The off-plan sales and rent committee approved the publication a draft of the standard indicative contract aimed at organizing the contractual relationship between purchasers of partially built real estate units with the real estate developers of these units and arranging the obligations and rights between them and buyers in the off-plan sales projects. And raising this draft among public opinion 21 days from the date of publication.
The committee called on all relevant parties (real estate developers, purchasers of current or potential off-plan sales projects interested in the real estate sector and its organizations, etc.) to submit their views on the clauses and paragraphs included in the draft contract, pointing out that the contract will be mandatory in all contracts and off-plan sales projects. However, that will come after the agreement is based on the recommendations of the committee, which will contribute to the continuous development of the housing and real estate sector in the Kingdom in a balanced manner that preserves the rights of all parties concerned and strengthens of confidence. Among them.
The committee explained that the public opinion is aimed at providing the beneficiaries and real estate developers with the opportunity to express their opinions so that the committee can formulate a formula attuned to the requirements of all the parties to the project, stressing their constant endeavor to avoid the restrictions required by the off-plan sale and rent of real estate units issued by the Council of Ministers Resolution No. 536 ) and the date 04/12/1437 e.
The Committee pointed out that the previously concluded contracts in the existing projects will continue to be implemented in accordance with their terms and obligations. The standard contract will apply to all new contracts after its adoption, stressing the lack of negligence in applying the necessary laws to those who violate the off-plan sales regulations of practicing this type of real estate development without obtaining the necessary license, and signing the beneficiaries in the off-plan sales projects to contracts contrary to the approved version of the Committee for projects, and control these practices through inspection tours of projects or reports of beneficiaries, and can be seen through the consolidated contract through the following link: https://wafi.housing.sa/en/regulation/1058
The off-plan sales Wafi program grants licenses to sell and rent the real estate units on the map of all types (residential, commercial, investment, office, service, industrial, tourist), the marketing authorizations of the foreign real estate, The license to display off-plan real estate units in foreign exhibitions, and recently launched the Wafi Smart Devices application, which enables users to access the new program and report violations in projects through the "Monitor" window.