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Thursday , February 25 2021

Amendment tied to real estate advt fees

KUWAIT CITY, Dec 6: Ministry of Commerce and Industry issued the Ministerial Resolution No. 191/2020 amending some articles of the Ministerial Resolution No. 252/2016 related to fees for advertising real estate offered at various real estate offices, reports Al- Anba daily.

The first article of the new decision stipulates adding new articles to the Ministerial Resolution No. 252/2016 tp regulate commercial advertisements for marketing, sale, promotion and purchase of real estate and land (Article 8 bis), saying “Real estate brokerage offices may advertise properties offered to them, and the advertisement license fee for a period of 3 months is 75 dinars.

Under this license, it has the right to advertise for the real estate through various means of publication, and it’s obligated to bring and deliver the brokerage contract and advertisement form to the real estate administration before publication, while advertisement should be through licensed means only. It could renew more than once.

The second article of the decision stipulates that renewing the license requires the following:

1 – A valid commercial license and existing brokerage book.

2 – Handing over to the real estate management a list that includes detailed announcements made for the property with mentioning of address of the offered property.

3 – The mediation contract signed by both parties (the broker and owner of the property).

4- Data of the person who has tagged the property (the auctioneer), including the name and phone number.

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