The Real Estate General Authority announced the start of applying work in brokerage activities and real estate services in accordance with the real estate brokerage system, which was approved by the Council of Ministers, and the corrective period granted to real estate brokers to organize and correct their conditions based on it expired yesterday.
The authority said that the system includes 7 real estate activities for licensed establishments: real estate brokerage activity, real estate marketing activity, property management activity, facilities management activity, real estate auction activity, real estate advertising activity, and real estate consultancy and analysis activity, while the work of individuals is limited to four of them only. These are: mediation, marketing, advertising, consultancy and real estate analysis.
The authority clarified that these activities are practiced exclusively by real estate brokers, licensed and qualified service providers from establishments and individuals, noting that they are obligated under the system to work according to the mediation contract forms approved by the authority and require them to issue a license for each advertisement according to an approved form in the electronic services platform of the authority if he is going to advertise himself.
Each licensee is also obligated to disclose and be transparent by explaining in writing to the parties to the real estate brokerage contract when there is a possibility of a conflict of interests, or if he is a mediator for both parties at the same time, and to inform the parties to the real estate transaction of all his information, data and documents related to the real estate transaction, and not to mediate in the completion of any transaction. real estate in which he has conflicting interests in any way; Except after obtaining the written consent of the parties to the transaction, and the broker is obligated to maintain the confidentiality of the data he obtains, according to the authority.
The authority confirmed that real estate brokerage practitioners and real estate service providers can now issue and renew licenses electronically, conclude mediation contracts and issue licenses for advertisements electronically through the real estate brokerage electronic services platform. Authority electronic services.
Read more: Chairman of the Saudi Real Estate Authority: The “contribution system” will be effective in November 2023
The Authority has also made available, through the Saudi Real Estate Institute, 3 training tracks to raise the capacity for those wishing to complete the qualification requirements to obtain the real estate “Fal” license. The “Save the guarantee amount” service has also been made available through “Ejar”, a service through which the guarantee amount (insurance) is saved with “Ejar” to compensate the property owner for any damages that may occur to the property during the tenant’s use of the rental unit as one of the requirements of the real estate brokerage system and its implementing regulations.
During this period, the authority allowed the issuance of all licenses except for the real estate auctions license, and the real estate consultancy and analysis license, whose availability will be announced during the coming period, in addition to that the development of more than 40 services has been scheduled until the end of the first quarter of 2024 AD, which includes enabling platforms to provide real estate services, and documenting Deal contracts, down payment, quest and others, in pursuit of continuous improvement and permanent development to serve beneficiaries and partners.
Read more: The Saudi Real Estate Authority reveals the mechanisms of the real estate contribution system
Starting today, the authority will start implementing the list of violations through monitoring and compliance work that operates according to four main tracks: the authority’s monitoring teams, joint monitoring campaigns with the relevant government agencies, in addition to the electronic control track, and the response track to the communications submitted on the authority’s platform.
The authority called on all real estate brokers and service providers to comply with the rules of the system and not to violate it, and not to take any action or refrain from any action that would harm the interests of those dealing with it, or conflict with the provisions of the system, and to inform the authority of any amendment or change related to the practice of real estate brokerage activity, And register all the mediation contracts it concludes, and all the real estate deals it makes on the electronic platform, and enable the control and compliance teams to perform their work and facilitate their tasks, and this includes entering his workplace, providing them with documents, licenses and related documents, and reviewing the violations that lead to financial penalties or administrative procedures through The official website of the authority.
Read more: The expiry of the corrective period for the real estate brokerage system in Saudi Arabia
It is noteworthy that the real estate brokerage system, which began implementing all its provisions today, aims to regulate real estate brokerage activity, and provide innovative and qualitative real estate services to beneficiaries. Dealers, and raise the transparency of the real estate market.
