RIYADH — In Kingdom on Monday an electronic rental network was launched to maintain the Kingdom’s real estate rental market.
For residential rental contracts, a registration fee of SR250 has been fixed. For commercial rental contracts, SR400 has been fixed.
This network offers you a wide range of electronic services such as documenting contracts, electronic payment, and obliging real estate agents to submit a uniform rental contract on the network. It also didplays credit status of tenants.
In the presence of, Majed Al-Hoqail, Minister of justice Waleed Al-Samaan, Abdullah Al-Sawahah and other senior official, this electronic rental network was introduced.
Al-Huqail said, this network is one of the initiatives of his ministry to regulate the real estate sector and the rental market in the Kingdom, addressing a press conference at the launching ceremony.
Al-Huqail also told, “This network offers a package to maintain and simplify the rental procedures for landlords, tenants and real estate brokers,”.
Al-Samaani said a unified rental contract will be considered as an executive bond and as such its holder can directly approach the court.It will significantly help people to avoid long judicial processes.
Al-Sawahah said, this new service is a giant step in the Kingdom’s digital transformation process. It will serve a large section of people and sectors and will be instrumental in safeguarding the rights and interests of all parties.
CEO of National Housing Co, Muhammad Al-Batti said, this step includes the protection of the rights of the parties and reducing the number of litigations, to raising gross domestic product (GDP) and boosting investment in real estate sector, which includes more than 2.5 million residential units.
Source:- Saudi Gazzette