Book traversal links for Article 1: Definitions
Article 1: Definitions
Effective from 2022-04-26 - Apr 25 2022
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1. | The terms and phrases used in these Rules shall have the same meanings as those defined in the Real Estate Finance Law and its Implementing Regulations. |
2. | The following terms and phrases, wherever mentioned in this document, shall have the meanings assigned to them unless the context otherwise requires: |
SAMA: The Saudi Central Bank. | |
Law: The Real Estate Finance Law. | |
Rules: The Rules Governing Real Estate Refinance Companies. | |
Real Estate Refinance Company (the Company): A joint stock company licensed to engage in real estate refinance activities. | |
Real Estate Financier: Commercial banks and finance companies licensed to engage in real estate finance activities. | |
Real Estate Finance: Extending credit to a borrower to own a dwelling. | |
Real Estate Finance Contract: A deferred payment contract extended to a borrower to own a dwelling. | |
Real Estate Finance Contractual Rights Cash flows, mortgages, collaterals and other rights arising under a real estate finance contracts. | |
Borrower: A natural person who obtains a real estate finance. | |
Primary Market: Real estate contracts concluded between borrower and real estate financiers. | |
Secondary Market: Trading of the right of real estate finance entities resulting from primary market contracts. | |
Real Estate Refinance Activity: The refinancing of real estate financiers and entities engaging in real estate finance activities to provide liquidity and facilitate the trading of real estate contractual rights in capital markets. | |
Sector: The real estate finance sector. |