November 8, 2020 real estate

MoCI outlines regulations for practicing real estate brokerage


Ministry of Commerce and Industry (MoCI) issued a ministerial decision for outlining regulations organizing the real estate brokerage, which included 25 articles divided into six chapters. The ministry said in a press statement today, Saturday, that the regulation stipulated conditions where the practice of the real estate brokerage profession is only allowed after the person obtains a license to do so from the relevant authorities and is registered in real estate brokers registry.

The regulation also mentions the real estate administration affiliated to the Ministry of real estate brokerage includes books, papers or online data, containing fillable contract forms from the broker in addition to the registration number in the register and the expiration date of this entry.

Under the regulation, it is specified real articles and obligations, including the wages for being involved in brokerage in sales contracts and contracts for assignment of the right of usufruct, which is decided on an exchange for one percent of the value of the contract, to be paid equally between the two parties.

Regarding violations and complaints committed by the broker, the Ministry stated that the regulation included the formation of a committee comprising five members appointed by the Minister to look into violations of the provisions of the Law and the subsequent disciplinary penalties.

timeskuwait



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