Riyadh – Mubasher: The Saudi Minister of Justice, Walid bin Muhammad Al-Samaani, affirmed that the royal decrees and judicial legislations that were issued recently related to the real estate sector have enhanced the reliability of real estate ownership and contributed to improving the investment environment and competitiveness.
Al-Sama’ani added, during his speech at the Real Estate Future Forum, that during the past period, many legislations affecting the real estate sector were issued, directly or indirectly, including the documentation system that regulates the procedures for documenting real estate ownership and shows the authenticity of documents issued in accordance with its provisions.
With regard to the reliability of real estate deeds, the Minister of Justice noted that, according to royal orders, there is no suspended or canceled instrument immediately if its planning has been completed, and that any real estate instrument – issued by the notary public or from a notary licensed by the notary public – within a scheme approved by the competent authorities does not. It may be suspended or canceled, with the exception of procedures related to expropriation for the public benefit through which compensation is made to the owner of the property as stipulated in the law.
Al-Sama’ani stressed that the legislation took into account achieving flexibility, meeting the needs of beneficiaries, and speed in providing services, as it launched a short time ago the Preventive Justice Initiative; With the aim of avoiding the occurrence of real estate disputes, as well as the launch of a number of documented contracts that gain the force of the executive document without going to the subject matter judge even in the event of a dispute, in cooperation with the Ministry of Municipal and Rural Affairs.
The minister explained that all real estate services are provided to the beneficiaries in a complete digital form, starting from trading and the emptying process and passing through the mortgage and any other process, indicating that the last year witnessed more than 55 thousand real estate transactions that were completed electronically, which represents 30% of the total real estate trading in the Kingdom.
Al-Samaani said that real estate services are not provided through the Ministry of Justice only, but also through notaries licensed by the ministry, and that the ministry’s goal during the current year and the following years is to improve the quality of services in accordance with the aspirations of the beneficiaries.
The Minister of Justice revealed the establishment of a department within the Ministry of Justice concerned with real estate property and benefiting from trading data through digital platforms that will be launched successively, in cooperation with the Real Estate Authority and the Central Bank.-
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