Confirmed Ensuring the Rights of Buyers and Real Estate Developers
MCI has warned all citizens of purchasing any unlicensed real estate units on the map, in order to avoid becoming a victim to fraud and swindling, indicating the need for getting a license from the relevant committee in the Ministry, which provides protection and preserves the rights of buyers. MCI confirmed in the same context that it will take all statutory procedures to ensure and preserve the rights of buyers and real estate developers by referring anyone who engages in selling real estate units on a map without a license to the Bureau of Investigation and Public Prosecution.
MCI has pointed out that the most important safeguards, that are applied to preserve the rights of buyers, are to prevent the real estate developer from disposing of the project land without referring to it, and the need of providing an escrow account for each project in which the buyers amounts will be deposited and then to be spent on the project according to the percentage completed, in addition to the requirement of providing an engineering consultant and a legal accountant to follow up the project technically and financially through the stages of its construction, the Ministry also reserves 5% of the project construction value as a guarantee for safe construction for a period of one year after handing over.
Selling on the Map Program aims to contribute in promoting the confidence in the real estate market, to motivate different real estate development activities and to provide support and finance channels for their projects through raising the level of transparency in the real estate market. This program also emphasizes the provision of adequate safeguards to preserve the rights of the buyers of the property through MCI ongoing follow-up on the licensed projects, in addition to its contribution in reducing the cost of real estate units.
According to the regulations of selling real estate units on the map, the Ministry represented by the program of selling on the map will consider the applications and contracts, issue licenses, review engineering and accounting reports through the phases of the project, in addition to follow-up the escrow accounts, the buyers deposits, payment orders, and resolving complaints that may arise among developers and buyers.
MCI also has provided qualified human cadres to follow up the reports and projects of all the technical, engineering and financial aspects, as well as providing legal administration working on studying all contracts and resolve any disputes that may arise among the parties.
MCI calls on those concerned to refer to the Controls and Regulations governing the activity of selling real estate units on the map, as well as the conditions and requirements of licensing, also the licensed projects through the link: Click Here