Property e-conveyances in Saudi reach $800mln conducted by over 65,000 clients
In order to process the transaction, both parties need to declare that the provided information is accurate, subject to the statutory procedures
The Jabal Omar project is one of the most important mixed-use real estate developments, located within walking distance of the Holy Mosque, in Makkah Al Mukarramah. Image used for illustrative purpose
Jabal Omar Development Company / Handout via Zawya
By Staff Writer, Saudi Gazette
RIYADH — Over 65,000 clients have carried out property e-conveyances totaling SR3 billion (around $800 million) since the launch of the service in February 2020, revealed the Saudi Ministry of Justice (MoJ).
“Available on the Najiz.sa portal, the service enables clients to sell and transfer title to property without having to visit any bank or notarial office,” the MoJ said.
In order to process the transaction, both parties need to declare that the provided information is accurate, subject to the statutory procedures.
The application is automatically canceled if it is not approved by the buyer within three days.
In cooperation with the Saudi Central Bank, the ministry has recently expanded the e-conveyance service to cover clients of Alinma, Al Rajhi and NCB banks. — SG
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