The Ministry of Housing, represented by the Off-Plan Sales Committee, has issued a license authorizing the real estate developer Jinan Real Estate to conduct early sales for its project “Al-Khobar Fuz” in the Eastern Province, after fulfilling the necessary documentation and regulatory requirements for obtaining the license.
The Committee’s Secretary-General, Mr. Muhammad bin Saud Al-Ghazwani, explained that obtaining an off-plan sales license authorizes the real estate development company to market, advertise, and sell real estate units during the project’s implementation, noting the importance of prospective buyers of this type of projects to verify the license guarantees and its terms, the most important of which is the deposit of sales proceeds into an escrow account at a local bank, emphasizing that funds from these escrow accounts are disbursed solely for the benefit of the project, based on completion progress reports submitted to the “Wafi” Off-Plan Sales Program administration, and under the supervision of the project’s engineering consultant and the certified public accounting firm.
Al-Ghazwani highlighted the role played by the “Wafi” off-plan sales program in monitoring all projects licensed by the committee through inspection tours and periodic visits by engineering supervisors, to ensure that work continues according to each project’s scheduled plan, thereby fulfilling buyers" contracts and delivering the real estate units on time without delay.
He added, "Applications for licenses provided by the program are submitted electronically through the online portal (wafi.housing.sa). Once the application is complete, the developer will receive a confirmation message and an application number."
It is worth noting that the ”Wafi” off-plan sales program grants licenses to sell and lease various types of off-plan real estate units (residential, commercial – investment – office – service – industrial – tourism), a license to market off-plan real estate abroad, a license to sell off-plan raw land, a license to market off-plan real estate domestically, as well as a license to display off-plan real estate units at international exhibitions.
