The first and only licensed real estate auction company in Ras Al Khaimah (RAK)

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Terms & Conditions

Please read these terms carefully before using our platform.

Prime Property Auction –Terms & Conditions

1. Introduction

Welcome to Prime Property Auction LLC – OPC (“Company”). By registering and participating in any property auction conducted by Prime Property Auction (“Auctioneer”), you acknowledge and accept these Terms and Conditions, which govern the process of bidding, sale, payment, and transfer of ownership of auctioned properties.

Prime Property Auction facilitates sales of both:

  • Court Properties – properties auctioned pursuant to judicial orders or court instructions.
  • Private Properties – properties auctioned on behalf of individual owners, developers, or other private entities.
    The Company acts as an intermediary between the seller (“First Party”) and the buyer (“Second Party”). The Company does not own the auctioned properties and bears no liability for their condition, title, or occupancy, unless expressly stated otherwise.

2. Definitions

  • Auctioneer / Company: Prime Property Auction LLC – OPC, the entity organizing and managing the auction.
  • Seller (First Party): The property owner, developer, creditor, or court authority who lists the property for sale via auction.
  • Buyer (Second Party / Winning Bidder): The individual or entity placing the highest valid bid and approved as the winner of the auction.
  • Bidder: Any person or entity registered and verified to participate in the auction.
  • Court Properties: Properties listed and sold under the authority of the competent court, pursuant to judicial orders.
  • Private Properties: Properties listed for auction directly by individual owners, developers, or private entities.
  • Property: Any real estate asset (residential, commercial, land, villa, apartment, etc.) offered for sale through Prime Property Auction.
  • Court / Authority: The relevant governmental, municipal, or judicial authority that has jurisdiction over the property sale and transfer.
  • Security Deposit: The refundable amount lodged by a bidder as a condition to participate in auctions, subject to the rules set out herein.
  • Reserve Price: It is the minimum price set by the Seller or the Court, below which the property may not be sold at auction. If the bidding does not reach this price, the auction shall be deemed incomplete, or the Seller shall have the right to refuse the sale
  • Starting Price: Agreed Auction Starting Price is the opening bid amount mutually determined and set as the initial price at which the auction commences.
  • MOU (Memorandum of understanding): The binding agreement signed by the Winning Bidder and the Property Owner in the case of Private Property auctions, setting out the terms of sale, payment schedule, and obligations of both parties. For Court Properties, judicial confirmation replaces the MOU.”
  • Escrow / Trustee Account: A regulated account designated for holding bidders’ deposits and sale proceeds in accordance with UAE law.

3. Registration and Verification

  • All users must register on the platform and submit valid identification documents, including passport, Emirates ID (if applicable), and proof of address.
  • Only verified users who have completed
  • KYC checks and paid the required security deposit will be permitted to participate in auctions.
  • Prime Property Auction reserves the right to approve, reject, suspend, or terminate registrations at its discretion.

3.1 Anti-Money Laundering (AML) & Know Your Customer (KYC) Compliance

  • All participants are subject to the applicable Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations of the United Arab Emirates.
  • Prime Property Auctions LLC – OPC reserves the right to:
  • Request additional documentation (including but not limited to identification documents, proof of address, bank statements, or corporate authorizations) at any stage of the registration or bidding process.
  • Decline, suspend, or terminate a user’s participation if compliance requirements are not fully met.
  • Report any suspicious activity, transactions, or documents to the relevant regulatory and legal authorities in accordance with UAE law.
  • Participation in any auction is strictly conditional upon compliance with these requirements.

4. Security Deposit

  • Bidders must submit a refundable security deposit amounting to
  • 10% of the Property Starting Price.
  • Accepted payment methods include bank transfer, certified manager’s cheque, or trustee/escrow service.
  • Deposits are fully refundable if the bidder does not win, less any applicable banking or transfer fees.
  • Refunds will be processed within
  • 48 working hours of auction close (depending on your bank or payment method) upon the bidder’s request.
  • Alternatively, the bidder may request that the deposit be retained on account for use in future auctions.
  • Deposits are subject to
  • confiscation in cases of non-compliance, withdrawal after winning, or default on payment obligations.

5. Bidding Eligibility and Rules

  • Only verified users with cleared deposits are eligible to bid.
  • All bids are final, binding, and irrevocable.
  • Each listing will clearly state the auction start and end times, property details, and minimum bid increments (e.g., AED 5,000 or AED 10,000).

Important Notice (Anti-Sniping Rule)

  • If a bid is placed within the last five (5) minutes of an auction, the closing time will automatically be extended by five (5) minutes. This extension continues until no new bids are placed.
  • The Auctioneer reserves the right to postpone, suspend, or cancel an auction in the event of insufficient activity, technical issues, or court orders.

6. Auction Types

6.1 Court Properties

  • All sales are subject to approval of the concerned court.
  • Buyers must comply with timelines set by the court (generally 10 days for settlement).
  • The court may impose additional conditions or fees, which are binding on the Buyer.
  • Buyers acknowledge that judicial sales are conducted strictly “as is, where is” and may involve existing tenancy contracts, usufruct rights, or encumbrances.
  • Prime Property Auction, as a court-appointed intermediary, has no authority to amend, cancel, or delay court orders.

6.2 Private Properties

  • All sales are subject to approval of the property owner, provided the reserve price has been met or exceeded.
  • Buyers are required to settle the balance within 7-30 working days, as specified in the auction listing.
  • The Buyer and Seller must sign a Memorandum of Understanding (MOU) immediately after auction conclusion.
  • Where the property is subject to tenancy, eviction or rental disputes shall be handled exclusively through the competent Ras Al Khaimah Courts, in accordance with applicable UAE laws.

7. Post-Auction Procedures

  • Winning bidders must complete all legal and financial procedures within the defined timeframe.
  • Prime Property Auction or its trustee partner may assist in:
    • Conveyancing and ownership transfer.
    • Issuance of Power of Attorney (if applicable).
    • Completion of contract signing with the relevant authorities.
  • Buyers must bear costs associated with ownership transfer, including but not limited to municipality fees / land department charges, developer NOC, community charge and any applicable taxes (including Value Added Tax, where relevant).
  • These costs are payable in addition to the purchase price and the auctioneer’s commission.

8. Commission and Fees

  • The Buyer shall pay Prime Property Auction a commission of 2% of the purchase price, unless otherwise stated in the auction listing.
  • Court-mandated auctions may have alternative fee structures in line with judicial rulings.
  • All commissions and fees are subject to 5% VAT as per UAE law.

Escrow Fees:

  • If the Buyer chooses to pay through the Escrow Account, the winning Buyer shall bear the escrow fee (0.5% of the Purchase Price + VAT).
  • This fee is payable directly to our business partner, Escrow Made Easy Limited (“EME”).
  • This fee is in addition to any auctioneer commissions, transfer charges, municipality fees, or other costs specified in these Terms & Conditions.
  • The Seller shall not be liable for any escrow-related charges.

9. Buyer’s Obligations

  • The Buyer warrants that they are legally eligible to acquire property in the UAE.
  • If acting as an agent, the Buyer must provide a notarized Power of Attorney.
  • The Buyer acknowledges that all properties are sold strictly “as is, where is” , without any guarantees or warranties of any kind from the Auctioneer or Seller.
  • This includes, but is not limited to, the property’s physical condition, occupancy status, legal standing, or freedom from encumbrances.
  • The Buyer assumes full responsibility to conduct due diligence and inspection before bidding.
  • The Buyer is responsible for notifying tenants (if applicable) of ownership change via a notary-attested notice.
  • Failure to complete payment or registration within deadlines results in forfeiture of the deposit and potential legal action.

10. Platform Rights and Responsibilities

Prime Property Auction reserves the right to:

  • Cancel, postpone, or reschedule any auction.
  • Suspend or terminate accounts involved in misconduct or suspicious activity.
  • Modify auction terms, fees, or conditions without prior notice.
  • The platform is not liable for delays caused by sellers, banks, developers, or courts.

11. Disclaimer of Liability

All decisions regarding acceptance or rejection of offers are subject to:

  • The concerned courts, if the property is sold under judicial authority.
  • The property owner, if the property is privately owned.
  • Prime Property Auction shall not be held liable for:
  • Inaccuracies in third-party property data or inspection reports.
  • Delays caused by banks, sellers, developers, or courts.
  • Refusal or delay by courts, land departments, or municipal authorities to register a property.
  • Hidden defects, tenancy disputes, or encumbrances.

12. Non-Compliance and Default

If the winning bidder fails to pay within the timeframe:

  • The sale may be cancelled.
  • The security deposit will be confiscated in full.
  • A penalty of up to
  • 20% of the sale price may apply.
  • The property may be re-auctioned and the Buyer held liable for any losses.

13. Governing Law and Jurisdiction

  • These Terms are governed by the laws of the
  • Emirate of Ras Al Khaimah and applicable UAE Federal Laws.
  • All disputes shall fall under the exclusive jurisdiction of the
  • Ras Al Khaimah Courts, unless otherwise directed by judicial authority.
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