After being presented as a draft of public opinion for 21 days.
The off-plan sales and rent committee approves the standard contract between the buyer and the real estate developer.
The off-plan sales and rent committee "Wafi" approved the standard contract after being released for the public opinion, which aims to regulate the contractual relationship between purchasers of real estate units in the off-plan sales projects (under construction) with the real estate developers implementing these projects and the statement of obligations and rights for all parties.
The Secretary-General of the off-plan Sales Committee, Nayef bin Nawaf Al-Sharif, stressed that the committee approved the contract after giving the opportunity to make comments on the draft contract and the accompanying clauses and paragraphs before approving it with the participation of real estate developers, buyers and those interested in the real estate sector and its organizations.
Al-Sherif explained that the secretariat of the committee always works in partnership with those involved in the off-plan sales activity from real estate developers and legal, engineering and financial advisory offices, as well as buyers in these projects to come up with a formula and decisions that are commensurate with the requirements of all the parties to the project. (536) dated 04/12 / 1437H, stressing the non-leniency in applying the necessary laws to the violators of the off-plan sales systems of practicing this type of real estate development without obtaining the license Needed.
The "Wafi" program for off-plan sales and rent of the Ministry of Housing, works to organize the sale or lease of real estate units whatever their purpose or method of development before or during the stage of development or construction, and requires the program developers to implement according to the time plan for each project according to models and specifications and the license to sell or lease any off-plan real estate unit whatever their purpose or the method of development or establishment of all types (residential, commercial, investment, office, industrial, tourism), the marketing authorization of outside real estate on the off-plan sales, the marketing authorization of inside real estate on the off-plan sales, as well as the license to display the off-plan real estate units in the external exhibitions, and the license of the marketing of internal properties in return for receipt of the booking payments, and "Wafi" program has monitors any real estate project which offered by the off-plan sales and rent system without obtaining one of these licenses.
For a sample form contract for off-plan sales and rent, please visit: https://wafi.housing.sa/en/regulation/1244