Ministry News
MCI, Adopting Controls for Offering Foreign Real Estate, to be sold on the Map in the Domestic Exhibitions
18 April 2015
 
The Ministry of Commerce and investment has adopted the new controls for real estate companies wishing to offer foreign real estate to be sold on the map in the exhibitions held inside the Kingdom.

The controls stipulate the need to apply for a license by Filling the necessary form, to be attached with a copy of the lease of the exhibition, a copy of the documents of ownership to be displayed and offered inside the Kingdom, to be certified by the competent authorities in the country of the property, in addition to a copy of the sale on the map license issued by the Property country, certified by the competent authorities in the country of the property, besides an official document from the competent authorities, authorizing real estate ownership to the Saudis, to be certified by the competent authorities in the country of the property.

The requirements have included as well that all documents should be submitted in Arabic, English is acceptable only with a certified translation, in addition to the commitment not to receive payments or sign contracts of any kind inside the Kingdom.

The Ministry excluded the ratification of the documents, in a condition where it can be verified and validated by the website of the official foreign destinations.

It is worth mentioning that the Ministry has allowed getting licenses for marketing real estate properties outside the Kingdom, beginning of 2015, after detecting numerous violations of external marketing. MCI   called upon all real estate marketers of foreign projects, to obtain the necessary license and to comply with the official controls.

MCI calls on those interested and the public, to be informed about the conditions and requirements of the real estate sale on the map, through MCI website re.mci.gov.sa 
 
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