The official gazette Umm Al-Qura published on Jan. 5 the details of the law on selling and leasing off-plan real estate projects, which was approved in September 2023.
The provisions of the law apply to the activity of selling and leasing off-plan real estate projects, where amounts are received from buyers, tenants, or financiers of the real estate project, as well as those related to the activity of selling and renting off-plan real estate projects that are owned by government agencies.
Under the law, the real estate developer does not have the right to sell and rent off-plan real estate projects unless he is registered in the developers register.
In addition, he does not have the right to advertise the project in the local or foreign media, nor to showcase them, unless the project is licensed by the competent authority, as per the provisions of the law.
In addition, the developer planning to sell or rent off-plan real estate projects after registering his name in the developers register should apply to the competent authority for the project license. The developer will be committed to begin construction work within six months from the date of obtaining the license.
The developer will also be committed to completing the project on the specified date. In the event of an unintentional delay in delivering the land or real estate, the buyer will be entitled to financial compensation determined in advance.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Argaam EN – https://www.argaam.com/en/article/articledetail/id/1696129
