Document Approval of Title Issued by the Economic Cities Authority
| No: 361000110001 | Date(g): 31/5/2015 | Date(h): 13/8/1436 | Status: In-Force |
Translated Document
Based on Article 21 of the Finance Companies Control Law and Article 22 of the Implementing Regulations of the Finance Lease Law, and in reference to Articles 13 and 14 of the Regulation of the Economic Cities Authorities issued by Royal Order No. A/19 dated 10/03/1431 H, which states that: "The Authority shall issue a certified official document for each owner or beneficiary of a property registered in the real estate records in the economic city. The document shall fully record its data in the notary records of the Authority and be certified according to the rules for issuing ownership documents approved by the Authority. The Authority requires every owner or beneficiary of a property or those disposing of it within the economic cities to present the necessary documents and papers."
Therefore, all real estate financing companies must accept the ownership document issued by the Authority of Economic Cities for any property or land owner within the economic cities as an officially recognized ownership document that serves in place of the property title recognized outside the economic cities.