How it works
How an auction works on Ons Auctions
From the Authority's approval to the entry amount refund: every step with its deadline, every riyal with its double-entry record.
Auctions on the Ons Auctions platform
Online and hybrid auctions (a hall with an auctioneer plus bidders on their phones) on the Ons Auctions platform.
- 1Agreement with the ownerA written contract with the owner, deed and rights checks, a certified valuation, and the kind and percentage of the entry amount.
- 2Filing and noticeAn application to REGA at least 15 days before the auction, a notice 5 days before, and a document room for the asset.
- 3Registration and paymentBidders verify with Nafath, register their IBAN, and pay the entry amount (at most 5% of the valuation) by SADAD bill or bank transfer.
- 4BiddingHall and phones in one sequence. Every bid goes through the server, and bidders appear under aliases.
- 5AwardIf the top bid reaches the reserve, the asset is awarded. If not, the owner decides in writing, or it closes with a record.
- 6After the awardPayment of the price and brokerage, closing on the REGA platform within 5 working days, refunds to non-winners within 3 working days, then the deed transfer.
The deadlines and rates above come from the real estate auction regulation and the brokerage law as we read them, and will be checked with a lawyer before launch.