The Real Estate General Authority (REGA) has started application of the real estate auctions regulations, after being published in the official gazette.|
The application of this regulations ensures the registration of real estate auctions and protects the rights of all parties. Auction registration will enhance the reliability of the real estate market, as well as the transparency and disclosure levels of auctions.
The regulations comprises 12 articles, including definitions, licensing provisions, obligations of the parties licensed to practice this business and provisions of brokerage contracts.
Under the regulations, real estate auction organizers shall not impact fair competition, keep all records of real estate auctions, register all the related documents and data for five years from the end date of the real estate auction.
An auction should be closed within five days maximum from its end date by the licensed institution. Refunds should be made to all bidders, except for the auction winner.