Saudi Arabia Approves New Attestation System For All Real Estate Investments
Category:
Saudi Arabia
Saudi Arabia has approved a new attestation system for all real estate investments to safeguard buyers’ interests. The move will also add further transparency to judicial documentation required for all such investments.
As part of the new requirements, documents issued by notaries will specify the terms of reference, work procedures, control of their outputs, and penalties for offenders.
The documentation system will help with “preventive justice”, which will contribute to reducing disputes and lawsuits, raise the efficiency of contracts, and enhance the speed of restoring owners’ rights without the need to file a lawsuit, according to the Dr. Walid Al Samaani, Saudi Minister of Justice and Chairman of the Supreme Judicial Council.
SOURCE : GULF NEWS
10 Jul, 2020
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