The Off-Map Sale and Leasing Committee (Wafi) has issued four licenses to market off-plan properties in real estate development projects in Dubai, United Arab Emirates, after the companies completed the statutory requirements to obtain marketing licenses for these projects.
The Secretary-General of the Off-Map Sale and Leasing Committee (Wafi), Mohammed bin Saud Al Ghazwani, explained Mohammed bin Saud Al-Ghazwani, Secretary General of the Off-Map Sale and Leasing Committee “Wafi” explained that obtaining an off-plan marketing license for off-plan properties entitles real estate development companies or their agents to advertise and display projects and real estate units in specialized exhibitions and other various advertising platforms, pointing out the importance of alerting citizens and residents wishing to buy to ensure that the advertising companies obtain the license that entitles them to marketing and advertising.
He pointed out that the marketing license for off-plan properties is the same as the marketing license for off-plan properties in Dubai and the United Arab Emirates. He pointed out that the off-plan marketing license for foreign properties prevents the developer or his broker from selling, signing contracts and receiving payments from buyers inside the Kingdom, but this is done in the country of origin of the projects in order to preserve the rights of buyers, adding that applying for the licenses provided by the program is done automatically through the electronic platform.
About ensuring the seriousness of the companies that advertise. On ensuring the seriousness of marketing companies in offering off-plan sales projects, Al-Ghazwani stressed the requirements that guarantee the rights of those dealing with them, including the company's submission of official documents indicating the eligibility of Saudis to own real estate in the country of the property, certified by the competent authorities in both countries, in addition to the company's commitment or its representative in the Kingdom to submit the requirements of other relevant authorities before approving the license as needed.
About ensuring the seriousness of marketing companies in their offering of off-plan sales projects, Al-Ghazwani stressed on the conditions that guarantee the rights of those dealing with them. <In order to guarantee the rights of buyers in off-plan sales projects and protect against fictitious sales, the Committee implements a number of requirements and procedures to issue licenses to market foreign properties on the map, as it requires providing the program with copies of the commercial register, subscription to the Chamber of Commerce and Industry, a copy of the contract concluded between the marketer and the real estate developer certified by the competent authorities in the two countries, a copy of the ownership documents of the properties to be marketed inside the Kingdom certified by the competent authorities in the two countries proving the company's ownership of the property, as well as a copy of the off-plan sales license issued for the project from the country of the property It is worth mentioning that the Wafi off-plan sales program grants licenses for the sale and rental of real estate units on the map of various types (residential, commercial, investment, office, service, industrial, tourism), the license to market off-plan real estate, the license to sell raw land on the map, the license to market internal real estate on the map, as well as the license to display off-plan real estate units in foreign exhibitions.
Off-plan real estate units on the map in foreign exhibitions.
