Saudi MoJ: Electronic property conveyance deals exceeded $266mln
“The service is fully automated and can be completed online using the ministry’s intermediary bank account,” explained the ministry
Image used for illustrative purpose. Buildings are seen from the top of Mount Al-Noor in the holy city of Mecca, Saudi Arabia January 16, 2016.
REUTERS/Amr Abdallah Dalsh
By Staff Writer, Saudi Gazette
RIYADH — The Ministry of Justice revealed Wednesday that more than 11,580 electronic property conveyance applications have been received through Najiz.sa portal, with a value that exceeded SR1.2 billion (around $266 million) since the launch of the service in late March 2020.
The ministry said that the service enables users to sell and transfer property ownership electronically without having to visit a public notary or banks to issue certified checks.
“The service is fully automated and can be completed online using the ministry’s intermediary bank account,” explained the ministry.
“A bank account is created for each property deal in order to receive the sale money from the buyer to the seller and the property ownership transfer is completed immediately, securely and without human intervention.”
Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.