The Public Authority for Real Estate has clarified the provisions of licensing the marketing of off-plan real estate projects after issuing the executive regulations of the system of selling and leasing real estate projects on the map and opening the application for the necessary licenses.
In an infographic published on its "X" social media account, the Authority said that the provisions of the marketing license for off-plan real estate projects. In an infographic published on its account on the social networking site “X”, the Authority said that the provisions of the Licenses for marketing off-plan real estate projects are as follows:
1- The duration of the (real estate project marketing license) does not exceed (one hundred and eighty days) and may be extended for projects that do not require the receipt of reservation funds for real estate units from buyers or tenants for a similar period or periods as requested by the developer.
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2- The developer shall submit the documents and data for the project marketing license as follows:
a- The title deed number of the property.
B - The number of the marketing contract between the real estate broker and the developer.
C - 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 request for a license to market the real estate project within (ten) working days from the date of completion of the request, and in case of rejection, in accordance with the Real Estate Brokerage Law and its regulations, the decision must be reasoned.
3- The Authority shall decide on the request for a license to market the real estate project within (ten) working days from the date the request is completed.
4- In marketing real estate projects on the map, the real estate broker shall comply with the provisions of the Real Estate Brokerage System and its regulations.
5- The developer may request (real estate project marketing license) before the off-plan real estate project is licensed.
5- The developer may request (real estate project marketing license) before the off-plan real estate project is licensed.
