The rules governing real estate brokers" licenses set a maximum percentage of % of the property value as a deposit required by the real estate broker to reserve the property, in addition to not entitling the real estate broker to the value of the quest if he is a second party to the contract concluded for sale, and violators are punished by revoking the real estate brokerage license and not registering it in the registry for up to 5 years.

Real estate brokers» licenses.

The off-plan sale or lease program "Wafi" announced the rules governing the licenses of real estate brokers for off-plan sale or lease projects for small and medium projects, up to 5,000 square meters for medium projects, and between 5,000 and 10,000 for medium projects.

Wafi announced the rules governing the licenses of real estate brokers for off-plan sale or lease projects for small and medium projects.

Marketing Requirements

The system requires the real estate broker registered in the system before advertising or marketing any small and medium off-plan real estate project to ensure that the requirements of having a copy of the electronic deed of ownership of the project property to be marketed, obtaining the prior written consent from the land owner or the owner of its benefit to market the project, statutory licenses and engineering and architectural designs approved by the competent authorities to approve the construction of the project, and the construction area of the project should not exceed 10 thousand square meters unless the project has a sales or marketing license on the map, as the system gave marketing of real estate projects the

Qualifying Real Estate Brokers

The committee has set a number of requirements for granting real estate brokers registration licenses as real estate brokers after paying the specified fee, which includes requiring the applicant to upload a certificate confirming that the applicant has passed the qualification program for real estate brokerage, uploading a copy of the valid commercial register issued by the competent authorities, and a true copy of the ownership certificate of the place of brokerage or its lease contract, and the real estate broker must apply to renew his registration in the register no less than 15 days before the expiration of the license, and if 30 days have passed since the end of the license and not renewed, the renewal request is treated as a new registration request.

Real Estate Broker Obligations

The committee listed a number of obligations that the real estate broker must abide by, which include providing the committee with the required license requirements, registering all data of the advertised projects in an electronic platform, keeping in his own record all transactions that were concluded through him, keeping the documents and papers related to them, and providing them to the committee on a quarterly basis, in addition to not establish himself as a second party to the contract that he brokered unless authorized by the contract, in which case the real estate broker is not entitled to seek fees, and not disposing of the funds received from the He must perform or deliver them in accordance with what was stipulated to him, and be responsible for any losses or damages caused to any of the contracting parties as a result of fraudulent or deceptive mediation or without due diligence, and educating buyers about the provisions of selling or buying on the map. Selling or buying on the map, explaining their rights and obligations, which are necessary to avoid ignorance, and not marketing small and medium real estate projects on the map when the license expires, in addition to the requirement that the reservation amount should not exceed 5% of the value of the real estate unit.

The most prominent obligations of a real estate broker:

1. The reservation amount does not exceed 5 % of the value of the real estate unit
2. Not to establish himself as a second party to the contract he brokered
3. Awareness of buyers of the provisions of selling or buying off-plan
4. Be responsible for the contracting parties' losses due to fraud
5. No marketing when the license expires