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RAK issues regulations for real estate agencies

Discussion in 'Dubai property' started by Fran, Sep 15, 2008.

  1. Fran

    Fran New Member

    Only UAE and GCC nationals will be allowed to hold licence for real estate offices in the emirate of Ras Al Khaimah, according to the resolution no 32 for 2008 on executive regulations of real estate agencies issued by H.H. Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah.

    ''The licence holder should run the business by himself or by a kin or a partner.

    He is not allowed to lease the licence to any other person,''the executive bylaw stipulates.

    A banking guarantee worth AED 300,000 is needed if the office scope of business will include selling, buying and brokerage of lands and properties.

    If the office practices leasing of lands and properties, the banking guarantee will be AED 100,000. If the office sells, buys, leases, brokers and manages lands and properties, a guarantee of AED 400,000 should be issued.

    The law sets the percentage of commission these offices should get in return of their services, terms and conditions of licensing real estate offices, their responsibilities and duties as well as legal liability.
     
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