Malak: Approval of more than 800 associations for off-plan sales projects

During its participation in the Maskan Real Estate Exhibition – currently held in Riyadh – the Malak Program announced its approval of more than 800 owners associations for off-plan sales projects, after obtaining the necessary approvals to establish associations and appointing the developer as president of the association, through the sales contracts attached to the disclosure form that contains the name The association, the name of the president and the property manager, the amount of the proposed subscriptions and the data of the real estate unit.

The program clarified in a press release that the goal of adopting the off-plan sales associations is to preserve the rights of the beneficiaries of the off-plan sales products, and to enhance confidence in these products, so that the new owner is fully aware of the housing unit and its obligations from subscription fees to the property manager, the president of the association and other decisions related to the unit In the past, what was followed was the establishment of the association after the issuance of the title deeds, which causes a void between the developer’s exit and the establishment of the association from the owners, due to the nature of these projects and the uneven delivery of units in them and the absence of mandatory registration in the association, which leads to the failure of the establishment of the association and its proper activation. .

The program emphasized that in the event that the necessary information is not disclosed by the real estate developer for off-plan sales projects, the buyer has the right to terminate the sale contract within 30 days starting from the date of signing it, or from the date of knowledge of that information if it is essential and its concealment results in harm to him or her. The detached real estate unit is not fit for use for the purpose for which it was purchased, and the buyer does not bear any costs arising from the termination of the contract, based on the second paragraph of Article Six of the system.

This participatory work between the Owners Association and other initiatives comes to facilitate the adoption and activation of the Owners Associations for off-plan sales of real estate jointly owned with real estate developers, preserving rights and real estate sustainability, ensuring good use of it, and promoting a culture of coexistence, in addition to drawing a comprehensive picture of the role of the Owners Association In promoting a culture of good neighborliness to improve the real estate environment and its quality, as the Owners Association is concerned with regulating the relationship between owners and occupants of real estate units of joint ownership by setting rules, regulations and control mechanisms, organizing facilities management services, and carrying out an educational and awareness role, in a way that guarantees the preservation of rights and good use, and promotes a culture of coexistence joint.


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