The Committee stipulates that the real estate developer's desire for a financial advance from the escrow account allocated to the project shall be submitted to it. The Committee 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 Committee indicated that the real estate developer may request a financial advance 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 same developer. The Committee pointed out 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 branch of a local bank, 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 is pleased to note that the real estate developers are willing to advance funds from the escrow account for the project. It should be noted that the Off-plan Sales Committee is the government body authorized by law to license and regulate off-plan sales projects by Cabinet Decision No. 536 dated 4/12/1437 AH.
It is worth mentioning that the Off-plan Sales Committee is the government body authorized by law to license and regulate off-plan sales projects.
