Headed by its speaker Sheikh Dr. Abdullah bin Mohammed bin Ibrahim Al Al-Shiekh, Majlis Ashura (Consultative Council) approved at an ordinary meeting in Riyadh yesterday the new real estate mediating offices bill.
The 12-article system stated the activity of the private real estate offices in selling, purchasing, leasing, marketing, running other's ownerships and evaluating real estates.
The rule gave the real estate brokers a not more than 2.5% commission of the value of the selling or renting services (for a one year leasing, for instance).
Each office is to keep documents of the service provided for reference for at least the last ten years, regulations say.
Last Modified Date: 11/03/2013 - 1:05 PM Saudi Arabia Time