The General Authority for Real Estate announced on Wednesday that it launched the name “Val Real Estate License” for real estate licenses to practice real estate brokerage activities and services covered in the Real Estate Brokerage System.
The official spokesperson of the General Authority for Real Estate, Tayseer Al-Mafraj, said that more than 148 thousand real estate licenses have been issued for establishments and individuals since the system came into effect on January 18 last year. More than 148,000 real estate licenses have been issued to establishments and individuals since the entry into force of the system on January 18, and all licenses have been automatically changed to the name announced today, pointing out that the “Val Real Estate License” is five licenses for the practitioner and a sixth license for real estate advertising.
The Authority's spokesperson, Tayseer Al-Mufaraj, said that the "Val Real Estate License" consists of five licenses for the practitioner and a sixth license for real estate advertising. He explained that the VAL license is an official document that authorizes individuals and establishments to practice the real estate activity specified in the license; where the VAL license for real estate brokerage and marketing authorizes individuals and establishments to practice the activities of mediating a real estate transaction between its two parties in exchange for a commission, and marketing the property whether through advertising means or direct marketing in offices, exhibitions and others.
The VAL license for real estate brokerage and marketing authorizes individuals and establishments to practice the activities of mediating the completion of a real estate transaction between the two parties in exchange for a commission. <The VAL Property Management License is a special license for establishments that entitles the establishment to manage the financial and administrative affairs of the property on behalf of others, and the VAL Facilities Management License is a special license for establishments that entitles the establishment to manage the technical affairs of the property on behalf of others, in addition to that the VAL Auction Management and Organization License is for establishments. It is a license that entitles the establishment to undertake the tasks of offering real estate for sale by public auctions, including electronic real estate auctions, and the Val Real Estate Consulting and Analysis License is a license that enables establishments and individuals to provide analysis, real estate consultations and opinion related to the real estate sector to the public through any media outlet or to a beneficiary of the service.
<Al Mufaraj explained that it is a license for the same advertisement regardless of the practitioner's license, which is a license to publish visual, audio, written and electronic advertisements for the purpose of disposing of real estate, whether through television, radio, roads, printed newspapers, electronic platforms, social media and other means, and that under (VAL Real Estate Brokerage and Marketing License) the broker is authorized to practice the activity and requires him to issue a license for each advertisement according to a form approved in the electronic services platform of the General Real Estate Authority available in multiple systems for issuing if he will advertise himself, and in Al Mufaraj added that during this period, the Authority made available the issuance of all licenses except for the real estate auction license and the real estate consulting and analysis license, which will be announced in the coming period after completing its regulatory requirements and purification, where regulations will be issued for these activities.
On the other hand, the spokesperson confirmed <a style="color: #993300;" href="https://amlak.net. to the General Real Estate Authority that all practitioners should take advantage of the corrective period and complete the training requirements for licenses as all licenses issued or to be issued during this period will be valid until the compliance start date on 30 Dhul Hijjah 1444 H corresponding to July 18, 2023 AD.
The General Authority for Real Estate had previously announced that the Royal Decree enforcing the Real Estate Brokerage Law allows current real estate practitioners working in the fields of brokerage and real estate services to organize and correct their situation for six months (180 days) - a corrective grace period - that started on January 18, and that services related to issuing the necessary licenses to practice real estate brokerage and marketing activity are available without financial charge and training requirement throughout the period of correcting the situation.
