The draft aims to regulate the contractual relationship between buyers of unfinished real estate units with real estate developers of these units, and to arrange obligations and rights between them and buyers in off-plan sale projects. The draft aims to organize the contractual relationship between buyers of real estate units, unfinished construction, and real estate developers of these units, and to arrange the obligations and rights between them and buyers in off-plan sales projects.
The committee explained that the contract will acquire a binding character in all off-plan sales contracts and projects, after the committee adopts the contract by taking into account the opinions and theses of the relevant parties, discussing and scrutinizing them, and concluding with an updated final version that contributes to the continued development of the housing and real estate sector system in the Kingdom in a balanced manner that preserves the rights of all concerned parties and enhances confidence between them, and the committee indicated that contracts previously concluded in existing projects will continue to operate in accordance with their terms and obligations, and that the unified contract will apply to all new contracts after its adoption.
The committee added that the contract will apply to all new contracts after its adoption.
Added: The proposal for public opinion aims to provide an opportunity for beneficiaries and real estate developers to express their opinions so that the committee can develop a formula that is in harmony with the requirements of all parties to the project. Stressing its constant endeavor not to violate what is required by the controls of the sale and rental of real estate units on the map issued by the decision of the Council of Ministers.
She stressed that there will be no relentlessness in applying the necessary laws to violators of off-plan sales regulations, which are practicing this type of real estate development without obtaining the necessary license, and signing beneficiaries in off-plan sales projects on contracts that differ from the formula approved by the committee for projects, and seizing these practices through supervisory tours on projects or reports of beneficiaries.
The contract can be viewed by clicking here. The standardized contract can be viewed through the following link:
https://wafi.housing.sa/ar/regulation/1058
