MCI is concerned to Stop Random Selling of Real Estate and to preserve the Customers' Rights
As the Ministry of Commerce and Industry is working to protect the citizens against companies that are marketing for real estate projects under development, MCI announced the prevention of marketing of foreign real estate units on the map inside the Kingdom without a license, pointing out that the project of selling real estate units on the map, belonging to the Ministry, has set up new conditions and requirements for those interested in foreign real estate marketing on the map inside the kingdom, which included an emphasis to get official licenses for those interested in marketing foreign real estate units.
This would contribute in stopping the random and unorganized selling of real estate units that may lead to fraud, cheating and adulteration.
The Ministry pointed out that the new conditions and requirements ensure the right of the seller and the buyer as per agreements and contracts to be concluded for that purpose, one of these conditions is that, there must be a permanent site for the person marketing real estate in the Kingdom, and not to sign, inside the Kingdom, any contract for selling foreign real estate units on the map, or receive any cash from the buyer without a license, and to submit an official document issued by the competent authorities in the country of the property allows ownership of real estate to the Saudis and to be certified by the competent authorities in both countries.
The conditions included as well that all documents must be ratified by the competent authorities in the two countries, also not to give verbal promises from the real estate marketer to the buyer, as well as clarifying the laws, duties and taxes related to the buyer before contracting, and to clarify as well the real estate registration mechanism and availability of services, in addition to not publishing any advertisement before it is approved by the committee of selling real estate units on the map, and it should not contain any misleading statements or contrary to reality, as well as the advertisement should contain information and detailed features about the real estate units to be marketed.
MCI has called on those who are interested to obtain Foreign Marketing License, to submit an application to the Committee of selling real estate units on the map in the Ministry accompanied by a copy of Commercial Registration, a copy of participation in the Chamber of Commerce, a copy of the contract signed between the marketer and the real estate developer certified by the competent authorities in the two countries and a copy of the property documents to be marketed inside the Kingdom, to be certified by the competent authorities of the two countries.
MCI calls on those who are interested to see the full terms and requirements to access the link:
http://re.mci.gov.sa/.