Real estate office owners vary in their knowledge of market movements , real estate marketing , and property management in terms of being fully dedicated to the profession. On the other hand, the person practicing real estate may have a job, and it is difficult for him to serve clients due to what he faces in his morning work, and the level of focus is not high for searching for a property to rent, a property to sell, or to buy. He needs a broker who is dedicated to his work in this field and whose mind is open to keeping up with events and valuable new offers.
I will tell you the story of a person who asked me to buy a commercial plot of land on a prime street. I brought him the owner of the land and we agreed on the purchase, although I do not prefer buying in installments, especially real estate, due to the changes involved. The seller stipulated in return for this offer the payment of a late penalty of (100,000) riyals for the transfer of ownership four months after the date of purchase. The sale was documented in the sales council. I was surprised after four months when I received a call from the seller asking to visit the office, and the buyer would be with him. I had expected that the transfer had been completed, but he requested to cancel the sale because he did not come at the time specified for the transfer, on 1/4/1436 AH.
The buyer was traveling outside the Kingdom and his return date happened to be the night of the transfer date and his arrival at Bahrain Airport, where the buyer was contacted and informed that the sale was canceled due to his delay of (24) hours, in addition to implementing the penalty clause mentioned in the sale, which is a deduction from the down payment of (100,000) riyals out of (400,000) riyals, as the value of the land was (800,000) riyals. I asked him to reconsider this matter, but the request was refused, and mediation was made by the seller’s relatives, but to no avail. After that, the hundred thousand riyals were deducted, and the buyer bore the commission. After (12) months from this incident, the price of the site jumped from (1,000 to 3,000) riyals, as the site was built by the seller with commercial shops and apartments, so its value increased even more.
The purpose of mentioning this story is to show that being familiar with the terms of contracts and studying them correctly by a legal professional protects against falling into what is forbidden.
