برنامج البيع أو الإيجار على الخارطة ‘وافي’: فوائد وحماية للمشترين والمستأجرين
Wafi Off-Plan Sale or Lease Program
Wafi Off-Plan Sale or Lease Program
General Framework of the Wafi Program:
A dedicated committee has been formed under the Ministry of Housing in Saudi Arabia to oversee the Wafi off-plan sales and lease program. This committee includes representatives from various government entities and the private sector, such as:
- Ministry of Municipal and Rural Affairs
- Saudi Central Bank
- Ministry of Commerce and Investment
- Ministry of Justice
- Saudi Authority for Industrial Cities and Technology Zones
- Two representatives from the private sector
- Wafi Off-Plan Sale or Lease Program
Benefits of the Wafi Program for Buyers and Tenants:
- Fraud Protection: The program ensures protection against fraudulent sales.
- Lower Costs: Real estate units are offered at reduced prices.
- Increased Options: A wide range of real estate offers and choices is available.
- Early Ownership or Leasing: Buyers or tenants can secure properties during the project's development phase.
- Installment Payments: Flexible installment payment options are provided based on project progress.
Rights Protection Through Wafi::
- Validation of documents.
- Allocation of an escrow account for each project.
- Oversight by an engineering consultant with on-site visits to monitor project progress.
Developer's Obligations Toward Beneficiaries::
The contract between the developer and the beneficiary must include the following essential details:
- Developer's name and address.
- Project name, area, and public services.
- License number and warranty number.
- Unit area and finishing details.
- Beneficiary’s rights to receive blueprints and designs.
- Payment schedule and administrative fees, which must not exceed 5%.
- Penalties for late delivery, set at a minimum of 7% annually.
Warranty Conditions:
- Foundation Warranty: Coverage for foundations and insulation works, lasting at least 10 years.
- Installations Warranty: Coverage for mechanical and electrical installations, lasting a minimum of one year.
Withdrawal Rights::
- The developer may withdraw with committee approval if the beneficiary delays payment.
- The beneficiary may withdraw if the developer delays delivery by more than 180 days.
Payment Schedule::
Payment installments align with the project’s progress. The first installment must not exceed 20% of the unit's value, while the final installment must be at least 5% upon project completion.