The Off-Map Sale and Leasing Program “Wafi” announced the completion of the adoption and approval of the rules of work for the sale and rental of real estate units on the map and its implementation starting from 2018, which includes the rules of licensing off-plan projects of various types, the rights of beneficiaries and the obligations of real estate developers, in addition to the register of projects and the rules of work of organizing the escrow account and inspection companies.
The Secretary General of the Off-Map Sale and Leasing Committee, Mohammed bin Saud Al-Ghazwani, explained that the aim of these rules is to regulate the licensing work in projects for the sale and lease of any real estate units on the map, without prejudice to the controls issued by the Council of Ministers to regulate this sector, indicating that Wafi activity includes any real estate units offered, marketed or sold before their construction is completed, regardless of their purpose and method of development.
Wafi's activity includes any real estate units offered, marketed or sold before their completion, regardless of their purpose and method of development. He explained that the rules regulating the work of Wafi provide a number of guarantees for the citizen, including the “escrow account” in which the rules stipulate the deposit of cash payments provided by buyers and customers in accordance with the rules for opening financial accounts in banks, by establishing a separate account in the name of each project licensed by Wafi to ensure that the funds are spent on the work of the project itself to avoid the possibility of its failure, explaining that these rules will contribute to regulating the real estate market and stimulating beneficiaries and increasing the supply of high-quality and affordable housing units, and achieving the strategies of the Ministry of Housing and Saudi Vision 2030.
These rules will contribute to the regulation of the real estate market, stimulate beneficiaries and increase the supply of high-quality housing units at an appropriate price, and achieve the strategies of the Ministry of Housing and the Kingdom of Saudi Arabia's Vision 2030. Al-Ghazwani said that it is not permissible to market, advertise or display in any of the exhibitions inside or outside the Kingdom for projects unless the necessary license is obtained from the committee, stressing that the ministry's control staff will take care of proving any violations of the provisions of the rules and regulations, whether as a result of a report, complaint or inspection tour.
Ghazwani stressed that these rules will contribute to regulating the real estate market, stimulating beneficiaries and increasing the supply of housing units of appropriate quality and price. Al-Ghazwani stressed that the rules were presented before their approval to the public opinion and conducted consultative workshops with about 500 specialists in the field of real estate from different regions of the Kingdom, and can be viewed on the website of the off-plan sales and leasing program.
Ghazwani stressed that the rules were presented to the public before their approval.
