Riyadh – Mubasher: The General Real Estate Authority in Saudi Arabia has launched the regulations for real estate auctions through the “Istikla” platform. With the aim of enabling the public, government agencies and the private sector to express their views and observations on it before its approval.
In a statement today, Sunday, the Authority stated that the draft regulation was built according to best practices and after studying the current situation in the market, and conducting a benchmarking comparison with the best international experiences regarding real estate auctions. In order to avoid any challenges faced by this activity.
The authority indicated that the draft regulation contains 12 articles that include licensing provisions, the licensee’s obligations, the electronic platform, the request to hold a real estate auction, the provisions for holding a real estate auction, and other materials, and the provisions of this regulation apply to all real estate auctions in the Kingdom, including real estate auctions. The judiciary and the like, within the limits of what is not mentioned in a special text to regulate it.
She pointed out that there are requirements for licensing the practice of real estate auctions – in addition to the requirements stipulated in the executive regulations of the real estate brokerage system – for establishments that provide them through electronic means, the most important of which are: linking the licensee’s electronic real estate auction platform to the authority’s electronic platform, and undertaking to ensure the safety of operations that take place in The licensee’s platform, stopping or returning the real estate auction in deals that are marred by technical errors or violations to ensure competitive protection of supply and demand, in addition to linking the electronic platform with the national access platform, and the entry of beneficiaries to the electronic means through it.
And it stated that, according to the draft, the regulations stipulated the most important requirements that the licensee to practice real estate auctions must abide by, keeping all real estate auction bulletins and records, recording the facts of visual auctions, documents and data for all his dealings for a period of (5 years) from the date of the end of the real estate auction, and holding the real estate auction within The validity period of the brokerage contract, and the announcement of the real estate auction bulletin (5 days) – at a minimum – before the date of its holding.
She added: According to the articles of the regulatory regulation, the licensee must include a number of information, the most important of which are: the method of holding the real estate auction, its date and duration, the type of disposal of the real estate subject of the real estate auction, the minimum acceptable award value for disposing of the real estate after the auction, the minimum value for starting the auction, and the entry amount in the auction. bid.
Provided that the amount does not exceed (5%) of the estimated value of the property based on an evaluation by an accredited valuer, specifying the type of amount (deposit – down payment – refundable insurance), and the time period specified for awarding the highest price after the auction and the possibility of extending it for a similar period once, in addition To the mechanisms and periods of receiving and delivering the price after the award.
The Authority indicated that it is required that the licensee submit an application for holding the real estate auction on the Authority’s electronic platform, and fill out the approved form – fifteen days – at a minimum – before holding it, provided that the “Authority” studies the application within a period not exceeding (5) working days from the completion of the application. The real estate auction shall be approved or rejected, stating the reasons for refusal and informing the applicant thereof.
And she indicated that the licensee must close the real estate auction on the electronic platform after completing its stay within a period not exceeding (5) working days, and return all the money to the competitors received by him in the real estate auction – except for the one who won the real estate auction – within a period of not Exceeding (3) working days from the date of completion of his residency.
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