Off-plan sales are a framework that regulates the relationship between the parties involved in off-plan sales and leasing projects, by defining the roles and responsibilities of each party. According to the General Authority for Real Estate , this aims to enhance the reliability of real estate projects and ensure their implementation according to clear controls that preserve rights and support the success of projects.
First: The role of the General Authority for Real Estate (regulation and oversight)
The General Authority for Real Estate undertakes a range of regulatory and supervisory tasks, including:
Project licensing and developer qualification.
Supervising escrow accounts and completion rates.
Monitoring, controlling violations, and protecting rights.
Second: The real estate developer's obligations (implementation and guarantee)
Real estate developer obligations
The real estate developer is bound by a number of requirements to ensure the project is implemented in accordance with the approved regulations, including:
Adherence to technical specifications and schedule.
Transparency in disclosure and updating periodic reports.
Using the standard contract and delivering the units on schedule.
Third: Beneficiary's responsibility (awareness and commitment)
Beneficiary obligations
The beneficiary bears responsibilities that contribute to protecting his rights and ensuring his contractual commitment, including:
Check the project license before contracting.
Understanding the terms of the contract and being aware of the rights and obligations.
Adherence to the agreed payment schedule.
