The company will be an intermediary. The company will be an intermediary between the buyer and the seller, as it aims by the end of this year to be the recipient of the funds for real estate values, by depositing them in the company's bank accounts, and then start checking the validity and correctness of the data in the real estate transaction and then settle it between all parties in a fair and legal manner.
The president of the National Company emphasized that the company will be able to provide the service of emptying and transfer of ownership and financial payment.
Mohammed Al-Sulaiman, President of the National Company for Real Estate Registration Services, confirmed that the platform includes unlocking mortgages, sorting and merging instruments for issuing cadastral decisions, selling, buying and paying the value of the property in the areas and properties to which the real estate registration system is applied without returning to the centers that require attendance such as offices and others.
National Company for Real Estate Registration Services.
Real estate registration targets 350,000 properties
Mohammad Al-Sulaiman explained that the company aims until the end of 2023 to register about 350 thousand properties in kind in the platform, including 300 thousand properties in the city of Riyadh, while during the next five years it aims to register about 80 percent of the volume of real estate in all regions of the Kingdom.
He pointed out that the volume of requests for in-kind registration of properties submitted by the owners of these properties in the Al Falah neighborhood in Riyadh reached about 40 percent within a month of the start of in-kind registration of the property, pointing out that the company seeks during the month of September to announce the start of in-kind registration in seven new neighborhoods in the city of Riyadh.
On the mechanism of real estate registration in all regions of the Kingdom.
Regarding the mechanism for registering properties owned by diplomatic bodies and international bodies and organizations, Al-Sulaiman described that these cases are considered special and accordingly each case will have its own guidance, so the company returns in such matters to the legislative body, which is the General Authority for Real Estate and requests the appropriate mechanism to deal with such cases, stressing that the company's role is limited to keeping records and conducting transactions.
With regard to the mechanism for registering properties that belong to diplomatic bodies and international organizations, Al-Sulaiman said that the company is limited to keeping records and conducting transactions.
