To facilitate the process of transferring home ownership for companies and individuals, the Minister of Justice, Dr. Walid bin Muhammad Al-Samaani, has directed that mortgage finance companies and their clients be exempted from the requirement that buyers on installment plans present certified payment instruments when they wish to transfer property ownership from the company to the buyer after the property installments have been paid in full.

The directive was issued after some real estate finance companies were unable to provide certified payment instruments, which made the transfer of ownership impossible, even though these companies are licensed to engage in real estate financing. At the same time, some notary offices require the presentation of certified payment instruments covering the full value of the property to complete the transfer of ownership.

These observations prompted the Minister of Justice to issue a directive to all notary offices in the Kingdom, exempting real estate finance companies wishing to transfer ownership to the buyer from the requirement to certify that the value is included in the sales contract, and to clarify, via a stamped statement from the company, that the amount is paid in monthly installments ending on a specific date.

The directive aims to facilitate the process of transferring home ownership for companies and their clients, particularly while protecting the rights of both parties, and to accept a stamped statement from the company as sufficient in this case, given that the company is the other party in the sale.