Auctions & Sales
20 terms in this category
Absolute Auction
Auction selling property to highest bid without reserve price, encouraging bidding, common in property liquidation.
Auction Catalog
Detailed document of properties offered in auction, including descriptions, photos, and prices, helping bidders prepare.
Auction Deposit
Amount bidder pays before auction as seriousness guarantee, returned to losers and deducted from winner's price, typically 5-10% of value.
Auction Fees
Costs winner pays to auction, typically 2-5% of sale price, added to total cost of property purchase.
Auction Platform
Electronic platform managing real estate auctions like Mosanada in Saudi Arabia, providing transparency and wide bidder access.
Auction Results
Report published after auction showing sold properties and prices, important reference for evaluating market and area property prices.
Auctioneer
Licensed person managing auction, announcing bids, and closing sale, must be neutral and trained, with commission from sale value.
Bidder
Person participating in auction by offering financial bids to buy property, must be registered with financial guarantee before auction.
Buyer's Premium
Percentage added to hammer price paid by buyer to auction, typically 5-10%, forming revenue source for auction operators.
Foreclosure Auction
Auction selling property foreclosed due to borrower's payment default, opportunity to obtain properties at below-market prices.
Hammer Price
Final property price in auction when hammer falls, becoming binding on both parties, basis of final sale contract.
Highest Bid
Largest amount offered by bidder in auction, winner bidder is committed to purchase, paying percentage immediately and rest within set period.
Inheritance Auction
Auction selling property hard to divide among heirs, dividing price per Sharia shares, done under judicial supervision.
Online Auction
Auction conducted entirely online, expanded in Saudi Arabia with tech development, allowing participation from anywhere.
Private Auction
Auction limited to invited bidders only, common in luxury properties, preserving sellers' and buyers' privacy.
Public Auction
Auction open to all interested, transparent and public, ensuring fair price and equal opportunity, most common in real estate auctions.
Real Estate Auction
Public sale of property to highest bidder, used for foreclosed or inherited properties, transparent and ensuring fair price.
Reserve Price
Lowest price seller accepts to sell, auction cancelled if not reached, protecting seller from low-price sale.
Starting Bid
Lowest price auction starts from, determined based on property valuation, may be lower than actual price to attract bidders.
Title Warranty
Seller's commitment in auction that property is free from ownership disputes, protecting buyer from future legal issues.
Other Categories
Contracts & Leasing
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Financial & Accounting
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Saudi Regulations
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Legal & Regulatory
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Property Types
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Valuation & Investment
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Property Management
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Tax & Zakat
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Construction & Development
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Real Estate Technology
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Real Estate Marketing
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Ownership & Rights
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Disputes & Resolution
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Real Estate Financing
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