Abdullah Al-Hammad, Director General of the Saudi Arabian Real Estate Directorate General, said that the most important tasks that the real estate brokerage system that came into effect would be to manage the relationship between real estate parties. property activities, in addition to determining models of procedures from contracts, clarifying the rights in them, as well as all obligations and their details.
Al-Hammad confirmed in statements to Al-Arabiya on the sidelines of the Real Estate Brokerage Induction Ceremony, which was organized by the General Directorate of Real Estate in the presence of Minister of Municipal, Rural Affairs and Housing Majid Al-Khogail. , and a number of officials and entrepreneurs in the real estate sector, that penalties begin for non-compliance with the system of real estate activities. With a warning, and then up to a financial fine, and at the maximum – revocation of a license and a ban on real estate activities.
The Chairman of the Office added that the number of visitors to the real estate brokerage system electronic platform was more than (1.2) million visitors, reflecting the awareness of real estate practitioners and the importance of the brokerage system for the real estate market. market, since the Authority has issued over (120) thousand licenses for real estate brokerage between institutions and individuals, and this since the entry into force of the system.
The system of real estate brokerage, which came into force on 25 Jumada al-Awwal 1444 AH, which corresponds to January 18, 2023 CE, includes 7 main activities that are subject to its provisions, namely: real estate brokerage , real estate marketing, real estate management, property management, real estate auctions, real estate advertising, real estate consultations and analysis.
The real estate brokerage system allows current real estate professionals working in the real estate brokerage and services industry to organize and adjust their conditions and benefit from the system’s adjustment period, which ends on Dhu al-Hijjah 1444 AH, which corresponds to July. 18, 2023 AD
This system is aimed at improving the quality of real estate transactions, preserving the rights of dealers in the real estate market, increasing its transparency and reducing real estate disputes. Real estate assets.
