These Auction Terms and Bidder Agreement (the "Auction Terms") apply to every online auction run by Dubai Assets on dubai-assets.com. You must accept them before you place your first bid, and again whenever we publish a new version. They work together with the Terms of Use, the Security Deposit and Refund Policy, and, if you win, the Auction Purchase and Buyer's Commission Agreement and the Property Reservation Agreement (the "Purchase Agreements").
1. Our role
1.1 Dubai Assets, trade licence no. 5589454, RERA office registration (ORN) no. 24453, acts as broker and auctioneer appointed by the Seller of each lot. We run the auction on the Seller's behalf under a recorded listing authority. We are not the owner of the property and do not guarantee the Seller's performance.
1.2 Each lot is offered on the terms shown on its listing page, including the starting bid, whether there is a reserve, the bid security, the buyer's commission, the reservation period and the documents available. The listing page forms part of these Auction Terms.
2. Who can bid
To bid on a lot you must:
- have an account in your own name, or in the name of a company you are authorised to bind;
- be at least 18;
- have completed identity verification (KYC), which we approve before you can bid;
- have accepted the current version of these Auction Terms; and
- have paid the bid security for that property, and had the payment confirmed.
We may refuse or withdraw a registration if we cannot complete anti-money-laundering checks, if information is untrue, or as the law requires.
3. Bid security
3.1 Before bidding on a property, you pay a bid security of EUR 1,000, or the amount shown on the listing page. We send you the invoice once your identity verification is approved.
3.2 You pay the bid security to Dubai Assets, into the account stated in the invoice. We hold it for you until the auction result and do not use it for our operations.
3.3 If you do not win, your bid security is refunded in full within 3–5 business days after the auction closes and your result is confirmed.
3.4 If you win, your bid security is not an extra charge and is not forfeited by winning. It is credited toward your 10% Reservation Deposit (clause 8) at its value in AED when we received it, and we pay it to the Seller when the reservation starts.
3.5 What happens to the bid security if a winning bidder defaults is set out in clause 10 and the Purchase Agreements.
4. Bids are binding
4.1 Every bid is an irrevocable offer to buy the property at that amount on these Auction Terms and the Purchase Agreements. You cannot retract a bid.
4.2 Before a bid is placed you see a summary of the bid, the buyer's commission and the total, and you confirm it. Check it carefully.
4.3 We may void a bid only for a clear error or a breach of these Auction Terms, with the reason recorded. If a bid is voided, the leading bid is recalculated.
5. Bid increments and proxy bids
5.1 Bids must be at least the starting bid and then rise by the increment for the current price band shown on the listing. Our default increments are:
- below AED 1,000,000: AED 10,000;
- AED 1,000,000 to 5,000,000: AED 25,000;
- AED 5,000,000 to 10,000,000: AED 50,000;
- AED 10,000,000 to 25,000,000: AED 100,000;
- AED 25,000,000 and above: AED 250,000.
5.2 You may set a maximum bid. The system then bids for you, by the minimum increment, only when you are outbid, up to your maximum. If two maximum bids are equal, the earlier one wins. Your maximum is private.
6. Timing and extensions
6.1 Auction times are set in Rome time (CET, or CEST in summer) and are measured by our server clock. The site shows each time converted to your own time zone; if the two ever differ, the Rome time governs.
6.2 If a valid bid is placed in the last minutes before the auction closes (the "soft-close window" shown on the listing, five minutes by default), the closing time is extended (by five minutes by default) so other bidders can respond. This can happen more than once.
7. Reserve
7.1 Most lots have a confidential reserve price set by the Seller. The listing shows whether the reserve has been met.
7.2 If bidding ends below the reserve, the lot is not sold, unless the Seller accepts the highest bid afterwards. The highest bidder's bid stays open for acceptance for the period stated on the listing.
7.3 A "No reserve" lot is sold to the highest bidder when the auction closes, subject to these Auction Terms.
8. If you win
8.1 When your winning bid is accepted, you are bound to buy at the hammer price on the terms of the Purchase Agreements, which we issue with your invoices. Acceptance does not itself transfer title.
8.2 You then pay:
You receive three invoices: the bid security before bidding, then, after you win, the buyer's commission and then the Reservation Deposit.
- Buyer's commission to Dubai Assets: 2% of the hammer price, minimum AED 20,000, plus an administration fee of AED 2,500, with VAT at 5% on both. These are separate from the purchase price.
- Reservation Deposit to the Seller: 10% of the purchase price in total. Your bid security is credited toward it, so you pay the Seller the top-up: 10% of the price minus the bid security.
- At completion, the remaining 90% of the price, the Dubai Land Department transfer fee (4% of the price) and trustee, title deed and any mortgage registration fees, and for off-plan resales the developer's assignment fees.
8.3 The Seller reserves the property exclusively for you for 60 calendar days from receipt of the full Reservation Deposit. Completion takes place at the Dubai Land Department or an authorised registration trustee within that period.
8.4 You must complete identity verification and sign the Purchase Agreements electronically in your account. Payments are due on the dates in your invoices.
9. Refund of fees
The buyer's commission is earned when your winning bid is accepted. If the sale cannot be completed for a reason not attributable to you, such as the Seller withdrawing, a defect in the Seller's title, refusal of a required no-objection certificate or an order of a court or authority, Dubai Assets refunds the commission, administration fee and VAT in full within 30 calendar days after the cancellation is confirmed in writing.
10. If a winning bidder defaults
10.1 If you do not pay the fee invoice or the top-up when due, or do not complete within the reservation period for a reason not attributable to the Seller, the sale may be cancelled by written notice, subject to the law and any required notice and cure period.
10.2 On lawful termination, the full Reservation Deposit (10% of the purchase price) is forfeited as agreed compensation and divided equally: 5% of the price to Dubai Assets and 5% to the Seller. If only part of it was paid, the unpaid balance may be claimed, subject to law. The buyer's commission, administration fee and VAT remain payable. Forfeiture and recovery are subject to UAE law and the powers of the competent court, and no amount is recovered twice.
10.3 The Seller may then sell the property to another buyer, including the next-highest bidder.
11. If the Seller does not complete
If the transfer cannot take place because of the Seller, the Seller refunds all deposit money you paid, including the bid security and top-up, within ten business days of your written request (any bid security not yet paid to the Seller is refunded by Dubai Assets), and you may claim proven damages under UAE law. Dubai Assets refunds its fees as set out in clause 9.
12. Withdrawn, postponed and paused lots
12.1 The Seller may withdraw a lot, or we may postpone it, before the auction closes, for example if the title, a required approval or the listing information changes. All bid securities for that property are refunded under clause 3.3.
12.2 If a technical failure, cyber-attack or other event outside our control affects the fairness of an auction, we may pause it, extend it, restart it or cancel it, and will tell registered bidders what we have done and why. Bids placed before a pause remain valid unless we cancel the auction.
13. Condition of the property and due diligence
13.1 Properties are sold in their present condition. You must inspect the property and the documents and take your own advice before bidding. Listing information comes from the Seller and is not a warranty by Dubai Assets.
13.2 Service charges, tenancies, mortgages, developer requirements and other matters that affect the property are described on the listing as far as they are known. The Seller is responsible for clearing mortgages and outstanding service charges before transfer.
14. Fair bidding
Bidding on your own lot, or arranging for others to bid to raise the price, is prohibited. We monitor bidding patterns and may void bids, suspend accounts and report suspicious activity to the authorities.
15. Anti-money laundering
You confirm that the funds you use are from legitimate sources. We may request further documents and suspend, cancel or report a transaction as UAE anti-money-laundering, counter-terrorism-financing and sanctions requirements demand.
16. Electronic acceptance
You accept these Auction Terms and sign the Purchase Agreements electronically in your account. We record your name, the date and time, your IP address and the version accepted. You agree that this is your electronic acceptance and signature to the extent UAE law recognises it, including Federal Decree-Law No. 46 of 2021, as amended.
17. Language, law and disputes
These Auction Terms are written in English; if a translation differs, the English text prevails, subject to mandatory law. They are governed by the laws of the Emirate of Dubai and the federal laws of the United Arab Emirates, and the Dubai Courts have exclusive jurisdiction over disputes arising from them.