The words and phrases contained in the Regulation shall have the meanings assigned to them in the Law, unless the context requires otherwise, and the following phrases - wherever they appear in this Regulation - shall have the meanings specified next to each of them:
The Authority: Real Estate General Authority.
The Council: Board of Directors of the Real Estate General Authority.
In accordance with the provisions of Article (4) of the Law, the Authority is responsible for overseeing the organization of the sale and leasing of real estate projects off-plan, including:
A- Issuing the procedural evidence for the sale and leasing of real estate projects off-plan, in accordance with the Law and Regulation.
B- Issuing executive decisions to exercise its competencies, in accordance with the Law and Regulation.
C- Registering real estate developers; in accordance with the Law and Regulation.
D- Licensing real estate projects; in accordance with the Law and Regulation.
E- Monitoring and inspection of all activities.
The Developer Registration Record shall include the following:
A- The name of the developer, Commercial Register details, capital, national address, and contact information for its legal representative.
B- The organizational structure of the developer, including key positions.
C- Names of the executed or ongoing real estate projects and their values.
The following conditions must be met for the approval of the legal accountant for the real estate project:
A- A valid commercial registration.
B- Must be licensed by the Saudi Organization for Chartered and Professional Accountants.
C- At least (10%) or (4) of the office's accountants must pass the qualifying program approved by the organization, whichever is less.
D- Licensing and implementation of sale or lease projects on the map.
1- The developer may request a (Real Estate Project Marketing License) before the licensing of the real estate project on the map.
2- The developer submits the documents and data for the marketing license of the project as follows:
A- The registration deed number of the real estate.
B- The marketing contract number between the real estate broker and the developer - if available -.
C- A copy of the development contract between the developer and the landowner - if available -.
D- The architectural designs and engineering plans.
3- The authority shall decide on the request for a (Real Estate Project Marketing License) within (ten) working days from the date of completion of the request, and in case of rejection, the decision must be justified.
4- The duration of the (Real Estate Project Marketing License) shall not exceed (one hundred and eighty days), and it may be extended for projects that do not require the receipt of reservation funds for real estate units from buyers or tenants, for a similar duration or durations.
The real estate broker is obligated to market real estate projects off-plan in accordance with the provisions of the Real Estate Mediation System and its regulations.
1- If the developer wishes to receive a reservation amount for real estate units from the buyer or tenant during the period of the (Real Estate Project Marketing License), they must comply with the following:
A- Declare the status of the project and its future plans.
B- Not receive more than (5%) of the value of the real estate unit.
C- Deposit all received reservation amounts into the designated escrow account.
2- If the period specified in the Real Estate Project Marketing License expires, and the developer has not completed the project license, the authority will return the amounts deposited in the escrow account to their owners.
