The deadline for the first kind of registration of real estate has expired for (6) neighborhoods in Medina, which are: (part of the King Fahd neighborhood, part of the Al-Aqoul neighborhood, part of the Juma Umm Khalid neighborhood, Sikkat al- Hadid neighborhood, part of al-Khadra neighborhood, part of Abyar al-Mashi neighborhood), by the end of next Thursday.
The General Real Estate Authority called on owners of properties located in the neighborhood to quickly register their properties through the electronic real estate registry platform rer.sa before the registration period ends, in order to implement real estate transactions and take into account all changes. To avail the benefits of documentation services. What happens to the property.
Object registration of property allows the issuance of a “property number” and an ownership registration instrument for each real estate unit registered. The new ownership registration instrument contains the precise geographical location of the property, information about its owner, description, status, and subsequent rights and obligations, and all real estate transactions arising from it, forming the basis for documenting ownership and real estate rights. The resulting outcomes contribute to the sustainability and growth of the real estate sector and its core competencies.
Failure to register real estate within the period specified in the declaration decision exposes its owners to financial penalties contained in the real estate registration system, which are determined by a committee specializing in investigating violations, the authority indicated. That the request for registration of immovable property shall continue in all declared areas even after the expiry of the registration period specified in the declaration decision.