Majlis ashura approves real estate mediating offices bill

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 today 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.