TEHRAN, Sept. 28 (Mehr News Agency) - Majlis (Iran's parliament) approved the single-urgency bill on housing short sale, said the housing and urban development minister here on Friday.

Mohammad Saeidikia added that the bill was submitted to Majlis last Monday and MPs ratified it.

Each residential unit will be sold in advance by a draft of title deed, he announced, saying the act is to prevent any kind of abuse in the sector.

Shifting to the other bill which was on insuring the buildings, the official said that the insurance company will cover the building from the initial steps of construction to the end and will insure it for 10 years.

The minister said that the insurance fee will be 1.5 percent of the building's whole value, adding the Ministry of Housing and Urban Development will pay 30 percent of the fee to those who insure buildings, naming the move as an incentive.

... Payvand News - 9/28/07 ... --