Ministry of Justice expands in electronic real estate registration, adds 7 new banks

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Saudi Arabia's Ministry of Justice expanded in electronic real estate registration through adding seven new banks.

In a statement, the ministry said that the banks are Bank Albilad, Riyad Bank, Saudi British Bank (SABB), Bank Aljazira, Saudi Investment Bank (SAIB), Arab National Bank (ANB), and Banque Saudi Fransi (BSF), along with Alinma Bank, Al Rajhi Bank and Saudi National Bank (SNB), in cooperation with Saudi Central Bank (SAMA).

The ministry confirmed that the move aims to serve a large number of beneficiaries through depositing the amounts of real estate transactions in their bank accounts. This integrated electronic process starts with accepting the transaction parties, then transferring the amount to the seller, followed by transferring the property ownership to the buyer electronically through "najiz.sa" portal. The move does not need any human interference, nor visiting the bank or the notary to complete the transaction.

The ministry stipulated that both parties should be Saudis and have an active account on the "Absher" app.

It appraised SAMA's role in facilitating the electronic real estate registration, through coordinating with the banks, which reflects positively on improving the beneficiary experience.