...Contract for Ful�llment: - PDF document

...Contract for Ful�llment:
...Contract for Ful�llment: 0203040618222426Table of ContentVision and Mission. Identi�cation of Wa� Program. Members of OFF-PLAN SALES OR RENT committeeTask of the committee. Wa�’s Products. Advantages of Wa� for purchaser and the tenants. How does the program protect the rights of the customers. Contract between the bene�ciary and the developer.Account of the Guarantee. Advantages of Wa� for the real-estate developer .The Commitments of the the real estate developer.Tasks of the engineering Consultant Tasks of the Audit.Discipline and Control Cases of canceling the licenses.Map of Wa�’s Projects. Requirements of getti

ng on the licenses.The Electronic Platfo
ng on the licenses.The Electronic Platform.Our MissionTo be valued as the trusted protector of citizens rights and the privileged shelter for Real Estate investors.Protecting bene�ciary rights and achieving their satisfaction through the regulation and supervisory of the off plan sales and rental market.12It is a program of organizing an activity for selling and leasing the real-estates within the scale whatever its objective or method of development by or during the stage of development or building, The program is essential to the real-estate developers by execution according to the time for every project upon the accredited submitted samples and characteristics.Wa� ProgramMembers O

f The Wa� CommitteeA committ
f The Wa� CommitteeA committee is constituted for selling and leasing within the scale of work in the Ministry Ministry of the Municipal and Rural Affairs.The Saudi Arabic Monetary Organization.Ministry of commerce and Investment. Ministry of Justice. The Saudi Authority of the Industrial Cities and the Regional Areas.Two of the Private Sector.The committee is also involved with a number of other government agencies such as the Real Estate Development Fund and Developers Services Center (Etmam)..34A decision of the Ministers’ Council (relating to the disciplines of selling or leasing within the scale of work.Wa�’s Role:Licensing for selling or leasing any real-estates units in the s

cale of work whatever its purpose or its
cale of work whatever its purpose or its style of developing and establishing. Date ImplementationDate PublicationDate InvestingIndustrial Of�ce Commercial Service Tourist 56For ProjectsLocal & ForeignMapWatch outlicenseSaleAdvertisementOerMarketingTouristCommercialInvestmentIndustrialServiceResidentialOceOtherIt isn’t permitted to practice the activity of selling or leasing any real-estate units in the scale – whatever its purpose or style of its developing or establishing- residential or commercial or investing or of�ce or service or industrial or tourist and etc. nor to announce about it in the local the international media nor marketing it in the Kingdom or

offering it in exhibitions except getti
offering it in exhibitions except getting on the necessary license for practicing the activity from the committee. 78Wa�’s products and services: To license offering, showing and bidding theinternal real-estate within the scale of workTo license offering, showing and bidding theExternal real-estate units within the scale of workLicense to sell units on the mapLicense to sell raw land on the mapTo License SaleTo License marketing the internal real-estatewithin the scale of workTo license marketing the External real-estateunits within the scale of workTo License offeringToLicense marketing910Wa�’s Advantages for the purchaser and the tenant: To protect from processes of false, el

usory sale. To get real-estate units wit
usory sale. To get real-estate units with the least cost. To increase the options of offers.To early possess or lease during the execution.To pay on installments upon progress.The program protects the rights of purchasers and the tenants by: Making assure of the safety or the nil of the truthfulness of the instrument.Providing a speci�ed guarantee account for each project.Supervising of an engineering Consultant and an Audit on the project. Field and Control visits for the project.1112The developer must make a contract with the bene�ciary, this contract includes at least the following information:. The name of the developer and its title. .Name of the project and its total space, Pub

lic services, the common space of the pr
lic services, the common space of the project between the building and the units and the restrictions of the right of the bene�ciary in bene�tting with it. . License Number .. Number of the Guarantee. .The net space of the unit, and if it includes the land or the building without land. . Special conditions in the internal partitions of the unit, and materials of �nishing and the agreed colors between the developer and the bene�ciary. .Right of the bene�ciary in receiving the cades and drawing of his unit according to what has been executed on the nature. .Sums paid by the bene�ciary for the developer whatever its kind must be deposited in the

guarantee account by any depositing acce
guarantee account by any depositing accepted way for the banks except cash. .Advanced/ deposit and fees and commissions and costs of the administrative services( if found) provided that it’s total doesn’t exceed than of the contract value.. The penal condition that the developer must pay in case of his delay about delivering the unit in the agreed date of delivery, it isn’t less than annually of the price of the unit but it is discounted on daily basis. . Term of the guarantee of the works of concrete foundations, works of Isolation for Building, provided that it isn’t less than ten years from the date of delivering the unit. .Term of the guarantee of the installations such as the mechanical e

lectrical works etc. provided that It is
lectrical works etc. provided that It isn’t less than one year from the date of the delivering the unit. .The right of the developer in withdrawing after the approval of the committee in case of delay of the bene�ciary about payment for a period not less than days for each payment.. The right of the bene�ciary in withdrawing after the approval of the committee in case of delay of the developer in delivering for a period not exceed than days from the agreed date of delivery.. Schedule of Payments according to stages of work progress in the project, provided that the payments are compatible to the stages of progress. The �rst advanced payment doesn’t exceed of the unit value

. The last payment isn’t less than ,
. The last payment isn’t less than , which is due at completion or delivery , than of the unit value. . Approval of the bene�ciary on providing information in the credit registration. . Stating of what informs of the commitment of the developer and the bene�ciary with the laws, rule and regulation. In case of contradicting with what is mentioned in the contract rules in addition to the rules and contract accredited by the committee, so it is considered , hence, is what is in the sake for the bene�ciary.1314A guarantee account is created for every project: The account has a uni�ed number that is considered is a reference for depositing in order to organize the &#

x00660069;nancial issues of the projects
x00660069;nancial issues of the projects, and depositing the sums submitted from the developer and the depositors according to the laws, rules organizing for the guarantee accounts. If the project consists of a set of projects , it ends in different stages, So , the developer must open the guarantee account for every project separately. The percentage of funding the bene�ciary for the project: It isn’t entitled for the developer to totally depend on the bene�ciary’s money in creating the project. The committee is entitled to issue a decision of identifying the percentage required to be achieved for the project before expensing from the bene�ciary money deposited in the guara

ntee account in case of the project is j
ntee account in case of the project is just land in the scale of work.The (Account Secretary) retain a sum equals to of the total value of the cost of the constructions as a guarantee of the quality of executing the project. The sum is exchanged /paid for the developer after passing one year from the date of delivery of the project and completion of work for the purchaser, and settling all the conditions of the quality of execution through that year.The Guarantee account:1516Wa�’s Advantages for The Real-Estate Developer Direct from the Better returns Better partnershipsGreat trustMore safety and keeping for rightsMore ef�cacy.1718Contract for Ful�llment: ConsultantReal

Estate Developerreal-estate marker Acco
Estate Developerreal-estate marker Account Secretary purchaser tenant.The legal accountant 1920Obligations Of The Real Estate Developer. To start and terminate work on time.. To use the funds deposited in the escrow account for the speci�ed purposes.. To follow up and supervise on the subcontractor›s execution for the work assigned to him in accordance with the approved technical speci�cations. – To achieving the technical speci�cations approved according to the project designs, and for each of its units. – To deliver the unit to the bene�ciary on the speci�ed date according to the contract and the approved technical speci�cations on wh

ich contract has been done.. All notices
ich contract has been done.. All notices and correspondence with the bene�ciary shall be valid and written by means of communication speci�ed in the contract with the bene�ciary.. To provide all public services for the unit and the project including the connection and discharge of electricity and water to the real estate unit and the charges for this, and committed to connect the unit to the public sewer network or provide a suitable place.. To deliver the bene�ciary a copy of the owner›s association system when signing the contract.. To turn the instrument of the unit on behalf of the bene�ciary or registering the lease contract not later than days from

the date of issue of the building compl
the date of issue of the building completion certi�cate.. To Prepare and submit of reports requested by the competent bodies /authorities in accordance with the rules determined by the Committee. In case of delay of the developer about executing the project due to the major force/external conditions, hence It is necessary to disclose about it immediately to the Committee and the bene�ciaries.. The developer shall bear all the expenses of the real estate unit until the date of delivery to the bene�ciary or the date of evacuation or registering Rental Contract whichever comes �rst.2122Engineering Consultant ConsultantAccredited by Saudi Engineersbuilding, construc

tion &project managementHaving a program
tion &project managementHaving a program of rehabilitating the consultants set by the committeeTasks of Engineering Consultant• To Supervise and follow up the work of the project in accordance with the speci�cations and engineering standards and the requirements of the system and engineering designs, and as stipulated in the contract with the bene�ciary.• To put his signature about the account secretary or his behalf authorized to approve his signature on the payment document in order to match it with the account manager at the time of exchange• To verify and authenticate the payment document.• To Submit technical reports to the Committee about the progress of the project co

mpletion stages quarterly or in any t
mpletion stages quarterly or in any time as the Committee deems it necessary.• To Submit a report in the event of delay of the project than the appointment speci�ed for completion by each stage in addition to reasoning for that delay.• To Submit a concluding report con�rming the project›s termination and authenticated by the Chamber of Commerce.• To Start the tasks immediately after the issuance of the license by the sales or leasing committee upon the scale of work «Wa�» in the Ministry of Housing.2324Tasks of the Audit • To Review and audit the documents and �nancial data required for disbursements on the project.• To ensure that the val

ues of the contracted real estate units
ues of the contracted real estate units have been deposited in the escrow account.• To approve the disbursement of any amounts according to the executive regulations for sale and lease upon the scale of work .• To verify and authenticate the payment/exchange document.• To submit quarterly reports to Wa�.• To put his signature about the account secretary or his behalf authorized to approve his signature on the payment document in order to match it with the account manager in case of payment and exchange• To Start the tasks immediately after the issuance of the license by the sales or leasing committee upon the scale of work «Wa�» in the Ministry of Housing.Accredited

by the Saudi program of the rehabilitat
by the Saudi program of the rehabilitating the Audit place in the committee2526Functions of the discipline and control department of the program:Ensure that the regulations, regulations and legislative regulations associated with the sales and leasing committee are applied to the map and comply with them.Judicial control of violations of the sales system on the map issued by the Council of Ministers Resolution No. () dated AH and its regulatory regulations.Refer the violations to the competent authorities to take the necessary measures as required by their executive and organizational regulationsThe control of�cers of the program, or what the Ministry of Housing sees him suitable for that from a

ny other governmental body, take over co
ny other governmental body, take over controlling and proving violations of the provisions of the rules of sale and leasing upon the scale of work.Discipline and Control 2728licenses CancellationCases of Canceling the licenses:Cases of Canceling the licenses: The license of cancelling or pending shall be reconsidered :In case of the developer›s insolvency or bankruptcy . If the developer delayed in starting the project for the without excuse.If the developer has stopped completing the projectIn case of Violation of provisions and controls or fraud, concealment or procrastination.If there are reasons to completion of the project2930LicenseRequirements Map of Wa� ProjectsThe sales projects a

re spread on the licensed scale of Wa&#x
re spread on the licensed scale of Wa� in differnt regions of the Kingdom as It included an number of licensed units that is more than distributed in Riyadh, Al Kharj, Eastern Province, Makkah, Taif, Medina, Jeddah, Hail, Rabigh and various regions. Sale upon the scale of work3132The main requirements for licensing the sale of the Real estate units upon the scale of work A copy of the sub-developer›s contract «if A copy of the broker›s contract or intermediaries (real estate marketer) - if any.A letter specifying the signatories.Approval of neglecting or marginalizing the project instrumentReal Estate Developer Certi�cate.Payment of license costs.If the project is to develop raw land

and sell it upon the scale of work (ad
and sell it upon the scale of work (add to the above):The developer›s obligation to mention the term «initial license» in the sales contracts.Payment of the license costs () of the sale value in the project.Provide a bank guarantee not less than (of the value of development.Commercial Registeratioin.Certi�cate of participation in the Chamber of Commerce.Certi�cate includes the integrity of the credit record.A copy of the electronic instrument.Systematic Licenses.Architectural designs and approved architectural A statement of the number of units with a �xed code for each unit.Feasibility study.The sales contract form, accompanied by the owner association draft law.Escrow Agr

eement.CPA Agreement.Engineering Consult
eement.CPA Agreement.Engineering Consultant Agreement.3334The most important requirements for getting the license for the marketing the external real estate upon the scale of workin Arabic. Payment of license costs.Provide informs of to own property. An undertaking by the real estate marketer not to receive any contractsThe Project Ownership Authenticated contract between the marketer and the developerquali�cation program committeereal estate marketer by providing the requirements related Committed to provisions of the rules and regulations instructions issued by the CommitteeAn electronic �le for all advertisement forms and publications for the advertisement, guarantee of of the value o

f the project up to the project competen
f the project up to the project competent project countrythe project license from the country propertyCommercial Registration: Membership Certi�cate. Participation Commerce3536The most important requirements for getting the license for marketing the Internal real estate upon the scale of worktitle deed: in ArabicContract between marketers, real estate developerDevelopment contract between the real estate developer and the owner of found. Certi�cate of Commerce:ArabicLicensesCommercial Registration: In the event that the Marketer wishes to receive the amount of a reservation, it shall comply with the following:. Not receiving more than the value of the real estate unitdeposited in the Ad H

oc Guarantee Account from the Committee.
oc Guarantee Account from the Committee. Determine the date of starting the project.quali�cation program committee.Payment of licensing costsPayment of licensing costs3738The most important requirements for obtaining the license to offer / show the internal properties upon the scale of work within the Commercial Registrationa marketing contract between the real estate marketer and developerCerti�cate of participation in the Chamber of Commerce and Industrya pledge from the real estate marketer after receiving any amounts or signing contractsLease contract or exhibition reservationpayment of license costs3940The Most Important Requirements For Obtaining The License To offer/show the ex

ternal properties upon the scale of work
ternal properties upon the scale of work within the lease contractproject licenseArabicownership of the project Provide the country of the project Payment of license costs4142The system helps real estate developers to issue license of: sales , marketing and presentation licenses upon the scale of work electronically to review the ministry. It also links information with several government agencies. Also, The system helps buyers to secure their money by managing and monitoring the escrow account for the project by the Wa� program, and provide electronic procurement contracts to ensure the progress of the project.The Electronic Platform4344Jan...Contract for Ful�llmentOFF-PLANE SALES