This policy explains the money you pay before and after an auction, who holds it, and when it is refunded. It summarises the Auction Terms and the Purchase Agreements, which prevail if anything here differs.
1. Bid security
1.1 Amount. EUR 1,000 per property, or the amount shown on the listing.
1.2 When. Once your identity verification is approved, we send you a bid security invoice for the property you want to bid on. You can bid once we confirm the payment.
1.3 Who holds it. Dubai Assets, in the account stated in the invoice. We hold it for you until the auction result and do not use it for our operations.
1.4 How to pay. By bank transfer to that account, quoting the invoice number.
1.5 If you don't win. Refunded in full, to the account it came from, within 3–5 business days after the auction closes and your result is confirmed. We do not deduct any charges; your own bank may charge for receiving international transfers.
1.6 If the auction is withdrawn or cancelled. Refunded in full within the same period.
1.7 If you win. Credited toward your Reservation Deposit at its value in AED when we received it, and paid by us to the Seller when the reservation starts. It is not an extra charge.
2. Reservation Deposit
2.1 Amount. 10% of the purchase price in total. Your bid security is credited, so you pay the Seller the top-up: 10% of the price minus the bid security.
2.2 Who receives it. The Seller, directly, into the verified account in the reservation invoice. Dubai Assets issues the invoice for the Seller and holds no part of the deposit except the bid security, until it pays it to the Seller.
2.3 What it does. Once the full 10% is received or credited, the Seller reserves the property exclusively for you for 60 calendar days. At completion the 10% is deducted once from the price.
3. Buyer's commission and fees
After you win you receive the buyer's commission invoice first, then the reservation invoice. The buyer's commission (2% of the hammer price, minimum AED 20,000), the administration fee (AED 2,500) and VAT at 5% on both are paid to Dubai Assets. They are refunded in full within 30 calendar days if the sale cannot be completed for a reason not attributable to you.
4. 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. You may also claim proven damages under UAE law.
5. If a winning bidder defaults
If you do not pay the top-up or the fee invoice when due, or do not complete within the reservation period for a reason not attributable to the Seller, and the sale is lawfully terminated, the full Reservation Deposit (10% of the price) is forfeited as agreed compensation and divided equally between Dubai Assets and the Seller (5% of the price each). If only part was paid, the unpaid balance may be claimed. The buyer's commission, administration fee and VAT remain payable. All of this is subject to UAE law and the powers of the competent court, and no amount is recovered twice.
6. VAT
No VAT is charged on the refundable bid security when it is received. VAT applies to the buyer's commission and administration fee. The tax treatment of a deposit that is later applied to the price or forfeited follows UAE VAT law.
7. Questions
Contact contact@dubai-assets.com with your payment reference.