The Saudi Ministry of Justice revealed that it has expanded the electronic land and real estate title registrations services.
It announced that seven other banks had been included in the services, allowing their customers to benefit from the financial procedures service in cooperation with the Saudi Central Bank (SAMA).
The Ministry stressed that the expansion of the services aims to increase the number of beneficiaries through depositing real estate transaction amounts in their bank accounts.
The integrated electronic process begins with the parties’ approval of the transaction, transferring the amount to the seller, and transferring ownership of the property to the buyer through the Najez portal.
The process will be done entirely electronically without human intervention and without any need to visit the bank or the notary.
The Ministry stipulated that the two parties be Saudis in the electronic transfer of property ownership. Each of them should have an active account on the Absher, the Interior Ministry’s service platform.
It stressed the role of SAMA in facilitating the electronic land and real estate title registration operations through coordination with banks to improve the user experience.
