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Supplementary Circular Regarding the Obligations of Real Estate Appraisal Cutomers who are Subject to the SAMA Supervision

No: 657680000099 Date(g): 8/7/2018 | Date(h): 25/10/1439

Translated Document

Effective from 2018-07-08 - Jul 07 2018
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Further to SAMA's circular No. 371000061185 dated 28/5/1437H, which outlines the Obligations of Real Estate Appraisal Clients Subject to Supervision and Regulation by the Central Bank.

We would like to inform you of the following amendments to the aforementioned circular:

  1. The first paragraph of the circular is amended to read: "Banks, finance companies, and insurance companies must engage with certified real estate appraisers who hold a valid license to practice appraisal."
  2. A new paragraph is added as follows: "Bank, finance companies, and insurance companies must provide the client with a copy of the property appraisal report."