Property conveyance digital service expanded to include 7 new banks

Property conveyance digital service expanded to include 7 new banks

The Ministry of Justice announced the expansion of the electronic real estate clean-out service, by making the service available through seven additional banks.

The new banks include Albilad Bank; Arriyadh Bank; SBB; AlJazira Bank; Saudi Investment Bank; ANB; and Saudi Fransi Bank. in addition to Alinma; Al Rajhi; and the SNB; in cooperation with the Central Bank of Saudi Arabia (SAMA).

The ministry also said the expansion of the service procedure aims to serve a larger segment of beneficiaries by allowing them to deposit real estate transaction amounts into their bank accounts in an integrated electronic process that begins with the parties accepting the transaction, transferring the amount to the seller and transferring ownership of the property to the buyer in an electronic form, through the “najiz.sa” platform.

The transactions process can complete without human intervention; and without any need to visit the bank or notary; provided that the two parties are Saudis and have an active account on Absher.

“The expansion plan also aims to serve wider range of clients through enabling deposits of property sales in different bank accounts belonging to different clients.” explained the ministry.

“This is also through a conclusive digital operation that starts at accepting the sale deal; and completing the whole transaction and sales between the property buyer as well as seller through Najiz portal”.