Regulatory Alerts2018-03-06
Procedural Requirements for Mortgage Registration
The Saudi Central Bank mandates that all licensed banks and finance companies operating in Saudi Arabia strictly adhere to standardized procedural requirements and official forms for notarizing and registering mortgage contracts. Financial institutions must ensure the presence of authorized representatives, verify property ownership and Sharia compliance, and complete vacancy and mortgage registration in a single procedure per Ministry of Justice directives. Additionally, lenders are required to promptly report any notary refusals using the designated incident form and rectify historically misregistered properties within three years.
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