Regulating real estate property management… licensing for 5 years and record keeping for 10 years
I introduced General Real Estate Authority Draft regulations for real estate property management. The regulation aims to protect the rights of landlords and tenants, enhance transparency, and regulate the contractual relationship between the parties.
It requires The regulationWorkers in this activity must obtain an official license and regularize their status within 90 days of its entry into force.
Real estate property management
The General Real Estate Authority clarified that the regulation applies to all real estate with the exception of state real estate. She indicated that practicing property management activity is limited exclusively to persons with legal status.
She indicated that the practice requires obtaining a 5-year license through the electronic platform approved by the Authority.
The new regulations confirmed that the property owner is prohibited from contracting with more than A property manageron the same property at the same time.
It stressed the prohibition of the property manager depositing any money he receives from others into his own accounts. It obligated him to deposit all financial amounts directly into the property owner’s account to ensure reliability.
Property Manager Duties
The draft project revealed a package of tasks assigned to the property manager, most notably leasing properties, documenting contracts, collecting rents and supplying them to owners on time.
She added that the manager is responsible for managing tenants’ affairs, handling their complaints, and supervising limited non-structural maintenance work. The manager is also responsible for preparing financial and operational reports, and representing the owner in the owners association in accordance with the regulations.
In a step to enhance transparency, the Authority obligated property managers to maintain financial, administrative and operational records for the properties for a period of no less than ten years.
It required them to disclose to the property owner any conflict of interest or commissions charged from third parties as a result of contracting with them to service the property.
It obligated them to prepare an annual report on the performance of the managed properties. It is submitted to the property owner. The regulations stipulate that companies working in this field must appoint a responsible manager who has passed the qualification program approved by the Authority.
It prevents property managers from delegating management tasks to any other person without the express and written approval of the property owner.
It stressed that this delegation with the owner’s approval does not exempt the original manager from regulatory responsibility.
License Renewal
The Authority pointed out that the procedures for renewing the license require submitting an application at least sixty days in advance. From the date of its expiry.
She added that if the Authority requests additional data to complete the license, the applicant is given ten working days to provide it, otherwise the application will be considered rejected.
With regard to terminating the contract or transferring management, the regulation obligated the former property manager to deliver all data and reports to the new manager via a documented receipt report, and notify the Authority of this within ten working days.
The Authority confirmed that the workers are subject to its supervision and direct inspection to ensure compliance with the implementation of the provisions. The regulation.
Violations and penalties
It indicated the application of the provisions of violations and penalties contained in the real estate brokerage system to violators.
The General Real Estate Authority set a transitional deadline to correct the situation coinciding with the issuance of the regulation. It required all current practitioners of real estate property management activity to adjust their situations within a period not exceeding 90 days from the effective date of the regulation.
It clarified that the implementation of the regulation officially begins from the date of its publication in the Official Gazette.
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