The Ministry of Justice announced that it has updated 1.3 million paper deeds and converted them into electronic deeds certified by the Kingdom’s First Notary Public Offices, The Ministry has adopted a pioneering digital program for real estate asset management, whereby the deed is updated by entering its information into the electronic system after it has been reviewed and verified for legal and regulatory compliance, so that the deed is ready upon request for transfer, which is completed within 10 minutes.
The Ministry has enabled holders of old deeds to update them automatically through a specialized system, the “Real Estate Wealth System,” which has helped simplify and expedite procedures.
The electronic system update involves the beneficiary receiving the deed and verifying its validity, followed by entering its data into the system. An update record is then generated, requiring the signature of the deed holder or their agent. After printing the updated deed, it is margin-stamped and registered accordingly.
The Ministry of Justice stated that the advantages of the electronic deeds it is updating include facilitating the documentation process through automated linking, the ability to buy and sell at the same time the deeds are finalized, reducing the duplication of instrument issuance, and unifying instruments within a single electronic network, in addition to contributing to the protection of property rights through the preservation of land parcels.
The benefits of the updated deeds also include the activation of the electronic real estate wealth system, which aims to achieve accuracy, precision, and speed in the issuance of deeds, reduce congestion among applicants, and limit paper-based transactions, as well as documenting property transfers, whether through full or partial sale, gift, or mortgage to government lending funds, with the system electronically recording all real estate transactions conducted during various time periods across all regions and cities of the Kingdom.
The Ministry previously implemented the Real Estate Wealth System as part of its development initiatives to include more than 183 primary and consolidated notary offices performing the functions of primary notary offices, contributing to the development of all judicial sectors involved in documentation by relying on technology for the issuance of deeds.
It is worth noting that first-level notary offices across the Kingdom have issued more than two million electronic deeds covering all real estate transactions in just one year.
