Saudi Arabia makes unified rent contract mandatory
- Saudi Arabia: Tuesday, March 12 - 2013 at 06:07
The Saudi Shoura Council has approved draft legislation containing specific regulations to run real estate offices in the kingdom, Saudi Gazette has reported. According to the proposed law, real estate offices must follow a unified rent contract drafted by the commerce and industry ministry. It is also mandatory for real estate offices to keep a register with comprehensive information about the transactions of leasing, sale and the value assessment made by these offices for a period of 10 years, said Dr Fahaad Al-Hamad, assistant chairman of the Shoura Council.
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