Saudi Arabia’s REGA warns against unlicensed brokers deals

Saudi Arabia’s REGA warns against unlicensed brokers deals

RIYADH: The Saudi Real Estate General Authority called on all people wishing to complete real estate unit leasing operations not to deal with unlicensed brokers who claim to be real estate brokers, offices or owners,

with the aim of avoiding becoming victims of fraud and transferring money to unknown individuals.

REGA’s spokesperson Taiseer Al-Mofrej stressed that it is necessary to verify that brokers, individuals or establishments, are issued with a real estate advertising license by REGA.

The broker’s information such as their license number, ID number, or unified number should be updated on the authority’s online portal for quick verification.

Buyers and tenants can also learn more about the rent and property prices on Ejar to make sure that the price quoted falls within average prices of real estate units in the location.

After documenting the electronic contract, payments can be transferred via the electronic payment channel offered by Ejar’s services on www.ejar.sa. Tenants must be wary of direct financial transfers to bank accounts to reduce fraud.

Al-Mofrej said that the authority took legal action by summoning a number of brokers involved in scams and used other people’s licenses for making contracts. They will be referred to the relevant authorities