RIYADH — Through its Najiz.sa portal, the Saudi Ministry of Justice (MoJ) has received 4,800 applications for e-conveyance of properties valued at over SR593 million (nearly $160 million), since the launch of the service in March 2020. "The e-conveyance service enables clients to transfer property title deeds without having to visit a notarial office," the MoJ said. "In cooperation with the Saudi Arabian Monetary Agency (SAMA), an intermediary bank account is created for each transaction, enabling instant conveyance as soon as the buyer has deposited the sale value." "It is currently available to property owners who have an NCB bank account, but will be expanded later to cover all local banks," the MoJ added. The ministry has recently raised the upper property value limit for e-conveyance to SR3 million following secure procedures, in order to streamline transactions and save clients' time and effort.
