The Economic Cities Authority revealed that the application of financial compensation for real estate services provided to developers, investors, owners, tenants and beneficiaries within its cities will start from February 2018, and the list of services included registration of a real estate unit with a financial fee for the transaction of 100 riyals, registration of a pledge document and registration of the sale at 1% of the value of the registered sales contract or the valuation approved by the real estate department, whichever is higher.

The real estate developer is obliged to pay a license study fee of % of the value of the sale in his project belonging to the off-plan sale system.

The real estate developer is also obliged to pay a license study fee of % of the sale value of his project belonging to the off-plan sales system, according to the approved feasibility study, and 50 thousand riyals for the license, and the issuance services for the title deed will be 250 riyals.

The special regulation for the real estate registry included the establishment of a special agency for the Authority called the “Real Estate Registry of the Economic Cities Authority” specialized in registering all properties, interests, rights, benefits, mortgages and dispositions on real estate, buildings, apartments, lands and development projects within the economic cities.

The regulation also provided for the issuance of the title deed. The regulation also introduced the rules of the system in the field of real estate registration requirements, the right to reserve the property, the subletting mechanism and eviction conditions, and emphasized that all disputes that arise between lessors, tenants and owners in economic cities are settled according to the settlement mechanism in disputes within economic cities.

Disputes within economic cities are settled according to the settlement mechanism in disputes within economic cities.