Off-Plan Sales and Lease

What are the requirements for a license to off-plan selling and leasing real estate projects ? 1. A valid copy of the commercial registration permitting the practice of real estate development. 2. Chamber of Commerce Membership Certificate. 3. A copy of the credit report issued by a company licensed by the competent authority for credit services. Issued by Tata. 4. A copy of the agreement concluded between the developer and the landowner or the usufructuary, in accordance with applicable laws and regulations 5. A Copy of the agreement concluded between the main developer and the sub-developer (if applicable) in accordance with applicable laws and regulations 6. Architectural designs and engineering plans approved by the competent authorities 7. A copy of the contract concluded between the developer and the consulting office, in accordance with the provisions of the Law and the Regulations. 8. A copy of the contract concluded between the developer and the certified public accountant, in accordance with the provisions of the Law and the Regulations.. 9. The economic feasibility study for the real estate project from a consulting office should include: The estimated costs of the real estate project the planned expenditures and allocations, financial auditing and review of the project and the expected duration for project implementation. 10. A declaration to commence construction work on the project within six (6) months as of the date the license is granted. 11. A form of sales agreement concluded between the developer and the buyer, with handover dates specified by day, in accordance with the provisions of the Law and Regulations, and without conflicting with Islamic Shariah principles. 12. Escrow account agreement between the developer and a licensed bank in the Kingdom, in accordance with the provisions of the Law and Regulations. 13. If the project contains subdivided real estate units, an official subdivision report of the units, approved according to the Real Estate Units Ownership Law, must be attached. 14. A letter from the property owner must also be attached, granting approval to annotate the property’s title deed for the property to be developed, ensuring it is not disposed of until the real estate development activities are completed, unless it is already registered under the real estate registry. To apply for the license: https://red.rega.gov.sa/auth/login