The General Authority for Real Estate clarified the requirements for concluding and documenting real estate brokerage contracts. The Authority emphasizes the importance of adhering to the documentation of real estate contracts in all transactions related to the real estate sector, in order to contribute effectively to preserving the rights of all parties involved, reducing real estate disputes, and improving the quality of transactions in a way that achieves growth and sustainability of the sector.
According to an infographic published by the authority on its social media account “X”, the requirements for concluding and documenting a real estate brokerage contract are as follows:
- The real estate broker must have a valid “VAL” license.
Val License for Brokerage and Marketing or Val License for Brokerage and Marketing for Electronic Real Estate Platforms.
As the General Authority for Real Estate explained, a brokerage contract can be concluded between the broker and the buyer/tenant by following these steps:
- Log in to the Authority's platform
- Choosing an individual broker, intermediary, or firm
- Choosing brokerage contracts
- Creating a new brokerage contract
- Choosing the type of second party: buyer or lessee
- Filling in second party data
- Fill in the required property details in the brokerage contract
- Review of brokerage contract data
- Send the contract to the second party for notarization.
