<span class="has-inline-color has-vivid-red- contains 40 articles that define all the details and procedures for the in-kind registration of real estate, foremost of which is granting the General Authority for Real Estate the competence to register real estate in kind with the possibility of using government agencies or assigning it to private sector companies, in addition to establishing the real estate registry and ensuring the correctness and accuracy of real estate information and data, and the system is characterized by giving real estate ownership the absolute authority in proof.
At the level of subsequent real estate transactions, the system specified in Chapter 5 the controls and procedures for the registration of real estate transactions, not only to register them, but also to include contracts and commitments, which are based on the benefit of the property, such as the lease if the term is ten years or more, as well as the procedures for disposing of real estate described on the map, registration fees, penalties and controls for the practice of surveying and screening work related to real estate registration.
The system is characterized by giving real estate property the absolute force of proof.
Majid bin Abdullah Al-Hogail, Minister of Municipal and Rural Affairs and Housing and Chairman of the Board of Directors of the General Real Estate Authority, explained that the issuance of the system comes as an extension of the attention and support enjoyed by the real estate sector in the Kingdom, with the aim of increasing the reliability of ownership, enhancing the accuracy of information on real estate, preserving the rights of dealers in the sector to achieve the objectives of the Kingdom's Vision 2030 programs in digital transformation, developing real estate wealth, and enhancing the investment attractiveness of the real estate sector.
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Haqeel stressed that the role of the real estate registration system is to unify the supervision of real estate registration in one entity easily and easily, in accordance with the best international practices followed, and to ensure the accuracy of information and data of all types of real estate, and to build a comprehensive real estate record for all subsequent transactions of real estate registration in the unified real estate registry.<For his part, Prince Saud bin Talal bin Badr, Acting CEO of the General Authority for Real Estate, emphasized that the system contributes to achieving the objectives of the Kingdom's Vision 2030 by developing real estate wealth, enhancing transparency and reliability in the real estate sector and reducing real estate disputes, in addition to identifying the General Authority for Real Estate as a unified government body that undertakes the task of fully supervising the in-kind registration of real estate, which will increase the efficiency and flexibility of real estate registration operations and serve the public interest and real estate owners of all segments.Prince Saud bin Talal said that the registration of land and real estate properties is one of the priorities of the comprehensive strategy for the real estate sector, which was approved by the Council of Ministers, as building a comprehensive real estate registry for land and property contributes to achieving the third strategic pillar of market effectiveness, to be vital and attractive, and gives confidence to participants.
Prince Saud bin Talal stated that the registration of land and real estate properties is one of the priorities of the comprehensive strategy for the real estate sector.
