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"WAFI" announces the rules governing the sale and lease of real estate units on the map

"WAFI" announces the rules governing the sale and lease of real estate units on the map

The sale and lease program on the map "Wafi" announced the completion of the adoption and approval of the rules of the sale and lease of real estate units on the map and implementation starting in 2018, which includes the licensing rules for projects on the map of various types and the rights of beneficiaries and obligations of real estate developers, ESC and preview companies.

The Secretary-General of the Sale and Leasing Committee on the map Mr. Mohammed bin Saud Al-Ghazwani that the purpose of these rules to regulate the licensing work in the projects of sale and lease of any real estate units on the map, not to prejudice the controls issued by the Council of Ministers to regulate this sector, indicating that the activity "Wafi" includes Any real estate units that are offered, sold or sold before they are completed, whatever their purpose and method of development.

The rules governing the work of "Wafi" provide a number of guarantees to the citizen, including the "escrow account", which provides the rules of the work to deposit cash payments provided by buyers and dealers in accordance with the rules of opening financial accounts in banks by establishing an independent account on behalf of each project licensed by the " "These rules will help regulate the real estate market, motivate beneficiaries and increase the supply of high quality and affordable housing units and achieve the strategies of the Ministry of Housing and Vision 2030," he said.

On the control and control, Al-Gazawani said that marketing, advertising or offer in any of the exhibitions inside or outside the Kingdom may not be allowed for projects in the Kingdom or outside it unless the necessary license is obtained from the committee. , Whether as a result of a communication, complaint or inspection tour.

Al-Ghazzwani said that the rules were put forward before approving the public opinion and conducting consultation workshops with around 500 specialists in the field of real estate from different regions of the Kingdom. They can be found on the website of the sales and leasing program on the map through the link.

The sales and leasing committee on the map is from the Ministries of Housing, Trade, Investment, Justice, Municipal and Rural Affairs, in addition to the Saudi Arabian Monetary Agency, the Saudi Industrial Cities and Technology Estates and representatives from the private sector.

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