Today, Sunday, December 18, 2022, the opinion of interested parties and the public on the Executive Regulations of the Real Estate Brokerage System published by the General Real Estate Authority on the “Poll” platform and the polling period ends on January 15, 2023.

The polling period ends on January 15, 2023. The regulation aims to establish the executive provisions of the Real Estate Brokerage Law issued by Royal Decree No. (M/130) dated 11/30/1443 AH, as stipulated in Article 23 of the law.

Article 21 of the regulation stipulates that real estate broker is entitled to a commission of 25% of the value of the deposit if the seller or lessor receives it without completing the real estate transaction, unless the parties agree otherwise in the real estate brokerage contract.

It is worth mentioning that the Council of Ministers, chaired by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, approved last June the Real Estate Brokerage Law, which aims to regulate real estate brokerage and real estate services.