Author
Kuwait University - College of Sharia and Islamic Studies.
Abstract
A real estate broker is a professional intermediary who assists in connecting sellers and buyers in real estate transactions. The services provided by a real estate broker include property evaluation، marketing، negotiation، arranging the sale or purchase process. The broker's commission is a primary source of income for the broker and enhances their role in the real estate market. It also maintains the sustainability and attractiveness of this profession and encourages real estate brokers to provide high-quality professional services. The determination of the real estate broker's commission varies from one country to another and according to the requirements and customs of the local market. It can be a fixed percentage، such as 2% of the property value، or it can be linked to a variable percentage based on the property value. In other cases، the determination of the commission percentage is left to the parties involved in the brokerage contract.
Regardless of the commission percentage that the real estate broker receives، what matters in this context is the fulfillment of the conditions set by the Kuwaiti legislator for the real estate broker to be entitled to the brokerage commission. These conditions include the real estate broker performing the tasks assigned to them by the intermediary in order to complete the mediation with the other party، the brokerage contract being in writing، the broker documenting the mediation process in their personal notebook، and the contract not being contingent on a standing condition
Keywords
- After Alquran Alkarim
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