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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 Customers Subject to Supervision and Regulation by SAMA.

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, 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, and insurance companies must provide the customer with a copy of the property appraisal report."