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The Real Estate General Authority (REGA) logo
The Real Estate General Authority (REGA) invited all concerned parties and those interested from the public and private sectors to send their views on the draft regulation for public auctions, no later than May 25, 2023.
The draft regulation aims to set the regulatory provisions for real estate auctions, based on the Real Estate Brokerage Law, issued by Royal Decree No. (M / 130), dated May 31, 2022.
It stipulates that the real estate auction manager will handle the price tendering between bidders at public auctions. The starting price shall be determined as per the brokerage contract.
If the real estate auction did not reach the agreed value of accepting the sale in the contract, the owner - or the legal representative – will acknowledge in writing of accepting the award and disposing of the real estate at the bidding final price.
The auction is suspended in the event of non-acknowledgment by the owner - or the legal representative - and a report will be issued to that effect.
In addition, the regulation indicated that the real estate auction will be awarded to the highest bidder, with no other bids submitted till the end of the specified auction period.
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