The Public Authority for Real Estate has released the draft executive regulations of the sale and lease of real estate projects on the map.
40 articles of the draft executive regulations of the system of selling and leasing real estate projects on the map
The Real Estate Authority explained that The draft executive regulations for the sale and leasing of real estate projects on the map includes 40 articles, the escrow account controls include 8 articles and the qualification controls for practitioners of the activity ”includes 6 articles aimed at organizing the sale and leasing activity on the map, raising the level of transparency and disclosure to ensure the protection of the rights of all parties to the contractual relationship It also aims through its application to govern the control and compliance work and automate all procedures for issuing licenses and the stages of their establishment until their completion, as an extension of the system of real estate legislation supervised by the Authority and within the framework of the objectives of the comprehensive strategy for the real estate sector.
<The Authority pointed out that the articles of the regulation of the system of selling and leasing real estate projects on the map, the controls of the escrow account and the controls of qualifying practitioners of the activity, clarify the mechanism for qualifying and classifying practitioners of the activity and the requirements for opening an escrow account in the name of the project, the provisions of licensing and implementation of sale or lease projects on the map, the provisions of delay and failure to implement projects on the map, as well as monitoring, inspection and control, and invited all interested public, government agencies and the private sector to review the regulation in Survey Platform through the following link https://istitlaa.ncc.gov.sa/ar/Municipality/rega/RealEstate and invited https://istitlaa.ncc.gov.sa/ar/Municipality/rega/escrow and provide comments and suggestions on them.
The Authority stressed its keenness that the system and the ”Executive Regulations of the System of Sale and Leasing of Real Estate Projects on the Map, the controls of the escrow account and the controls of the qualification of practitioners of the activity will contribute to reducing violations in the real estate development sector in the off-plan sale and leasing system, increasing the supply of commercial, residential, industrial, tourism and other real estate products, and will have a role in increasing financing channels for real estate developers and investment channels for those wishing to invest, and will contribute to enhancing the confidence of investors in the real estate sector in the Kingdom through its rules and provisions that preserve the rights of all parties.
Off-plan real estate projects
