From now, all real estate transactions through brokerage firms

Muscat: The Ministry of Housing has announced that the real estate transactions will be registered through the brokerage offices licensed by the ministry from October 1, 2018.

As per guidelines set by the ministry, the real estate brokerage office must be licensed by the ministry.

The role of estate brokerage offices to be limited to registering the initial sales contract while the final processes will be completed at the ministry’s one-stop shop counter.

The real estate brokerage offices are not authorized to receive or keep the original title deeds or official documents and the collection of the fees will be collected only at the ministry’s one-stop shop counter.

The ministry said the system aims to regulate the real estate transactions in accordance with the Royal Decree No. 78/1986 concerning the real estate brokerage firms and create more jobs for Omanis through the private sector participation.

As it will help the clients to complete their initial real estate transactions during non-working hours of the Ministry of Housing.

The real estate brokerage offices in Muscat will register the initial sales contract electronically, which includes the data of the property to be sold and details all parties.

These transactions will include residential, commercial, industrial, tourist, residential plots, mortgaging, apartments, villas and shops (subject to their classifications), both buying and selling transactions for GCC nationals and all sales and purchase transactions for expatriates and foreign nationals in integrated tourist complexes.

Oman Observer

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