Law of Selling and Leasing Off Plan Real Estate Projects

In this Law, the following words and phrases shall have the meanings assigned thereto, unless the context requires otherwise: Law: Law of Selling and Leasing Off-Plan Real Estate Projects. Regulations: Implementing Regulations of the Law. Competent Authority: The authority in charge of the application of the provisions of the Law, to be determined pursuant to an order by the Prime Minister. Official: The senior official at the competent authority. Real Estate Project: A real estate project to be developed for the purpose of selling or leasing developed lands or real estate units off-plan, either prior to its execution or during construction and development, according to the agreed design or plan. Escrow Account: The bank account of the real estate project in which the amounts paid by the project’s financiers, purchasers, or lessees are deposited. Real Estate Development: Construction of residential, commercial, office, service, industrial, tourist, or other real estate projects. Developer: A legal person licensed to engage in the activity of owning or leasing real estate for the purpose of developing such real estate and selling or leasing it, as the case may be, including a prime developer and a sub-developer. Sub-developer: A legal person licensed to engage in the activity of owning or leasing real estate for the purpose of developing such real estate and selling or leasing it pursuant to an agreement with the prime developer. Real Estate Broker: A natural or legal person licensed to engage in real estate brokerage or to provide real estate services in accordance with statutory provisions. Consulting Firm: An engineering consulting office licensed by the relevant agency and approved by the competent authority for a real estate project. Certified Public Accountant: A person licensed by the relevant agency and approved by the competent authority for a real estate project. Registry of Developers: A registry for recording the names of developers qualified to develop, sell, and lease real estate projects and licensed by the competent authority to engage in the activity of real estate development in the Kingdom. Real Estate Unit: The subdivided part of real estate sold or leased to a third party by a developer. Common Part: The part shared among the owners of real estate units in a real estate project. Law of Selling and Leasing Off-Plan Real Estate Projects