Real estate brokerage law to ensure reliable transactions, improve services quality: Al-Hogail

Majid Al-Hogail Minister of Municipal and Rural Affairs and Housing

The Saudi Cabinet’s ratification of the real estate brokerage law will help ensure the reliability of real estate transactions through the Real estate General Authority (REGA), said Majid Al-Hogail, Minister of Municipal and Rural Affairs and Housing, said on Twitter.

The law will also help improve the quality of services and protect the rights of all parties in the sector.

The real estate brokerage law aims to regulate brokers’ business and provide innovative and quality services for beneficiaries. The law will also affect the real estate sector, as it will raise the quality of real estate and brokers’ transactions, maintain the sustainability of assets, limit disputes, protect stakeholders’ rights and boost transparency in the sector.

Under the new law, real estate brokerage services are limited to brokers licensed by REGA. The real estate brokerage and transaction contracts shall be submitted online. In addition, the commission and advance payment should be set. Meanwhile, violators will be subject to penalties under the law, Al-Hogail added.

The Saudi Cabinet approved today, June 28, the Companies Law and Real Estate Brokerage Law, Argaam earlier reported.