Draft that needs a lawyer's review. Not final; it will change before launch.
Who we are
Ons Haven Company, a single-person limited liability company, Unified No. 7055470079, Riyadh. FAL auction licence: being issued (the number is added here once issued).
Your account
- You sign in with Nafath only, and the account is personal: you may not let anyone else bid for you.
- You register an IBAN in your own name with the bank's IBAN certificate; refunds go only to it.
- You keep your contact details current so we can reach you about your auctions and refunds.
Entry amount
Each auction states its entry amount, its kind (refundable guarantee, earnest money or advance on the price) and its percentage of the certified valuation, never above 5%. You pay it by SADAD bill or bank transfer before registering. Details in the auction rules.
Bidding
- A bid binds you once the server accepts it and it appears in the auction log; it cannot be withdrawn.
- The server is the source of truth for time and order. A bid that arrives after the time runs out is not accepted.
- The auction manager may pause an auction after a technical fault, and it resumes with the time that was left.
The award and after
The asset is awarded to the highest bid that reaches the reserve when the award period ends. The winner's entry amount is kept for the auction and applied as its kind states. The winner pays the price, the 2.5% brokerage with 15% VAT on it, and the 5% real estate transaction tax within the period in the auction terms. A winner who does not complete may lose the entry amount if its kind is earnest money, as stated for that auction.
Refunds
Bidders who do not win get their entry amount back within 3 business days of the auction ending. See the refund policy.
Prohibited conduct
- Collusion between bidders, bidding for the seller, or bidding to push the price without intent to buy.
- Using someone else's identity, IBAN or account.
- Interfering with the platform or its security.
Governing law and complaints
These terms are governed by the laws of Saudi Arabia. Complaints go first to us through the complaints page, then to the competent authority.