Auction rules and the entry amount

Before the auction

• The auction is filed with the Real Estate General Authority at least 15 days ahead (art. 6), and its bulletin is published at least 5 days ahead (art. 3).
• Each auction page shows the opening price, the minimum increment, the certified valuation and the Authority's approval number.

The entry amount

• At most 5% of the certified valuation (art. 4).
• Its kind is stated per auction: a refundable guarantee, earnest money, or an advance on the price (art. 4).
• How it is kept is stated in every auction file (art. 6): it is paid into the bidders' funds account, separate from the company's operating account, and every movement has a double-entry record.
• You pay it by SADAD bill (a large amount may be split over several bills, each up to the provider's limit) or by bank transfer with your reference number and the receipt.

Bidding

• Online, or hybrid (a hall with an auctioneer plus bidders on their phones) in one sequence.
• Each bid adds at least the minimum increment. Every bid goes through the server and is logged with its time.
• Bidders appear under their paddle numbers.

Last-seconds bids

A bid in the final seconds of an auction (the window is shown under the countdown) extends it, so everyone has time to answer and nobody wins by sniping. The extension shows on the page as it happens, and the total extension has a ceiling set for each auction.

Award

The auction starts at the minimum opening price. The award period may be extended once. If the reserve is reached, the asset goes to the highest bid when the period ends; if not, the owner either accepts the highest bid in writing or the auction ends with minutes (art. 9).

After the auction

• The winner's entry amount is held (art. 9/5).
• Everyone else's is returned within 3 business days (art. 10/2).
• We close the auction on the Authority's platform within 5 business days (art. 10/1).
• The minutes, the bid log and the recording are kept for 5 years (art. 3).