The Ministry of Commerce, through its Off-Plan Sales Program, has adopted new regulations for real estate companies wishing to showcase off-plan properties for sale at exhibitions held within the Kingdom.<\/p>\n
The regulations stipulate that an application for a license must be submitted by completing the designated form and attaching a copy of the exhibition space lease agreement, as well as a copy of the title documents for the properties to be displayed within the Kingdom, certified by the competent authorities in the country where the property is located, in addition to a copy of the off-plan sales license issued for the project by the country where the property is located, certified by the competent authorities in that country, and an official document from the competent authorities authorizing ownership of the property by Saudis, certified by the competent authorities in the country where the property is located.<\/p>\n
The requirements also stipulated that all documents must be submitted in Arabic; they may be submitted in English provided they are accompanied by a certified translation. In addition, applicants must submit a commitment not to accept any payments or sign any contracts of any kind within the Kingdom.<\/p>\n
The ministry waived the requirement to certify documents in cases where their authenticity can be verified through the websites of official agencies.<\/p>\n
It is worth noting that the Ministry began issuing licenses for the marketing of real estate outside the Kingdom in early 2015, following the detection of numerous violations related to overseas marketing, It also urged all real estate marketers of overseas projects to obtain the necessary licenses and comply with the relevant regulations.<\/p>\n
The Ministry of Commerce and Industry invites the public and interested parties to review the terms and conditions of the off-plan sales program on the website re.mci.gov.sa<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> < 1<\/span> Minute<\/span><\/span>The Ministry of Commerce, represented by the off-plan sales program, has adopted new controls for real estate companies wishing to display foreign properties to be sold off-plan in exhibitions held inside the Kingdom. The controls stipulated that it is necessary to submit an application for a license and fill out the form prepared for this, accompanied by a copy of the exhibition rental contract, and a copy of the property documents to be displayed ... 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