Regulations of Real Estate Auctions - Article 1

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date_gregorian=2023-08-25 date_hijri=1445-02-09 document_type=regulation entity=regulation:Regulations of Real Estate Auctions entity=legislation_category:regulation entity=legislation_type:board_resolution entity=format:application/pdf entity=document_number:1 language=en taxonomy_l1=municipal_construction taxonomy_l2=real_estate validity=valid validity_confidence=1.0

1. The terms and phrases mentioned herein shall have the meanings ascribed thereto in Article (1) of Real Estate Brokerage Law issued by Royal Decree No. M/130, dated 30/11/1443H and its Implementing Regulations, unless the context requires otherwise.

2. The following terms and phrases, wherever mentioned herein, shall have the meanings ascribed thereto, unless the context requires otherwise:

Real Estate Auction: Public auction held for the sale or lease of the real estate or the sale of its usufruct to the highest bidder, including electronic auctions.

Owner: A natural or legal person who owns the asset or usufruct, or his legal representative who enters into contract with the Real Estate Broker to hold the Real Estate Auction.

Accredited Valuer: A natural or corporate person licensed to practice the profession of real estate valuation according to Accredited Valuers Law.

Licensee: A corporate person licensed to practice real estate auction service.

Manager of Real Estate Auction: A qualified natural person affiliated to licensed enterprise and authorized to manage all real estate auction works for the interest of Licensee.