MCI warns the real estate development companies that want to invest in the projects of selling real estate units on the map (under construction) from advertising, marketing or selling those projects without obtaining the necessary license from MCI Real Estate Commission which was established by the Cabinet Decree No. 73 dated 12 -3-1430 H, and which organize the process of selling real estate units on the map.
The MCI Committee called on all citizens and residents not to be misled by any process that involves marketing, selling or booking any real estate units on the map, under construction or planned to be constructed or even real estate lands not yet developed, only after making sure that the owner has got the required license from the relevant MCI committee. Those who have the desire to purchase should make sure of all that, and not rely on the advertising or presenting the project in the real estate exhibitions or others, unless it includes a reference to the license granted by the Ministry and the escrow account number for the project that has been approved by the concerned Commission for selling real estate units on the map.
The Real Estate Commission for selling housing units on the map has recently adopted a number of licenses for companies engaged in real estate development activity for selling real estate units on the map after they have already met the statutory requirements.
Those interested in acquiring or buying units in such projects can visit the Ministry's website re.mci.gov.sa for viewing the licensed companies and getting the escrow account number, needed by the buyer to deposit the payments in this account.