The Support and Liquidation Center \u00abInfaadh\u00bb and the Off-Plan Sales Committee \u00abWafi\u00bb signed a joint cooperation agreement that allows the Committee to enlist the assistance of \u201cEnfaaz\u201d to handle real estate projects licensed for off-plan sales in the event of default by assigning them to the Center to oversee their liquidation; with the aim of ensuring and safeguarding the rights of all contracting parties in the project, including buyers, companies, and financing entities. The Center was represented by its CEO, Mr. Turki Al-Khalif, while the Committee was represented at the signing by its Secretary-General, Mr. Nayef Al-Sharif.<\/p>\n\n\n\n
The liquidation option for projects licensed for off-plan sales is one of the regulatory tools that enables the Off-Plan Sales Committee \u00abWafi\u00bb\u2014in its capacity as the authority authorized by law in the Kingdom of Saudi Arabia to issue off-plan sales licenses\u2014to achieve its objectives of regulating the activity and protecting buyers\u2019 rights in the event that the developer is unable to execute or complete the project in accordance with the timeline and the models and specifications previously approved by the Committee. The liquidation option also serves to mitigate the investment risks associated with this type of real estate investment; This, in turn, strengthens support for investments in the sector and increases the number of off-plan projects; recently, real estate investments licensed under the off-plan sales system have seen growth in the number of units they offer, with high completion rates.<\/p>\n\n\n\n
It should be noted that the Support and Liquidation Center \u00abEnfaaz\u00bb is a government center that is administratively and financially independent. It seeks to foster cooperation between judicial and government authorities in the liquidation and sale of assets assigned to it by judicial authorities, or those not subject to legal disputes, by assigning them to technically specialized entities and supervising their work; thereby contributing to preserving the value of the assets, expediting the process of fulfilling the rights of beneficiaries, and realizing the legal and economic value for society.<\/p>\n\n\n\n
It is worth noting that the \u201cWafi\u201d program grants sales permits for off-plan real estate units of various types (residential, commercial , investment, office, service, industrial, and tourism), and works to qualify the real estate developers implementing these projects. Furthermore, the sales permits issued by the program require the demarcation of project land and the management of the contractual process among the relevant parties, including oversight of the project\u2019s escrow account at a local bank and regulation of disbursements from it in accordance with completion percentages and engineering reports submitted by the engineering consultant and the certified public accountant, as well as periodically monitoring the engineering work and its quality.<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>The Center for Attribution and Liquidation \u00abEnforcement\u00bb and the Off-Map Sale Committee \u00abWafi\u00bb signed a joint cooperation agreement that allows the committee to use \u201cEnforcement\u201d to deal with real estate projects licensed for sale on the map in the event of their failure by assigning them to the center to supervise their liquidation; with the aim of ensuring and preserving the rights of all contracting parties in the project from buyers, companies and financing bodies, the center was represented by the CEO ... Read more<\/a><\/p>","protected":false},"author":10,"featured_media":29931,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_titles_title":"\u00ab\u0625\u0646\u0641\u0627\u0630\u00bb \u0648\u00ab\u0648\u0627\u0641\u064a\u00bb \u064a\u0648\u0642\u0639\u0627\u0646 \u0627\u062a\u0641\u0627\u0642\u064a\u0629 \u062a\u0639\u0627\u0648\u0646 \u0644\u0645\u0639\u0627\u0644\u062c\u0629 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639 \u0627\u0644\u0639\u0642\u0627\u0631\u064a\u0629 \u0639\u0646\u062f \u062a\u0639\u062b\u0631\u0647\u0627 - \u0627\u0644\u0628\u064a\u0639 \u0639\u0644\u0649 \u0627\u0644\u062e\u0627\u0631\u0637\u0629","_seopress_titles_desc":"\u0648\u0642\u0639 \u0645\u0631\u0643\u0632 \u0627\u0644\u0625\u0633\u0646\u0627\u062f \u0648\u0627\u0644\u062a\u0635\u0641\u064a\u0629 \u00ab\u0625\u0646\u0641\u0627\u0630\u00bb \u0648\u0644\u062c\u0646\u0629 \u0627\u0644\u0628\u064a\u0639 \u0639\u0644\u0649 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