"Wafi" licensing starts for off-plan sales SMEs (on the map).
The off-plan sale or rent committee "Wafi" approved the licensing rules for the sale and lease of real estate units (on the map) in small and medium enterprises.
The committee explained that this decision aims to clarify the minimum conditionally and requirements for obtaining a license to operate, and to stimulate real estate development companies to develop cities, governorates, urban centers and investment in real estate development, as well as reduce the costs of real estate development projects for off-plan sales.
The decision came in view of all the legal aspects, according to the decision of the Council of Ministers No. (536) dated 4/12/1437 AH, which approved the controls on the off-plan sale and lease of real estate units (on the map), indicating that any project did not exceed the building area of 5000 m 2 of the small projects, and the project is classified within the medium projects if the building area does not exceed 10000 m 2, indicating that the building surfaces represent the total building areas mentioned in the statutory license issued by the jurisdiction and does not include the areas of services.
The committee explained that the developer can obtain the second license after the completion of the first licensed project, adding that if the developer does not own the land of the project, it must be provided with the agreement between the developer and the owner of the land or the owner of the utility, indicating that it allowed access to all conditions of work through its website via the link (https://wafi.housing.sa/en/regulation/1399).
The developer can apply for a license for the small or medium project, according to submitted form, either in writing or electronically, accompanied by a copy of the commercial register, and a certificate that includes the safety of his credit record from a licensed company. The license date shall be three months from the submission date, the electronic instrument for ownership of the project property, a letter approving the marginalization of the project land deed, in addition to the statutory licenses and engineering and architectural designs adopted by the competent authorities to approve the establishment of the project. And a statement showing the prices of the project units, number and areas.
The off-plan sale or rent program "Wafi" recently signed on the sidelines of the opening of the exhibition and forum "WAFIEX 2019" for off-plan sales projects in Jeddah, an agreement with the General Authority for Small and Medium Enterprises "Monshaat" for the exchange of information, data, studies, research and reports in the field of entrepreneurship and small and medium enterprises.
It is worth mentioning that "Wafi" program came to regulate the activity of selling or leasing real estate units whatever their purpose or method of development before or during the development or construction phase, and requires the program developers to implement according to the time plan for each project consistent with models and specifications approved.