Terms and Conditions

Document of Terms and Conditions for the Use of the Wasalt’s Real Estate Electronic Auction Platform

In the following document, referred to as ("Terms and Conditions"), a contract is established between Wasalt Real Estate Services Company, commercial registration number (1010635634), (hereinafter referred to as "the Company") and the User and/or Sales Agent, as identified below.

Article 1: Definitions and Interpretations

1. Unless the context requires otherwise, the following terms have the meanings specified for each:
   • "Auction": a public sale conducted on the Website through bidding to purchase Real Estate Units/ Assets by Users.
   • "Bid Deposit" or “Down Payment”: an amount set by the relevant authority (Infath) that is determined based on the Asset.
   • "Bidding Period": the period that starts from the first day of bidding until the and continues until the last date specified by Infath.
   • "Completion Period": As defined in paragraph (H) of Article 5.
   • "Document Validity Period": the date the User and/or Sales Agent accepts these Terms and Conditions.
   • “Infath”: a governmental center specialized in entrustment and liquidation.
   • "Listing Period": the period that starts from listing the Assets and continues until the Bidding Period starts.
   • "Platform": an electronic platform owned by the Company which offers -amongst other services- auction and public sale services for real estate assets displayed on the Website by the Sales Agent.
   • "Real Estate Unit(s)" or “Assets”: refers to lands or buildings, whether designated for residential or commercial use, displayed for Auction on the Website by Sales Agent.
   • "Sales Agent": natural or legal person who is authorized to dispose of the Real Estate Unit through a valid agency.
   • "User": the natural or legal person who confirms their intention to participate in the Auction according to the Terms and Conditions herein.
   • Website: the website owned by the Company under the domain www.wasalt.sa
2. The Company and the User and/or Sales Agent shall be referred to individually as (“Party”) and collectively as (“Parties”).
3. Unless the context requires a contrary construction, the singular shall include the plural and the plural the singular; and the masculine, feminine or neuter shall include the masculine, feminine and neuter.

Article 2: Eligibility and Agreement to Terms and Conditions

These Terms and Conditions constitute a binding contract between the Company and the User and/or Sales Agent, specifying the responsibilities of both Parties. The User and/or Sales Agent must carefully read these Terms and Conditions along with the Terms of Advertising, Terms of Use, and Privacy Policy which can be found on the Website before using the Auction services. The User and/or Sales Agent acknowledges being aware of and agrees to these Terms and Conditions, disclaiming ignorance, and accepts their obligation to abide by them from the moment they click the icon that states: "I acknowledge that I am fully eligible, and I have read and agree to the terms and conditions." At that point, the Terms and Conditions of this document, the Terms of Advertising, Terms of Use, and Privacy Policy all become binding upon the User and/or Sales Agent, and the "Document Validity Period" commences.

The User and/or Sales Agent also agrees that the Company has the right to modify these Terms and Conditions without prior consent or individual notification, by publishing the amendments on the Website. The User and/or Sales Agent's continued use of the Website after the date of such amendments constitutes acceptance of these modified terms and conditions, and the User and/or Sales Agent acknowledges and agrees to comply with them.

Article 3: Purpose of the Wasalt Auction Platform

The Company has established the electronic Website and Platform, for the purpose of allowing Sales Agent to showcase the Real Estate Units on the Website for bidding by bidders in an Auction. The Company acts as an intermediary between the Sales Agent and bidders. These Terms and Conditions outline the obligations and procedures related to this process.

Article 4: Registration Requirements, Declarations, and Ongoing Commitments

Every individual or legal entity wishing to participate in the Auction must create a user account on the Website and comply with the following requirements and conditions for creating a user account:

Requirements for Natural Persons Registration:

1. The individual must be at least 18 years old and confirm that they have full legal capacity to accept and abide by these Terms and Conditions.
2. The individual must be of Saudi nationality, or if a non-Saudi, they must be among those allowed by the regulations to own assets in the Kingdom of Saudi Arabia and provide evidence of that.
3. The individual must provide their identification, address, contact number(s), and any other supporting information required by the Company.
4. The individual must not be representing any other party or person or use the Website on behalf of others, except when acting as an agent for another person authorized to register on the Website, accept the Terms and Conditions, and perform real estate transactions on behalf of the principal. In such case, the person shall provide appropriate supporting documentation for that the authorization.

1. The company must be fully owned by Saudi individuals, or if a mixed company, it must be licensed by the competent authority to own assets in the Kingdom of Saudi Arabia.
2. Provide a copy of a valid commercial registration or relevant license in case of charities.
3. Provide a copy of the Articles of Association or the founding contract, as applicable.
4. Provide evidence of the administrator's authority to register on behalf of the company, accept the Terms and Conditions, and perform real estate transactions on behalf of the company.

1. The User and/or Sales Agent declares that they are aware of and knowledgeable about the regulations related to asset ownership, including those concerning foreign ownership and ownership in Makkah and Madinah, and that they comply with those regulations and all other necessary regulations to use the Website in accordance with the Terms and Conditions.
2. The User declares and undertakes that all information provided by them is accurate, precise, and not misleading.
3. The User declares and undertakes not to grant others access to his account.
4. The User undertakes not to bid on behalf of any other natural person or legal entity unless authorized to do so provided that such authorization is submitted and accepted by the Company.
5. The User undertakes not to use any automated processes to process, monitor, copy, or extract any pages existing on the Website or any information or data contained therein, or accessed through the Website, or materials or data accessed or sourced from third parties.
6. The User undertakes not to perform any actions to interfere with or attempt to interfere with the proper functioning of the Website or to perform any act that would impose an unreasonable or disproportionately large load on the available infrastructure.
7. The User undertakes not to engage in reverse engineering, reverse compilation, disassembly, or other activities to discover the program formulas or processes related to the computer program used in the infrastructure and operations of the Website.
8. The User also undertakes not to copy, reproduce, modify, derive works from, publicly display any portion of the content of the Website without prior written consent from the Company.
9. The User declares, acknowledges, and agrees that the Company is not and will not be responsible for determining the starting price, Bid Deposits, and awarding bids.
10. The User acknowledges and agrees that the Company and Infath have the right to modify or cancel any Auction before the Auction starts, including but not limited to, the right to: modify some descriptions of the Real Estate units, modify the Bid Deposit, modify the bidding starting amount, modify the Bidding Period, and/or any additional terms or conditions. These modifications or cancellations can be for any reason that the Company or Infath deems necessary to ensure the fairness of Auction procedures by addressing unforeseen circumstances, to correct the data contained therein, and/or to ensure the smooth operation of the Platform and its safety.
11. The User acknowledges and agrees that the Company has the right to make any modifications related to the Auction after it starts, based on Infath’s instructions.
12. The User acknowledges and agrees that the Company has the right to cancel the Auction after it starts. This is done by persons who are authorized to modify and cancel only subject on the authority granted to them.
13. The Company will make every effort to maintain transparency in the Auction, and accordingly, Users will receive notifications in the event of any major changes to the ongoing Auctions. If there are any questions or problems resulting from a change in ongoing Auctions, Users should contact customer service to express their concerns or obtain assistance.
14. The User acknowledges his understanding and acceptance that the bids submitted by him at the Auction will be subject to additional terms and conditions specific to that Auction, and therefore, he undertakes to think carefully before submitting and bidding any Auction.
15. In cases where there is a significant change in the Auction after Users have begun bidding, Users who have placed their bid may contact customer service and discuss their options regarding withdrawing their bid.
16. In the event of cancelling the Auction before or after it starts, the Company undertakes to send a notification via SMS to all participating Users on the same numbers registered on the Platform to notify them of cancellation in order to ensure the Company’s commitment to maintaining transparency.
17. In the event of cancelling the Auction before or after it starts, the Company is obliged to immediately refund the Down Payment to the e-wallet of the User who made the Down Payment to participate in the canceled Auction.

The Company shall not be held responsible for any breach or violation of the User's commitments and declarations in this document. The Company reserves the right to cancel the User's registration and seize all fees, deposits, or bids made by the User. The User acknowledges and undertakes to defend and indemnify the Company for any costs and any losses.

Article 5: Platform Terms of Use

1. The Company displays Assets available for Auction and their relevant duration on the Website, and the opportunity for inspection is arranged directly with the Sales Agent.
2. The Company notifies Users -who agree to receive notifications through their accounts- about new Assets available for Auction.
3. If a User wishes to participate in the bidding for an Asset, they must deposit the Bid Deposit, as indicated in the Asset's advertisement on the Website.
4. The User can register and bid on multiple Assets simultaneously provided that they pay the Bid Deposit for each Asset they would like to bid on.
5. The User who paid the Bid Deposit has the right to enter the bidding process during the Bidding Period as long as the Sales Agent has not withdrawn the Asset before the end of the Bidding Period due to a court order. In case the Asset is withdrawn for that reason, the Bid Deposit is refunded to the User.
6. The Bidding Deposit will be held during the Bidding Period for all participants and will be released once the Bidding Period is over unless stated otherwise in these Terms and Conditions.
7. The User can withdraw his bid during the Bidding Period and the Bidding Deposit will be released then as long as the User is not the highest bidder.
8. If the User's bid is the highest at the end of the Bidding Period, and the bid is accepted by Infath, the User will be notified accordingly. The User must then directly coordinate with the Sales Agent to finalize the sale and document it.
9. If the User who was awarded the bid withdraws or fails to complete the sale, the Company will seize the Bid Deposit paid by the User and will have the right to cancel the User’s account and participation.
10. The User acknowledges and agrees that the Company does not guarantee the completion of Asset sales and assumes no responsibility regarding the Sales Agent's breach or withdrawal.
11. The Bid Deposit will be transferred to the relevant authority after the bid is awarded.
12. The winning User who was awarded the bid and the Sales Agent are jointly responsible for any government fees or taxes resulting from the completion of the sale, and the Company does not bear any of these fees. If the Company is charged for these amounts for any reason, it has the right to recover them jointly from both parties.

Article 6: Fee Payment

Any amounts due from the User must be paid directly through the Website using a credit card or debit card.

Article 7: Asset Inspection

The User acknowledges that they have been given the opportunity to inspect the Asset, and their payment of the Bid Deposit constitutes an acknowledgment of this fact, and they are not entitled to withdraw from it. The User cannot hold the Company liable for any damages resulting from any defects in the Asset, and the Company does not provide any warranties, commitments, or obligations in this regard.

Article 8: Legal Liability and Compensation

1. The Company shall not be held liable for any damages arising from or in connection with the unauthorized use of the User and/or Sales Agent's account or any damages resulting from unauthorized access to the Website by a third party. If the User and/or Sales Agent suspects that their account is being used by an unauthorized party or suspects any security breach, they must immediately notify the Company.
2. The User and/or Sales Agent agrees to indemnify the Company, its affiliates, employees, directors, and all related parties immediately and upon request, from any claims, liabilities, losses, costs, including legal costs, resulting from any breach or violation of these Terms and Conditions by the User and/or Sales Agent or any other damages arising from the User and/or Sales Agent's use of the Website.

Article 9: Intellectual Property

1. Copyright and all other intellectual property rights in all materials and content provided as part of the Website are owned by the Company or its licensors at all times. The User and/or Sales Agent may use these materials and content only as permitted in writing by the Company or its licensors. The User and/or Sales Agent agrees not to assist or facilitate any third party in copying, reproducing, broadcasting, distributing, adapting, using commercially, or creating derivative works from such materials or content. If the User and/or Sales Agent becomes aware of any commercial distribution or exploitation of any kind, they agree to inform the Company immediately.
2. By submitting any data or content on the Website, the User and/or Sales Agent grants the Company a non-exclusive, royalty-free, perpetual, irrevocable, worldwide, sublicensable, and transferable license for the use, reproduce, modify, adapt, translate, distribute, publish, copy, broadcast, and transmit it in any form or media, known now or to be invented in the future, and in derivative works to display or perform before an audience anywhere in the world through any media, known now or to be invented in the future, and to use the name provided in connection with the content.
3. The User and/or Sales Agent grants the Company an irrevocable authorization to take legal action against any natural or legal person who violates the User and/or Sales Agent's rights in this content.
4. The User and/or Sales Agent undertakes and agrees to do everything necessary as required by the Company to enable the Company to benefit from the rights granted to it under these Terms and Conditions.

Article 10: Duration of Agreement, Waiver, and Termination

1. The Terms and Conditions shall continue to apply as long as the User and/or Sales Agent continues to use the Website and even after the termination of such use concerning any matter or dispute arising during the User and/or Sales Agent's period of Website usage.
2. The User and/or Sales Agent is not allowed to waive this contract, but the Company may do so without the need for the User and/or Sales Agent's approval.
3. The Company has the right to terminate this contract and the User and/or Sales Agent's use of the Website immediately if the User and/or Sales Agent breaches the Terms and Conditions or if the Company believes, based on reasonable grounds, that the User and/or Sales Agent may violate the provisions of these Terms and Conditions or if the User and/or Sales Agent engages in behavior that the company deems, at its absolute discretion, to be unacceptable.

Article 11: Legal Inapplicability and Independence of Provisions

In the event that any provision of these Terms and Conditions is deemed illegal, invalid, or unenforceable, either wholly or partially, under any law, such judgment or portion thereof shall not affect the legality, validity, or enforceability of the other provisions contained in these Terms and Conditions, and the principle of independence of provisions shall apply.

Article 12: Applicable Law and Dispute Resolution

These Terms and Conditions are subject to the laws of the Kingdom of Saudi Arabia. In the event of a dispute between the User and/or Sales Agent and the Company regarding these Terms and Conditions, their violation, termination, implementation, interpretation, validity, or the use of the Website, Platform, or services, such disputes shall be settled amicably, by contacting the Platform's customer support team. If the dispute is not resolved amicably within 60 days from the date of notification of the dispute by one of the Parties to the other, the Parties agree that the dispute shall be exclusively referred to and settled by the relevant courts of Riyadh, in accordance with the laws applicable in the Kingdom of Saudi Arabia.