Joint field teams from the Real Estate General Authority (REGA) and the Hail Region Municipality carried out more than (50) supervisory tours targeting real estate establishments to monitor compliance with the implementation of the Real Estate Brokerage Law. These efforts are part of the ongoing collaboration between the Ministry of Municipal and Rural Affairs and Housing and REGA.
The joint inspections uncovered several violations, including practicing real estate brokerage or providing real estate services without obtaining or renewing the required license, offering services without possessing copies of property ownership or usage rights documents, and failing to register or deposit concluded brokerage contracts or completed real estate transactions on the designated electronic platform.
REGA urged all real estate brokers and service providers to adhere strictly to the provisions of the law and avoid any violations. It also advised reviewing and correcting any violations to avoid penalties, which may include official warnings, license suspension or revocation, and financial fines. REGA further emphasized that fines may be doubled if the same violation is repeated within three years. The implementing regulations of the law define the types of violations and the corresponding penalties.
The Real Estate Brokerage Law aims to regulate brokerage activities and offer innovative, high-quality real estate services to beneficiaries. It also seeks to enhance the quality of real estate transactions, support brokers and service users, promote the sustainability of real estate assets, reduce disputes, protect stakeholders’ rights, and improve transparency in the real estate market.