Controls for Escrow Accounts of Collective Real Estate Investment Schemes - Article 1

rega_gov_sa · regulation · processed · 1 chunks

date_gregorian=2024-02-16 date_hijri=1445-08-06 document_type=regulation entity=document_number:1 entity=legislation_type:board_resolution entity=regulation:Controls for Escrow Accounts of Collective Real Estate Investment Schemes entity=format:application/pdf entity=legislation_category:controls language=en taxonomy_l1=municipal_construction taxonomy_l2=real_estate taxonomy_l3=property_development validity=valid validity_confidence=1.0

For the purpose of implementing these Controls, the following words and phrases, whenever mentioned in these Controls, shall have the meanings assigned thereto, unless the context requires otherwise:

REGA: Real Estate General Authority.

Collective Real Estate Investment Scheme: A real estate development project in which a group of persons invest to realize a benefit by owning a real estate and developing it into a residential, commercial, industrial, or agricultural property or any other type of property. Such developed real estate is then sold, and the scheme is terminated. This shall not include real estate investment funds.

Licensee: A person holding a license.

Escrow Account: The bank account of a collective real estate investment scheme.

Investors Register: A register in which the names of investors as well as their shares and any change to the ownership thereof are recorded.

License: A license issued by REGA for a collective real estate investment scheme.

Account Custodian: A banking institution licensed by the competent authority.

Chartered Accountant: A person licensed by the Saudi Organization for Chartered and Professional Accountants (“SOCPA”) to practice the accounting and auditing profession.

Engineering Consultant: An engineering supervision office licensed by the Saudi Council of Engineers (“SCE”) to provide engineering consultations.