The unit shall be reserved by paying the buyer’s non-refundable commission to the broker in the amount of 2.5% of the unit price + VAT, and it's not included in unit price.
Payment of the broker's commission constitutes a binding commitment to purchase. The buyer may not change the reserved unit, cancel the reservation, change the buyer’s name, or transfer or sell the reservation to a third party.
Current reservations are being made during the pre-launch phase of the project and offer competitive pricing for early customers. The first phase of sales is expected to be officially launched, and contracting is expected to begin, within an estimated period of (2) to (6) months, subject to the project’s readiness and the developer’s timeline. The buyer is required to sign the purchase agreement within seven (7) days from the date they are notified that the contract is ready; otherwise, the buyer’s reservation will be canceled and they will not be entitled to claim a refund of any fees or commissions paid.
For clients who are not residents of the Kingdom of Saudi Arabia, the Aqarmap team will assist them in understanding the process of registration with the Saudi embassy, obtain a Saudi phone number, and obtaining a digital ID. The team will support and guide them in completing all required procedures. Therefore, the buyer’s commission paid by a non-resident client is considered a service fee to Aqarmap for providing this logistical support, and it is non-refundable under any circumstances.
The First Party (the Buyer) agrees to sign the real estate brokerage agreement with the Second Party (Aqarmap) and authenticate the contract through the Real Estate General Authority (REGA) within 48 hours from the time of the Contract creation date by Aqarmap.
The developer reserves the right to cancel the reservation due to any regulatory or internal planning changes, in this case, the developer and the broker will provide full refund to the buyer for any payments made without any deductions.
Non Saudi buyers are expected to get 99 Years ownership or another ownership method, in case the government decided to make it freehold now or in the future, the buyers ownership will automatically get upgraded to freehold without additional cost.
In case the unit size changes before the buyer signs the contract, the price will be updated pro-rata up or down using the same average price per meter that was used when booking. Also, the broker commission will be adjusted accordingly.
Non-Saudi nationals alone are entitled to a refund of the marketer's commission in one case only: if the Saudi Arabian government announces that the project is not included on the list of projects eligible for foreign ownership at all, neither as 99 Years ownership nor as freehold ownership nor any other method of ownership.
In case the Saudi government announces no ownership for non Saudis in the project (Freehold or 99 Lease or another Ownership method), the buyer will get all paid amounts refunded, and the buyer cannot transfer or resell or change the name of their booking in any way shape or form. Also, the buyer cannot ask for any compensation other than getting all paid funds refunded.
The buyer cannot resell the unit before the unit is fully delivered by the Developer.
It has been agreed between the First Party (the Buyer) and the Second Party (the real estate broker, Aqarmap) that the Second Party shall undertake to search for and provide real estate units that meet the needs of the First Party and enable the Buyer to reserve them, in return for the agreed brokerage commission/percentage payable by the Buyer, which is 2.5% of the price of the real estate unit + VAT. The Second Party shall exercise due care in carrying out the real estate brokerage subject of this agreement, shall maintain the documents and information related thereto, and shall not disclose any confidential information relating to the transactions subject to the brokerage.The First Party, in turn, undertakes to provide the Second Party with the documents and information necessary to perform this agreement, to pay the commission to the Second Party upon completion of the reservation through the Second Party, and to authenticate the brokerage agreement with the Second Party at the Real Estate General Authority within 48 hours from the date of creation of the contract on the Real Estate General Authority platform.The Second Party further undertakes that it has entered into a real estate brokerage agreement with the developer who owns the property, under which the Second Party is entitled to a commission of 2.5% of the price of the real estate unit from the developer.
