estate Authority begins implementing the regulations for real estate auctions"},"content":{"rendered":"

The Public Authority for Real Estate has started implementing Real Estate Auction Regulations<\/a><\/strong><\/span>After it was presented last May through the \u201cReconnaissance\u201d platform, and the feedback received, in addition to taking the opinion of specialists and practitioners through several workshops organized by the Authority during the past period.<\/p>\n

She stressed that the implementation of the regulation ensures the documentation of real estate auctions on the one hand and the preservation of the rights of all parties on the other; the documentation of auctions in the Authority's platform contributes to raising the reliability of the real estate market and raising the level of transparency and disclosure in real estate auctions.<\/p>\n

12 Articles in the Real Estate Auction Regulations<\/span><\/h4>\n

The regulation for the Real estate auctions<\/a> <\/strong>It consists of (12) articles, including the main definitions of the real estate auction activity, the provisions of the license to practice it, the obligations of the licensee to practice this activity, the provisions of the brokerage contract to provide the real estate auction service, and the electronic platform related to the auction registry, in addition to the provisions of the request to hold the real estate auction and the provisions of its establishment, management governance and closure, and the provisions of this regulation apply to all real estate auctions in the Kingdom, including judicial real estate auctions and the like.<\/p>\n

Real Estate Auction Service Provider License<\/span><\/h4>\n

The regulation regulates two main tracks in the activity of real estate auctions; the first track is related to the license to practice the real estate auction service, which is a special license for real estate establishments only and does not include individuals, and includes the conditions of the service license, the obligations that the auction organizer must perform, and the brokerage contract to provide services, which is the contract that the licensed establishment enters into with the owner of the property wishing to sell it through an auction. the contract that the licensed establishment enters into with the owner of the property wishing to sell it through an auction, while the second track it regulates is related to holding the auction, which includes the requirements for applying to hold the auction, the provisions for holding the auction after its approval by the Authority, and the mechanism for managing it from the management of the price bid between competitors until its closure.<\/p>\n

Val's license is required<\/span><\/h4>\n

Based on the executive regulations of the Real Estate Brokerage Law and the Real Estate Auctions Regulation, the General Authority for Real Estate requires that the practice of real estate auctions activity be exclusively for establishments that have a \u201cVal License to Organize Real Estate Auctions\u201d, which requires qualification before obtaining the license, in addition to obligating the real estate auction organizer to ensure the integrity of the processes that take place in the auction, stop or repeat the real estate auction in deals that are marred by technical errors or violations, to ensure the protection of the competitiveness of supply and demand, and publish all data of the real estate auctions held.<\/p>\n

According to the regulation, the organizer of real estate auctions must not affect fair competition in any way, save all real estate auction bulletins and records, record the proceedings of visual auctions, documents and data for all its transactions for (five) years from the date of the end of the real estate auction, in addition to adhering to the brokerage contract forms approved by the Authority, and not to conclude a contract for a property that is prohibited from disposal, as the regulation stipulates that the amount of entering the auction should not exceed (5%) of the estimated value of the property based on an evaluation by an accredited appraiser.<\/p>\n

Disclosure of in rem rights to real estate<\/span><\/h4>\n

The Authority requires the auction organizer to disclose the in-kind rights associated with the property, disputes over the property, the mortgage or restriction affecting the use of the property, all rights and obligations on the property that are not documented in the property document, services related to the property and any information that may affect its value, in order to achieve the preservation of rights and raise the level of transparency in real estate transactions The facility licensed to hold the auction must close it after the completion of the auction within a period not exceeding (five) working days, and return all monetary amounts to the competitors except for the winner of the real estate auction within a period not exceeding (three) working days from the date of completion of the real estate auction.<\/p>\n

According to the Real Estate Brokerage Law issued by Cabinet Decision No. (679) dated 29 Dhu'lqa'dah of the Hijri year 1443, the General Authority for Real Estate is the body responsible for regulating the activity of real estate auctions, which is one of the real estate activities regulated by the \u201cReal Estate Brokerage Law\u201d, which resulted in an executive regulation in addition to (five regulations) to regulate real estate auctions, real estate consulting and analysis, facilities management, property management, marketing and real estate advertisements.<\/p>\n

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