Off-plan sales and leasing
Off-plan sales and leasing projects are one of the most prominent mechanisms for developing the real estate sector in the Kingdom of Saudi Arabia, as it allows real estate developers to sell residential or commercial units off-plan before the project is completed. In order to ensure transparency and credibility in the financial operations associated with these projects, a careful financial audit and continuous follow-up of the financial operations involved in the “Wafi” project are required.
At Business Era, we provide specialized legal accounting services for off-plan sales/leasing projects, which include reviewing and auditing all financial documents related to the project, in addition to compliance with the laws and regulations governing the “Wafi” mechanism.
Our services in the field of accounting for off-plan sales/leasing projects (Wafi):
- Review and Audit of Financial Documents:
- We audit all financial documents related to the project's cashing operations, including payments related to the project and spending on various parts of the project.
- Ensure the accuracy of escrow account-based documentation according to specified specifications.
- Follow-up and audit the financial statements of the units sold:
- We document and review the financial statements related to the values of the units sold and ensure that they are deposited in the escrow account in accordance with the applicable laws in the Wafi program.
- Ensure the conformity of financial records of transactions made off-plan, and that received funds are recorded correctly in accordance with applicable regulations.
- Approving the transfer or disbursement of financial amounts:
- We audit all the amounts of money to be disbursed or transferred in accordance with the regulations of the escrow account of “Wafi”.
- We ensure that all payments are made with the approval and legal audit in accordance with the requirements for each project, and that they are spent in the right direction.
- Audit and certification of payment documents:
- We review all financial payment documents required for project disbursement approval.
- Ensure that the documents comply with the approved standards and ensure that all payments are made on time in accordance with the established agreements.
- Submit periodic reports to the committee:
- We provide periodic reports showing the financial and accounting operations of the escrow account.
- These reports include a list of the financial position of the enterprise and various disbursements from the escrow account.
- In addition to raising the necessary documents that support the financial operations and confirm the integrity of the financial actions taken in the project.
The importance of the services of a chartered accountant for “Wafi " projects“:
- Full compliance with the laws:
- Through our specialized services, we help to ensure full compliance with the laws of real estate entrepreneurship on the map, which contributes to avoiding any legal or financial problems that may arise during the project.
- Increased transparency and credibility:
- We are working to enhance transparency in financial operations related to “Wafi” projects, which contributes to enhancing trust between all parties involved in the project.
- Accuracy of calculations and ensuring sound financial flows:
- We audit and audit the accounts to ensure that each disbursement is made in accordance with strict financial standards, which contributes to the financial stability of the project and protects it from any financial risks.
- Detailed and accurate financial reports:
- Through our periodic reports, clear and accurate information on disbursements and the enterprise’s financial position is provided, facilitating decision-making by the committee or investors.
Why choose Business Era For legal accounting Services in “Wafi " projects?
- In-depth experience in dealing with off-plan sales/leasing projects in accordance with local regulations and Wafi program.
- A competent team of Chartered Accountants who have the ability to review and audit financial documents accurately and professionally.
- High transparency in financial transaction reports that contribute to enhancing trust between interested parties.
- Full compliance with the regulations and laws established by the Public Authority for Real Estate in the Kingdom.
Do you need legal accounting services for your real estate project?
If you are a real estate developer or responsible for an off-plan sale/lease project and need the services of a specialized chartered accountant to ensure full compliance with the financial procedures in the “Wafi” program, then at Business Era, we provide you with full support through our distinguished services to ensure the project runs efficiently and transparently.