Licensed by the General Authority for Real Estate to Provide Accounting Supervision Services for Wafi Off-Plan Sales Projects
Off-plan sales projects are a government initiative launched by the Saudi Ministry of Housing in 1438 AH (2017) aimed at stimulating the real estate sector and providing diverse housing options. Wafi, operating under the umbrella of the General Authority for Real Estate, oversees these projects and defines the disbursement conditions for real estate developers.
One of the most important conditions established by Wafi to ensure and monitor financial transactions is the supervision of off-plan sales projects by a Certified Public Accountant licensed by Wafi. This is a fundamental requirement in the process to enable the developer to make disbursements.
Accounting supervision by a Certified Public Accountant licensed by the General Authority for Real Estate includes several key tasks to ensure transparency and the integrity of financial transactions:
- Document Review: Auditing all financial documents to ensure their accuracy and freedom from errors.
- Disbursement Authorization: Verifying and approving disbursement documents in accordance with the escrow account regulations.
- Unit Sale Monitoring: Ensuring the receipt of payments for units and their transfer to the escrow account.
- Periodic Reports: Preparing comprehensive quarterly financial reports and submitting them to the relevant authorities.