Wafi program requires marginalizing land deed for licensing off-plan land sale

18/01/2022 Argaam

Logo of Off-plan Sales or Rent Program (Wafi)


Off-plan Sales or Rent Program (Wafi) announced amending the requirements for licensing the off-plan sale of raw land plots, through marginalizing the land deed instead of providing a financial guarantee or certified check, Saudi Press Agency reported.

 

Nayef Al-Sharif, Secretary General of the Off-Plan Sale or Leasing Committee, said the decision came to facilitate the procedures for obtaining a license for off-plan sale of raw lands through marginalizing the project's land deed as one of the guarantees provided by the project developer instead of the financial guarantee estimated at 20% of the project cost.

 

The move will contribute to accelerating the land development procedures amid the increase in supply of real estate units, he added.

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