The General Authority for Real Estate announced the issuance of The Executive Regulations of the Real Estate Contributions System and its publication on the official website of the Authority and the Umm Al-Qura newspaper on Friday, 6 Sha'ban 1445 H, corresponding to February 16, 2024 AD, in coordination with the Capital Market Authority, in accordance with the Real Estate Contributions Law issued by the Council of Ministers, confirming the availability of applying for real estate contributions license through the electronic services of the Authority.
The Authority's e-services.
The General Real Estate Authority explained that the executive regulations of the real estate contributions system contained forty main articles distributed in six chapters, including definitions, general provisions, classification of real estate contribution and pictures of the real estate subject of the real estate contribution, and the first chapter was dedicated to ”Licensing Procedures. The first chapter was devoted to ”Licensing Procedures”, where it included the conditions for licensing the real estate contribution and the real estate contribution agreement form, while the second chapter included the articles related to ”Real Estate Contribution Capital Provisions" and the requirements for adding the reserve amount to the real estate contribution and its disposal mechanism, and the shareholder's disposal of his share in the real estate contribution.
Conditions and competencies of real estate contribution practitioners
The third chapter includes the <a href="https://amlak.net.
and their competencies" and the classification of practitioners of the activity, their conditions, the competencies assigned to them and their duties, while the fourth chapter included the competencies of the ”shareholders“ association” and its role in the real estate contribution and the mechanism of calling the shareholders“ association meeting, while the fifth chapter dealt with ”the mechanism of profit distribution and liquidation of the real estate contribution“ and indicated the provisions related to the distribution of profits Finally, the Executive Regulations set out in Chapter 6 the provisions of ”Control, Inspection and Seizure" and the authority of the seizure officer, their duties and their role when seizing violations of the provisions of the Law and the Executive Regulations, in addition to the powers of the seizure officer, their duties and their role when seizing violations of the provisions of the Law and the Executive Regulations.
Escrow account controls for real estate contributions
In a related context, the Authority published the controls of the escrow account for real estate contributions, which included 7 main articles, as the first article defines the escrow account as: The second article stated that these controls aim to regulate the escrow account in real estate contribution projects, while the third article dealt with the provisions related to the opening of the account and the mechanism for establishing sub-accounts linked to the main account of the real estate contribution, while the fourth chapter was dedicated to the provisions of managing the main account and sub-accounts and disbursement mechanisms from them, and the fifth article included the duties of the account custodian and the restrictions imposed on him, and the controls mentioned in the sixth article not to close the escrow account
The full text of the regulation and its details can be viewed on the Authority's official website by clicking here.
.Regulations can be viewed in full on the official website by clicking here.
