Home Qatar Draft Law Regulating Practice Of Real Estate Brokerage Approved

Draft Law Regulating Practice Of Real Estate Brokerage Approved

Yesterday, the Advisory Council approved a draft law regulating the practice of real estate which proposes permission for foreign real estate brokerage firms to open branches in Qatar with the partnership of citizens.

The proposed law stipulated a maximum three months in jail and a fine QR100,000 or one of them for doing brokerage practice without licence. The expatriate violators will be deported after serving the sentence.

As per the commercial law, the foreign brokerage firms will be set up based on the partnership of 49 percent (foreign) and 51 percent (Qatari). The local firms will utilise the international experiences of foreign firms and the foreign firms will also promote the local projects in the international markets, therefore it is proposed to allow them to open the business in the country, the Council noted.

The Council has also recommended to form a committee for real estate brokerage affairs out of the Ministry of Justice.

The legal affairs committee of the Council held three sessions to discuss the draft law. The third session was attended by Minister of Justice, H E Dr Hassan bin Lahdan Saqr Al Mohannadi.

The law also stipulates the brokerage firm should not have any connection with government institutions dealing with real estate markets. A contract format will be made to allow the broker to take power of attorney from the owners to sale the property.

Source

 

Comments

comments