Riyadh - Mohammed Al-Amin Jamous - Real Estate Marketing
The decision issued by the Council of Saudi Chambers to amend the financial compensation for the license to market internal real estate for off-plan sales projects within the Kingdom found wide resonance in the real estate community to become 5 thousand riyals for a month, 8 thousand riyals for two months, 14 thousand riyals for every 4 months, and 26 thousand riyals for 6 months.
The Council of Chambers, in a statement through its official Twitter account, called on all real estate establishments in the Kingdom to review the details of the amendment of the financial compensation for the internal real estate marketing license for off-plan sales projects within the Kingdom and adhere to the relevant directives, and the Council stressed that the sale, display or marketing of real estate units developed on the map for sale or advertising by any means whatsoever, or offering them through real estate offices or collecting any money before the completion of development only after obtaining regular licenses from the Wafi Map Sale and Leasing Committee.
The Council stressed that the sale, display or marketing of off-plan developed real estate units for sale is prohibited.
According to the Ministry of Rural, Municipal Affairs and Housing website, obtaining the real estate marketing service requires several conditions, including attaching copies of the commercial register, membership in the Chamber of Commerce and Industry, and a copy of the marketing contract between the real estate marketer and the developer
A copy of the land title deed, a copy of the development contract between the real estate developer and the land owner in case the developer does not own the land, and a copy of the statutory licenses issued by the competent authority.
