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Supplementary Circular Regarding the Obligations of Real Estate Valuation Clients Under the Supervision and Oversight of the Central Bank

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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Following up on SAMA's circular No. 371000061185 dated 28/5/1437 AH, which outlines the obligations of real estate appraisal customers under the supervision and regulation of 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, insurance companies, and real estate appraisal companies must deal with certified real estate appraisers who have obtained a license to practice appraisal."
  2. A new paragraph is added as follows: "Bank, insurance companies, and real estate appraisal companies must provide the customer with a copy of the real estate appraisal report for the property being appraised."