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“Wafi”announces the rules governing real estate brokerage licenses in SMEs

"Wafi" announces the rules governing real estate brokerage licenses in SMEs

The off-plan sale or lease program “Wafi” announced the rules governing the licenses of real estate brokers for off-plan sales or leasing projects for small and medium-sized enterprises.

This is with the aim of raising transparency and reliability in the real estate sector and off-plan selling or leasing activity by defining the systems and procedures that contribute to stimulating competition between developers to increase supply through high-quality real estate projects.

Eng. Abdulaziz bin Muhammad Al Muhaimid noted; Head of the Off-plan Sale or Leasing Committee “Wafi” indicated that the program requires licensing real estate brokers in small and medium enterprises to have an electronic deed of ownership of the project to be marketed, and to obtain the prior written approval of the owner of the land or its usufruct to market the project.

The program also requires the availability of statutory licenses and engineering and architectural designs approved by the competent authorities to approve the establishment of the project.

He stressed that the program aims to regulate the requirements for registering real estate brokers qualified to market small and medium-sized projects on the map in the registry, motivating real estate brokers to effectively engage in real estate marketing, and regulating real estate practices to market projects before they are completed.

It is noteworthy that the “Wafi” program grants licenses to sell and rent off-plan real estate units of all kinds (residential – commercial – investment – office – service – industrial – tourism), a license to sell small and medium-sized projects off-plan and a license to market internal and external real estate units on the map.

The program also grants a license to display internal and external real estate units on the map, a license to sell raw lands on the map, a license to rent real estate units off-plan, and other licenses and services related to the practice of this activity.

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