The Council of Saudi Chambers has called on real estate sector professionals to participate in providing feedback on the classification of violations and penalties under the Real Estate Brokerage Regulation proposed by the General Real Estate Authority its implementing regulations via a survey platform, with the aim of enabling the public, government agencies, and the private sector to express their views on the matter.
The Federation of Chambers stated that this move stems from its commitment to fulfilling its mandate to serve the business sector, promote its interests, and advocate for legislation that supports its progress and prosperity in line with the objectives of Vision 2030.
According to the Executive Regulations of the Real Estate Brokerage Law, violations of the Real Estate Brokerage Law are classified into five main categories:
– Licensing violations, including engaging in real estate brokerage or real estate services without obtaining a license.
– Violations related to commissions, guarantees, and deposits, including a real estate broker retaining a deposit as security for their rights or receiving any amount from the contracting parties for the benefit of any of them in excess of what is required to perform their work, or using the amounts received for purposes other than those for which they were intended.
– Real estate marketing violations, including failure to state the licensee’s name and license number in any advertisement or publication related to the property.
– Violations regarding real estate information and documents, including providing real estate brokerage services without possessing copies of documents and proof of ownership of the property or its usufruct, and providing misleading information or concealing material information regarding the property that is the subject of the brokerage or real estate service.
– General violations, including failure to comply with mandatory forms and contracts for real estate services and activities, and failure to file or register brokerage contracts or real estate transactions completed on the electronic platform, while penalties include warnings, fines, and license revocation, depending on the circumstances and the frequency of the violation.
