Each and Every bidder wishing to purchase any property offered at Response Auctions must submit a financial guarantee cheque known as manager’s cheque for security to show that the bidder is a serious buyer. The cheque should be in the name of the Dubai Land Department and should be equivalent to up to 20% of the basic price estimated by the auctioneer for the property the bidder wishes to bid on.

What exactly is a manager cheque?

The bank offers buyers (bidders)  a secure cheque known as a manager check. Cash or funds from a bank account can be used to pay for the check, which ensures that it will be acknowledged by the receiver. For simplicity and security, using a manager check is preferable compared to using a lot of cash. The payer does not waste time or money on a check backed by insufficient funds because they are aware that the check is good for the amount written and are confident in its validity.

The manager checks that are received at the section that monitors the electronic real estate market are maintained in a safe place set aside for the purpose.

In case the bidder is not the winner of the auction, these checks will be returned to their owners after they have signed the receipt for the original.