To ensure compliance with the provisions of the regulatory controls, regulations and contracts concluded among the developer and buyers
MCI, represented by the program of selling Real Estate Units on the map, has approved the draft list of the functions and responsibilities of the inspection companies, to ensure the developer's compliance with the regulatory controls, regulations and the concluded contracts among the developer and buyers, and his commitment to implement the project in accordance with the approved drawings and the scheduled timetable.
MCI has pointed out that the said program has concluded contracts with specialized companies in the field of engineering inspection, accounting and documentary. These companies would take action when there is undue delay for one of the project, in addition to writing down any notes or observations which may affect the safety of the building, or which may lead to the suspension of the project, or in case of cancelling the project by the real estate developer.
Part of the contractor`s functions is to verify the condition of the works, the project completion rates, and to ensure compliance with the approved drawings and plans on the ground, as well as to review the completed quantities in accordance with approved inventory by the Advisory Office.
The contractor will be responsible as well for reviewing the reports and statements submitted by the developer, also the periodic reports and statements issued by the advisory office, secretary of the account and the chartered accountant, in addition to the financial audit of the statements submitted by the developer to the Advisory Office, as well as the payment orders, and comparing what is implemented actually from the project with what has been planned, based on the approved scheduled program and other inspection works.
The program of Selling Real Estate Units on the map oblige the developer to give access to the inspection company to review the reports, contracts and documents that enable it to perform its functions. Meanwhile, MCI would do its job in following-up the real estate developing projects, based on selling units on the map through the implementation of field trips to monitor the functioning of the projects and to follow-up implementation.
MCI approval of the draft list of the functions and responsibilities of inspection companies comes as a result of the Ministry`s great concern to maintain the rights of buyers and to ensure the commitment and compliance of the real estate developers in implementing all terms of the agreements and contracts, and as required, during the specified period.
It is worth mentioning that the program of selling real estate units on the map is considered one of the ways to own property at lower cost, also allows the real estate developer to obtain direct financing through the payments of buyers.