RIYADH: 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.

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.