According to specific conditions, the Committee for the Sale and Leasing of Real Estate Units on the Map in the Ministry of Housing announced that real estate developers can benefit from the escrow account for projects licensed to sell their real estate units before or during implementation, by requesting a financial advance from the escrow account allocated to deposit financial payments or any other financing for the benefit of the real estate project supervised by the developer himself.

The Committee explained that one of the most important requirements for approving the issuance of off-plan sales licenses is the opening of an escrow account at a local bank branch, and no funds are approved from the escrow account unless specific percentages of project implementation are completed, but the Committee decided at its last meeting to agree to provide this flexibility in its requirements in an effort to support real estate developers to accelerate the completion of real estate units as soon as possible and thus enable the final beneficiaries to own their housing units.

The Committee also stipulates that real estate developers should request an advance of funds from the escrow account allocated for the deposit of financial payments or any other financing for the benefit of the real estate project supervised by the developer itself. The Committee has also stipulated that in order for it to approve the request for a financial advance from the escrow accounts for these projects, the real estate developer must submit an order deed in the name of the escrow account for the project in an amount equal to the value of the advance.

<The off-plan sales program «Wafi» markets and sells real estate units for any purpose (residential, commercial, industrial, service, tourism... and others) before or during the development or construction phase, according to the time plan, specifications and plans prepared in the contract for the real estate unit as in its final form, and the developer's commitment to this, and the program licenses to sell land on the map, market real estate units on the map inside the Kingdom, and display internal and external real estate units on the map in exhibitions inside the Kingdom. «Wafi» is one of the ways to own real estate that allows the buyer to obtain the property with high quality and lower cost, in addition to allowing the real estate developer to obtain direct financing for the project through buyers' payments and without an interest rate, unlike other means of financing, which helps reduce project costs, in addition to contributing to the creation of investment opportunities and real estate projects in a variety of ways, providing the highest levels of confidence and security among dealers in this field, and protecting their rights through regulations and procedures that ensure this.

Wafi is one of the ways to own real estate that allows the buyer to obtain the property with high quality and lower cost. It is noteworthy that the Off-plan Sales Committee is the governmental body authorized by law to license and regulate off-plan sales projects by Council of Ministers Resolution No. 536 dated 4/12/1437 AH.

The Off-plan Sales Committee is the governmental body authorized by law to license and regulate off-plan sales projects.