The Supervisory Committee for the Off-Plan Sales Program held its first meeting yesterday morning, Tuesday, at the Ministry of Housing, in the presence of His Excellency Mr. Majid bin Abdullah Al-Hogail, Minister of Housing, in preparation for the transfer of oversight responsibilities for the program from the Ministry of Commerce and Industry to the Ministry of Housing.<\/p>\n
The committee discussed a number of applications submitted by real estate development companies to obtain licenses to sell off-plan real estate units and licenses to market off-plan properties located abroad (within the Kingdom), and made a number of decisions regarding them.<\/p>\n
The committee, formed by a decision of the Council of Ministers, reviews applications submitted by real estate development companies to obtain a license to sell off-plan real estate units, and places a restriction on the title deed of the property to be developed, prohibiting any transfer of ownership after the license application is approved and before the license is issued; this restriction is not lifted from the project\u2019s title deed record except upon request by the committee, Exceptions are made for deeds pledged to banks to finance off-plan sales projects, depending on the status of each project and the completion rates as determined by the committee.<\/p>\n
It also established the terms and specifications for disbursements from the project\u2019s escrow account and oversaw them, defined the responsibilities of the project\u2019s engineering supervision office, the certified public accountant, the inspection firms, and the specialized quantity surveying firms, as well as their roles in disbursing payments for project expenses; and established the terms regarding consumer rights and the operating conditions for common facilities in real estate development projects; and established a registry to record and document the sale of off-plan units in any real estate project.<\/p>\n
The committee also establishes the requirements for disclosing information about sold properties, mechanisms to protect consumers from developers or brokers selling the same property to more than one buyer, and specifies the documents required for registration in the real estate developers\u2019 registry.<\/p>\n
The Supervisory Committee comprises a number of government agencies, namely: the Ministry of Housing, the Ministry of Commerce and Industry, the Ministry of Justice, the Ministry of Municipal and Rural Affairs, the Saudi Arabian Monetary Authority, and the Industrial Cities Authority.<\/p>\n
In its 2015 annual report, the Off-Plan Sales Program announced that the number of projects under its supervision exceeded 29,000 real estate units across various regions of the Kingdom, with a total value of approximately more than 34 billion riyals.<\/p>\n
It should be noted that a royal decree has been issued approving the transfer of oversight of off-plan sales and the committee established for that purpose from the Ministry of Commerce and Industry to the Ministry of Housing, and final arrangements are currently being made for this transfer.<\/p>\n
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Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>The supervisory committee of the off-plan sales program held its first meeting at the Ministry of Housing yesterday morning in the presence of H.E. Majid bin Abdullah Al-Hogail, Minister of Housing, in preparation for the transfer of the supervision of the program from the Ministry of Commerce and Industry to the Ministry of Housing. The committee discussed a number of applications submitted by real estate development companies to obtain licenses to sell real estate units on ... Read more<\/a><\/p>","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"0","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","_seopress_news_disabled":"","_seopress_video_disabled":"","_seopress_video":[],"_seopress_pro_schemas_manual":[],"_seopress_pro_rich_snippets_disable_all":"","_seopress_pro_rich_snippets_disable":[],"_seopress_pro_schemas":[],"footnotes":""},"categories":[104],"tags":[],"class_list":["post-10642","post","type-post","status-publish","format-standard","hentry","category-legislation-and-regulations"],"acf":{"amlak_post_excerpt":"","amlak_post_excerpt_source":{"label":"Amlak post excerpt","type":"text","formatted_value":""}},"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","trp-custom-language-flag":"","event-thumbnail":"","event-medium":"","event-large":"","event-hero":""},"author_info":{"info":["\u0627\u0645\u0644\u0627\u0643 \u0627\u0644\u0639\u0642\u0627\u0631\u064a\u0629"]},"category_info":"\u0627\u0644\u062a\u0634\u0631\u064a\u0639\u0627\u062a \u0648\u0627\u0644\u0623\u0646\u0638\u0645\u0629<\/a>","tag_info":"\u0627\u0644\u062a\u0634\u0631\u064a\u0639\u0627\u062a \u0648\u0627\u0644\u0623\u0646\u0638\u0645\u0629","comment_count":"0","_links":{"self":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/posts\/10642","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/comments?post=10642"}],"version-history":[{"count":0,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/posts\/10642\/revisions"}],"wp:attachment":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/media?parent=10642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/categories?post=10642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/tags?post=10642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}