The General Authority for Real Estate clarified the provisions for licensing the marketing of off-plan real estate projects, after issuing the executive regulations for the system of selling and leasing off-plan real estate projects and opening the door for applications to obtain the necessary licenses.
The authority stated in an infographic published on its social media account “X” that the regulations for licensing the marketing of off-plan real estate projects are as follows:
1- The duration of the (real estate project marketing license) shall not exceed (one hundred and eighty days) and it may be extended for projects that do not require receiving funds for reserving real estate units from buyers or tenants for a similar period or periods as requested by the developer.
2- The developer submits the documents and data for the project marketing license as follows:
A- Property ownership registration deed number.
B - The marketing contract number between the real estate broker and the developer.
C - A copy of the development contract between the developer and the landowner.
D - Architectural designs and preliminary engineering plans for the project.
3- The Authority shall decide on the application for a license to market the real estate project within (ten) working days from the date of completion of the application. In the event of rejection, and in the event of rejection, the Real Estate Brokerage System and its regulations must provide reasons for the decision.
4- The real estate broker, in marketing off-plan real estate projects, is bound by the provisions of the Real Estate Brokerage System and its regulations.
5- The developer may request a (real estate project marketing license) before licensing the off-plan real estate project.
