Kuwait announced new rules on recently to restrict the amount of profit a real estate agent can make on a single deal.
Mr. Amani Buresli, the Gulf state's Minister of Commerce and Industry, issued a new directive setting a cap of one percent on the profit level of any deal.
The move is aimed at better regulating Kuwait's real estate sector and protect investors against ambiguities and against fraud and slack.
Highlights of New Rules..!
* The real estate agent must be registered and licensed to operate in the country.
* Under the new rules, real estate agents must be Kuwaiti or Gulf Cooperation Council nationals.
* Agents aged 21 and older, with no past breaches of law on their record.
* Real estate agents must also have a current trade permit and have high school or higher education.
* Any grievances or complaints against a real estate agent will be put before a committee to be formed of four members and a legal expert.
* The committee will consider complaints and issue an opinion "without delay and in a just manner".
* The committee can impose penalties against the party at fault, including suspension and revoking of the agent's Licence with the ministry.
Mr. Amani Buresli, the Gulf state's Minister of Commerce and Industry, issued a new directive setting a cap of one percent on the profit level of any deal.
The move is aimed at better regulating Kuwait's real estate sector and protect investors against ambiguities and against fraud and slack.
Highlights of New Rules..!
* The real estate agent must be registered and licensed to operate in the country.
* Under the new rules, real estate agents must be Kuwaiti or Gulf Cooperation Council nationals.
* Agents aged 21 and older, with no past breaches of law on their record.
* Real estate agents must also have a current trade permit and have high school or higher education.
* Any grievances or complaints against a real estate agent will be put before a committee to be formed of four members and a legal expert.
* The committee will consider complaints and issue an opinion "without delay and in a just manner".
* The committee can impose penalties against the party at fault, including suspension and revoking of the agent's Licence with the ministry.
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