Terms of Service – saudiauction.estate
- Ownership & Scope
This platform is owned and managed exclusively by [Company Name] (“Company”). All real estate listings, electronic auctions, and brokerage operations conducted on saudiauction.estate are executed directly by the Company under valid FAL licensing from the Real Estate General Authority (REGA).
- User Eligibility & Identity Verification
– To participate in any electronic auction, users must be at least 18 years of age and hold legal capacity under Saudi law.
– Identity verification (via Absher / National Single Sign-On or verified Absher/Iqama records) is mandatory before placing any bid or paying bidding deposits.
- Auction Bidding & Deposit Rules
– Guarantee Deposit: To participate in a specific property auction, users must transfer or lock a designated guarantee deposit (Bid Bond) as defined in the auction bulletin.
– Irrevocable Bids: All bids placed on the platform are legally binding and cannot be retracted once submitted.
– Awarding & Final Sale: Winning the digital bid does not constitute final property transfer until approved in accordance with REGA regulations and legal conveyancing (Tawtheeq/Mohlaz) procedures.
– Refunds: Deposits for unsuccessful bidders will be released back to the original funding account in accordance with bank clearance timelines.
- Brokerage Commission & Fees
– In accordance with REGA regulations, the successful bidder or buyer agrees to pay the statutory brokerage commission (up to 2.5% unless otherwise specified in the auction bulletin) along with applicable Value Added Tax (VAT) regulated by ZATCA.
- Legal Jurisdiction
These terms are governed by and construed in accordance with the laws and regulations of the Kingdom of Saudi Arabia. Any disputes shall fall under the exclusive jurisdiction of the competent Saudi courts and the Saudi Real Estate Arbitration Center.