The Public Authority for Real Estate has invited the public and concerned parties to express their views and observations on the schedule of violations of the system for the sale and lease of real estate projects on the map, before its approval, after it was launched on a “survey” platform until August 23.

Penalties for 26 violations

The Commission explained that the schedule of violations for the <a href=“https://amlak.net. includes penalties for (twenty-six) violations up to a fine of half a million Saudi riyals, removal of the real estate developer's record from the register of developers, cancellation of the violator's credits and prohibition from practicing the activity for a specific period, and that the ”table" clarifies the mechanism for dealing with violations that include delay in starting the implementation of the project from the scheduled date or the failure of the developer or the bankruptcy of the developer. the developer, declaring bankruptcy, concluding contracts different from the model contract prepared by the Authority with the parties to the contractual relationship, providing any misleading information, receiving payments from buyers without prior approval, obstructing the performance of the parties to the relationship of their duties, which affects the progress of the project, or refraining from carrying out the procedures that must be carried out to complete the project or fulfill the rights of buyers and others.

Regulating off-plan sales and leasing activity

The Authority pointed out that the schedule of violations for the system of selling and leasing real estate projects on the map aims to regulate the activity of selling and leasing on the map, raise the level of transparency and disclosure to ensure the protection of the rights of all parties to the contractual relationship, and aims through its application to govern the work of control and compliance with all procedures and requirements of licenses for the sale and lease of real estate units on the map and the stages of their construction until their completion.

The Authority also stressed its keenness to ensure that all real estate projects on the map are sold and leased on the map. The Commission also stressed its keenness that the table of violations of the Sale and Leasing of Real Estate Projects on the Map contributes to eliminating violations in the real estate development sector in the sale and leasing system on the map and achieves the Commission's endeavor to regulate transactions, fulfill obligations, preserve the rights of all parties and complete real estate projects according to the time periods according to the feasibility study for each project, which contributes to increasing reliability, transparency and clarity in the Saudi real estate market.

To view the table of violations for the system of selling and leasing real estate projects on the map, click here.