To: Companies operating in the field of leasing units on a time sharing system basis,
Subject: Time Share Contracts
RERA extends its warmest regards and thank you for your cooperation.
In reference to the abovementioned subject, we would like to inform you that all the brokerage companies operating in the field of leasing residential units on a timeshare basis shall adhere to the following:
1. Not issue any lease contracts for the units by the company.
2. Not receiving any amounts related to contract.
Note:
The role of company is brokerage only, In the event that the client desires to execute a contract, then the contract shall be made between the purchaser and the property owner, and amounts under such contract shall be paid directly to the owner. In the event of breaching this circular then the legal procedures followed by RERA shall be applied.
ENG/Marwan Ahmed Bin Ghleita
Executive Manager - RERA
Date: Safar 22, 1438 AH
Corresponding to: 22/11/2016