The Public Authority for Real Estate announced the start of the application of financial transactions in real estate brokerage through a specialized electronic platform, in which contract amounts are deposited under the name “escrow account”, in the middle of next January, with the aim of preserving the financial rights of all parties dealing in the sector, and the Authority indicated that this development comes in light of the digital transformation, and as a result of studying the possibility of integrating the electronic platforms of the Real Estate Commission into one platform, including the “in-kind registration” platform.
The Authority indicated that it is currently working on preparing the executive regulations for real estate brokerage, in preparation for the implementation of the system in mid-January of next year 2023, explaining that the regulations set controls for licenses for current practitioners of the brokerage profession and individuals wishing to enter the real estate brokerage sector.
She reported that among the controls for obtaining real estate brokerage licenses for those wishing to enter the sector, the need to obtain brokerage courses from the Saudi Real Estate Institute such as real estate marketing and property and facilities management, while current real estate brokerage practitioners will undergo a test, and if they do not pass the test, they will be excluded from the market, and they will not be allowed to re-practice the profession until after retaking and passing the test.
She referred to the mandatory and indicative contracts that govern the relationship between the broker and the beneficiary, indicating that the regulation will clarify the types of contracts and the parties registered in the contracts and how to use them and deposit them with the General Authority for Real Estate in order to preserve rights, as the Authority can refer to them in case there is a dispute between the contracting parties, and the Authority is currently working on preparing special contracts for sale between real estate brokers and beneficiaries.
She stated that before the end of this year, the executive regulations and requirements for licenses and their mechanisms and curricula for the Real Estate Institute will be completed to be in line with the new system, explaining that the brokerage system is an extension of the tasks and work of the General Authority for Real Estate and achieving its vision so that the Saudi real estate sector is vital and attractive and characterized by confidence and innovation.
