The Minister of Justice, Dr. Walid bin Mohammed Al-Samaani, has issued a directive exempting real estate finance companies and their clients from the requirement to require installment buyers to bring certified means of payment, when wishing to transfer ownership of the property from the company to the buyer after the end of the installments of the property.

The directive comes after a number of real estate finance companies submitted summonses indicating that some notaries require bringing certified means of payment for the full value of the property to complete the transfer of ownership, while the properties are sold through installments and paid in monthly installments, and therefore it is not possible to bring certified means of payment, and therefore cannot transfer ownership, even though these companies are licensed for real estate finance activity.

These observations prompted the Minister of Justice to direct all notaries in the Kingdom to exempt real estate finance companies that wish to transfer ownership to the buyer from the requirement to certify that the value is added in the sale, explaining that it is in monthly installments, ending on a specific date, through a sealed statement from the company.

These observations prompted the Minister of Justice to direct all notaries in the Kingdom to exempt real estate finance companies that wish to transfer ownership to the buyer.

The directive aims to facilitate the companies and their customers in the process of transferring home ownership, especially in light of protecting the rights of both parties, and just a stamped statement from the company is sufficient in this case, considering that the company is the other party in the sale process.