The general framework of the Wafi program:
تم تشكيل لجنة للإشراف على برنامج البيع والإيجار على الخارطة وافي ضمن نطاق وزارة الإسكان في المملكة العربية السعودية. تضم اللجنة مشاركة عدة جهات حكومية وقطاع خاص، مثل:
- Ministry of Municipal and Rural Affairs
- Saudi Arabian Monetary Authority
- Ministry of Trade and Investment
- Ministry of Justice
- Saudi Industrial Estates and Regional Zones Authority
- Two representatives from the private sector
- The off-plan sales and leasing program “Wafi”
Wafi program benefits for buyers and tenants:
- Fraud Protection: The program ensures protection against fake sales.
- Lower costs: Real estate units are available at lower costs.
- Increased options: The program offers many offers and real estate options.
- Early Ownership or Lease: You can own or lease during the project implementation phases.
- Payment in installments: The program offers an installment payment option based on the progress of the project.
Protect your rights through the Wafi program:
- Document Validation
- Assign an escrow account for each project
- Supervision by an engineering consultant and field visits to follow up on project progress
The developer’s obligations to the beneficiary:
The contract signed between the developer and the beneficiary should include the following essential information:
- Developer name and address
- Project name, area, and public services
- License number and warranty number
- Unit area and finishing details
- Beneficiary’s rights to receive plans and drawings
- Details of payments and management fees, not to exceed 5%
- Penalties for delays in handing over units at a minimum of 7% per year
Warranty conditions:
- Warranty for foundations: The warranty period for foundation and insulation work is a minimum of 10 years.
- Warranty for fixtures: Mechanical as well as electrical installations are warranted for a minimum of one year.
Withdrawal rights:
- The developer has the right to withdraw after the committee’s approval if the beneficiary delays payment.
- The beneficiary has the right to withdraw if the developer delays delivery for more than 180 days.
Payment schedule:
In the end, the payments correspond to the stages of the project’s progress, provided that the first payment does not exceed 20% of the unit value, and the last payment is not less than 5% upon completion of the project.