What are advertising Licenses?

We have 3 types of advertising Licenses:

• Market Research Advertising License – a developer with a new development project intending to apply for an Off-Plan Sale Project License may first apply for a short-term license to “test the market waters” under a Market Research Advertising License. This type of license permits a Letter of Interest to be signed by the developer with interested buyers.

• Full Advertising License – a developer with a development license issued by RERA [an Off-Plan Sale Project License, a Replacement Development License or a Transitional Development License] may also obtain a longer-term advertising license. Which enables the developer after the expiry of the Market Research Advertising License and replacing it with a Full Advertising License to then sign a Reservation Agreement with an interested buyer. It is possible that RERA will seek to issue this license automatically when the developer applies for the replacement development license (and RERA may seek more information about the escrow account at that time).

• Transition Period Advertising License – where an existing development is partly constructed and the developer plans to apply for a Transitional Development License, then an application may be made for the transition advertising license, permitting the developer to advertise the units and to sign Reservation Agreements with interested buyers.