The “Wafi” off-plan sales and leasing program announced the regulations governing real estate broker licenses for off-plan sales and leasing projects for small and medium-sized developments, in an effort to enhance transparency and reliability in the real estate sector and in off-plan sales and leasing activities, by establishing regulations and procedures that help stimulate competition among developers to increase supply.
Engineer Abdulaziz Al-Muhaimeed, Chairman of the “Wafi” Off-Plan Sales and Leasing Committee, explained that the program requires real estate brokers for small and medium-sized projects to have an electronic title deed for the project to be marketed, as well as obtaining prior written consent from the landowner or the owner of the right to use the land to market the project, and providing the regulatory permits and engineering and architectural designs approved by the competent authorities authorizing the project’s construction.
Al-Muhaimeed emphasized that the program aims to regulate the requirements for registering qualified real estate brokers authorized to market small and medium-sized off-plan projects in the registry, encourage real estate brokers to actively engage in real estate marketing, regulate real estate practices for marketing projects before their completion, and promote private-sector participation in raising awareness about off-plan real estate projects.
“Wafi announces rules governing real estate brokerage licenses for SMEs
