Law of Selling and Leasing Off Plan Real Estate Projects

Without prejudice to any harsher penalty provided for in any other law, the following violations shall be subject to imprisonment for a term not exceeding five years or a fine not exceeding ten million riyals, or to both penalties: 1. Any person who engages in the activity of selling and leasing off-plan real estate projects or collects funds from purchasers or lessees for real estate in a real estate project without a license. 2. Any person who provides false documents or information when applying for a license for a real estate project. 3. Any person who knowingly offers or advertises the sale or lease of off-plan real estate properties in fictitious real estate projects. 4. Any person who embezzles, squanders, or misappropriates funds earmarked for establishing a real estate project. 5. Any person who receives funds for the purpose of reserving lands or real estate units for off-plan sale or lease, as the case may be, and fails to deposit such funds into the escrow account. 6. Any certified public accountant who intentionally submits a false audit report on the financial position of a real estate project or deliberately omits material facts from such report. 7. Any consultant who knowingly approves false documents relating to a real estate project. Law of Selling and Leasing Off-Plan Real Estate Projects