Arab News, Saturday, Sep 25, 2021 | Safar 18, 1443
Saudi Arabia sets brokerage rules for off-plan property sales
Saudi Arabia:
Saudi Arabia’s off-plan sale or rent program, known as Wafi, has announced the
rules governing the licenses of real estate brokers marketing small and
medium-sized projects as it seeks to increase transparency and reliability in
the sector, SPA reported.
Wafi requires that real estate brokers have an electronic deed of ownership of
the project to be marketed, said head of Wafi Abdulaziz Al-Muhaimid.
Real estate brokers must also obtain prior written approval of the owner or
its beneficiary to market off-plan projects, as well as the statutory
licenses, engineering plans and architectural designs approved by the
relevant authorities, he said.