Validity Of The Property Package Is Only 2 Weeks

According to alrai The Ministry of Commerce and Industry is heading to issue a regulation for practicing real estate brokerage and being registered in the real estate brokers registry, and according to the draft decision, the broker and his deputy will not be permitted to use the market for real estate marketing purposes, negotiations or any other use for a period exceeding two weeks from the date of its registration in the brokerage book, other than the current time. There is no specific time for the soma, as it was up to 6 months and sometimes a year.

According to the provisions of the draft, which “Al-Rai” obtained a copy of, everyone who engages in real estate brokerage must adjust his position before next January 1, while the broker or his deputy will be responsible for any losses or damages that affect any of the contractors or others as a result of the broker’s work through fraud Or deception or without taking into account the principles that must be followed in accordance with the provisions of this decision.

It will be permissible for the broker to authorize the residency of a representative for him who meets the same conditions stipulated, while the wage of the broker is determined in the sales contracts and the assignment of the right of usufruct in exchange for one percent of the value of the deal, and his wage is determined in the lease contracts equal to half the monthly fee for one month.

he parties to the brokerage contract may agree otherwise, and the following are the details:

Brokers’

Register A paper or electronic register is created in the Ministry to record real estate brokers who are authorized to engage in real estate brokerage, in which all the data related to the real estate broker and every change or amendment that occurs to these data are recorded. The record shall be available for public viewing. The licensee to engage in real estate brokerage is obligated to notify the Real Estate Department at the Ministry of any change that occurs in the data and information contained in the register within a maximum period of 7 working days from the date of the change.

Regulating the profession The

real estate administration in the ministry may authorize the broker to establish a representative for him who meets the same conditions stipulated in Article 3 of this decision, and is bound by the stipulated obligations, as well as his commitment to the conditions, rules, instructions and circulars issued by the real estate administration in “trade” in regards to organizing the profession of brokerage.

Registration certificate

Every real estate broker is obligated to submit a request to renew his registration to the Real Estate Department every two years through the form designated for that, at least 30 days before the date of the registration certificate expiration date, and this department must renew his registration in the register after verifying that the conditions for renewal are met.

Brokerage books,

contract forms. The Real Estate Department at the Ministry issues real estate brokerage books, in paper or electronic, that contain contract forms that can be filled out by the broker. Provided that it bears the name and address of the licensee, in addition to the number of his registration in the record and the expiration date of this entry.

Paper notebooks:

2- They must be composed of a number of pages that are numbered, serialized, sealed, and approved by “commerce”.

7- The signature of the broker in a conspicuous place on the book to be an evidence on the parties to the mediation process.

2- Filing in the book shall be by the broker, and it must be free from any void, abrasion, insertion, or addition, whether this is done by steel or footnotes.

The completion of the contract

when the contract is completed, a copy is received for each of the seller and the buyer, and the third to the real estate administration in the Ministry, provided that the rest of the copies are delivered to the bodies indicated in the book, and a final copy is kept in the book to be referred to when necessary, and it is required that you take this copy with the numbers that are given to the original.

Registration of the stock

The broker or his deputy is obligated to register each sale separately in the part of the brokerage’s books, indicating the following:

-The name of the owner of the stock, his civil number and his phone number.

２- Sum value.

３- The date of the sama.

４- The period of survival of the stock.

Practice discontinued

In the event of stopping practicing the profession, changing the activity, closing the office, withdrawing the license, or for other reasons, the broker, his heirs or his legal representative must deliver the brokerage books to the real estate department in the ministry within two weeks, as well as if one of the cases indicated in this decision is fulfilled. Which relates to the cases of the failure of the brokerage capacity.

Brokers’ rights

The broker’s wage is determined in the sales contracts and the assignment of the usufruct in exchange for one percent of the value of the deal. His wage is also determined in the lease contracts equivalent to half the monthly fee for one month. The parties to the brokerage contract may agree otherwise.

If more than one broker participates in the mediation or negotiation on behalf of one party in order to reach an agreement and this leads to the completion of the agreement, then they all share the wages as if they were a single middleman and the wage is divided equally between them unless there is another agreement specifying the percentage of each of them in the wage.

Brokers’ obligations

The broker or his deputy is obligated to provide all the information, data and statistics related to his activity that the competent authorities request from him, and the concerned parties, provided that he is restricted in that to maintain the confidentiality required by the nature of this profession.
Each broker must present everything requested by the real estate administration, especially the copy of the book or the license, in addition to his obligation to associate his name with his registration number in the real estate management register at the Ministry and the expiration date in all correspondence and reports issued by him.
Every broker registered in the register must provide the copy of “trade” from the book annually.
The broker and his deputy must carry out their work in accordance with the provisions of the relevant laws and decisions and the profession’s code of ethics.
The broker or his deputy must inform the clients of all the details of negotiations and the stages of this mediation that he conducts, as well as any information deemed necessary to enable them to take the appropriate decision to conclude the agreement with the other contractor. Especially when the client is informed of the financial condition of the other party in the deal so that the other party is not presented with a client who knows that he is insolvent or unable to fulfill his financial obligations.
The broker or his deputy, even if he is only authorized by one of the two parties to the deal, must present it to them both honestly and inform them of all the circumstances that he knows about, and he shall be responsible before them for every fraud or error he makes in that.
The broker and his deputy may not disclose clients’ secrets to others.
The broker or his deputy shall act as the trustee of any sums, securities, bonds, or any things that have been delivered to him by either of the two parties for safekeeping or for delivery to one of the parties, and he must perform or deliver them in accordance with what is stipulated between them, and the legal rules governing the trust apply to The broker or his deputy in all these matters.
The broker or his deputy shall be responsible for any losses or damages incurred by any of the contracting parties or others as a result of the broker doing his work through fraud or deception or without regard to the principles that must be followed in accordance with the provisions of this resolution.
It is prohibited for the broker or his deputy to work for the benefit of any of the contracting parties in contravention of his obligations towards his representative, or to accept from one of them a promise to obtain some benefit in circumstances where good faith rules prevent him from accepting this promise.
The broker or his deputy must immediately inform the real estate management if the book is lost or partially or completely damaged and the circumstances in which this took place.
The broker must keep a record of each real estate transaction, so that this record contains the name of the seller and buyer, the value of the contract and the date of its conclusion, as well as a copy of the important data, information and documents that reached him during the mediation process, provided that his commitment to keeping this file remains for 5 years from the date of the contract. The preservation process must also take place in accordance with arrangements that facilitate the process of retrieval if requested to do so by the competent authorities or any of the contracting parties or their private successors.
A person licensed to practice the profession must practice it himself or through his deputy in accordance with the controls and limitations laid down by the ministry, which are stipulated in this decision, provided that this activity is practiced through an office with a specific address in Kuwait, and in case of violation of that, he will be subject to the penalties stipulated By this decision or any other more severe penalty determined by other laws.
The broker and his deputy may not use the market for real estate marketing, negotiations, or any other use for a period exceeding two weeks from the date of its registration in the brokerage book.
The broker or his deputy must inform the buyer of all the documents and documents supplied to him by the seller, so that he is responsible for the damages that may be caused to the buyer as a result of his negligence or failure to fulfill this obligation regardless of his bad or good faith in that.
When performing this obligation, the broker must exert the care of the careful man, especially the investigation of the absence of any legal or material difficulties that prevent the transfer of ownership of the property to the buyer.

Non-Kuwaitis

, when seeking assistance from others who do not have the right to practice brokerage and who are not holders of Kuwaiti or Gulf nationality, a broker must register them at the office in which they work, and that their residency is confirmed by the broker in whose name the license to practice the profession of brokerage is issued, in addition to taking into consideration the approval that Required by the systems established by the concerned authorities, in coordination between “trade” and these authorities.

Investigation committee

A committee consisting of 5 members shall be established in the ministry, to be formed by a decision of the minister specifying its terms of reference, its working mechanism and the authority of its decisions. All violations committed by the broker, as well as all complaints lodged against him, or what is revealed to the ministry in terms of actions or actions that violate the provisions of the Trade Law, the provisions of this decision, or the conditions of registration, shall be referred to the Committee, as well as the breach of the broker or his deputy with any of the obligations stipulated in Clause Second of Chapter The fourth of this decision. The committee must carry out its duties in accordance with the rules and procedures that ensure the speedy settlement of disputes and the achievement of justice among the litigants.

Disciplinary penalties for the disciplinary

committee to impose any of the following penalties:

-Warning

2- Stopping the license for a period not exceeding 6 months, during which he is not entitled to engage in brokerage business. In addition to his commitment to hand over the real estate books on him with this decision to the Ministry’s Real Estate Department.

３- Cancel the license.

The right to grievance

cancellation of the broker’s registration license from the register of registration in the real estate department in the ministry by a decision issued by the competent minister based on the recommendation of the committee stipulated in Article (20), in which the reasons for the cancellation are indicated. The broker whose registration has been revoked from the registry has the right to grievance against the decision to cancel the registration before the competent minister, and the minister has the right to support, amend or cancel the decision in light of the reasons presented to him, and failure to respond to the complainant is considered as refusing the grievance. The fall of the broker

fall recipe broker, and canceled its license and registered in the

following: Cases 1. Leave the broker brokerage final, notice the property management of the ministry to do so.

7- His loss of any of the conditions that must be met to practice the profession stipulated in Article (3) of this decision.

2- If it appears that his registration was the result of false information that he provided to the Ministry or one of its competent departments.

7- The issuance of a decision by the competent minister to cancel his registration due to his breach of the rules and procedures laid down by the «Commerce».

Conditions for registration

For a natural person to be registered in the real estate brokers register, the following is required:

-Kuwaiti or Gulf citizen.

２- At least 21 years old when submitting the application.

2- He has full legal capacity at the time of registration.

2- He shall not have been convicted of a felony or a crime involving breach of honor or trust, unless he has been rehabilitated.

7- Not to be registered in the real estate residents ’registry.

2- Passing the training programs and tests required by the Real Estate Department at the Ministry of Commerce and Industry, with the exception of brokers licensed to practice real estate brokerage before the implementation of this decision.

7- Allocate an independent headquarters to practice real estate brokerage.

7- Accept commitment to the profession’s code of ethics.

As for the legal person:

2- A company in accordance with the provisions of the Companies Law, whose primary purpose is to engage in real estate brokerage.

２- It is based in Kuwait.

2- That it has not been previously declared bankrupt.

2- That the responsible manager fulfills the conditions mentioned in the first paragraph of this Article.

Eligibility for remuneration In

order to be entitled to a broker’s remuneration, the following is required:

１ – His mediation leads to the conclusion of the contract.

２- Conclusion of the contract between the two parties.

３- A written brokerage contract.

The mediation process is attached to the broker’s book. With proof of its basic data and documents in this book.

2- The contract should not be conditional on a suspended condition, otherwise it is entitled to a fee when the stopping condition is met.

Taking into account all of the above, it is permissible to prove the brokerage contract as a business by all means of proof, including evidence, evidence, and witness testimony, whether in the face of the broker or others.

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