Yesterday issued mortgage system in a package regulations issued by the Council of Ministers after the concerned authorities completed the formulation and review of all materials which consist of 49 articles between definitions and procedures and conditions, and other materials of the Organization of the mortgage process.
The mortgage system of guarantees which resorted to the creditor to ensure the right to meet the debt, which may be a mortgage against the debt and finance in business and civil society alike, is not required to be debt relates to the drug itself, and will be for approval according to specialists significant impact in encouraging banks and companies installments real estate, which in turn will reflect positively on the general movement of the market and the opportunity for people with low and middle-income independent to build houses for them.
The system is one of the safeguards guaranteeing the rights of companies and institutions, real estate finance and make the investment in this area is safe, what will make the competition is increasing day after day, and ensures that the system of the company funded for the construction or ownership of property that is subject to this property to their advantage until the payment of all premiums due.
According to the latest draft were traded before the issuance of the order yesterday and according to what is a trader between specialists, the system came in the following form:
Chapter I: Create a mortgage
Article I:
A - mortgage creditor really earn a certain kind on drug eliminates the system must be registered, and have accordingly to advance on all ordinary creditors and following him in rank to meet his or her religion of the price of the property in any hands.
B: 1 - If the property is registered in accordance with the provisions of the registration system kind of real estate, so registration according to the provisions of the mortgage system.
2 - have registered a mortgage on the property that did not apply it kind registry system of the property checked on his record with the court or competent Notary.
C - does not meet the mortgage only scoring, and is committed to the current expenditures of the mortgage contract, registration and renewal. The intervention in the mortgage debt expenses and rank unless otherwise agreed.
Article II:
A - must be the current owner of the property mortgaged Welcome to dispose of it.
B - may be the same moment the debtor or guarantor kind provide a drug Arhenh to the interest of the debtor, even without his permission.
Article III:
If the current is not the owner of the property mortgaged, was mortgaged suspended on vacation the document owner, and foreclosure starts from the date of the leave, if not issued such leave, the right does not entail mortgage on the property only when it becomes time this property is owned by BET.
Article IV:
A - must be a certain mortgaged property is located, or potential presence than sell it true.
B - must be mortgaged property information note denying of foolishness noting in the mortgage contract itself, or at a later contract, and the right to sell auction independence.
Article V:
Includes extensions foreclosure of the mortgaged property of the buildings and the purpose of and prepared to serve him and introduces him of construction or improvements after the contract unless otherwise agreed, without prejudice to the rights of others related to these accessories.
Article VI:
Remains of foreclosure of all property owners commonly effective, whether it is mortgaged, which can be divided or to be sold to can not be assessed.
Article VII:
A - If the subject of one of the partners share all or part of a communal; mortgage turns after division to the unsorted part, which occurred in his inheritance.
B - If the subject of one of the partners share all or part of a communal, then signed his share after notables division is mortgaged, the mortgage moved to the extent of these objects is equivalent to the value of the quota was originally pledged, and assigns so much and records the order of the competent judge.
C - allocate the amounts owed to bet resulting from the equivalent of quotas or the price of mortgaged to repay the debt secured by the mortgage.
Article VIII:
A mortgagee may not common in the mortgage division request before proven right in the interpolation of the mortgaged without the consent of the moment, but after testing the right interpolation of mortgaged, Vllmerthen the right to request sale of the encumbered share their communal condition, and may request the division even without the current satisfaction.
Article IX:
Required in exchange for a mortgage to be our steadfast in disclosure, or promised a specific, or an object secured debtor, or we doomed to obligatory religion commentator on the future condition or religion or religion probabilistic to be determined in the mortgage contract the amount of secured debt or reduce Far ending to this religion.
Article X:
Each part of the mortgaged property underwriter for every religion, every part of the content of the property mortgaged debt, unless otherwise agreed upon.
Chapter II: the effects of foreclosure
(Current)
Article XI:
If the property is not registered in accordance with the provisions of the registration system in kind for a drug, it is not permissible to bet that acting in his estate mortgaged unless otherwise agreed.
Article XII:
VINTAGE mortgage owner and expense it, and staked right mortgaged management, including not prejudice the right of the mortgagee, and yields bet mortgaged up to the date of ownership Jabra disarmament.
Article XIII:
Quo is committed to ensuring the safety of the mortgaged property until the date of paying off the debt, and the mortgagee to object to anything that would decrease the value of the mortgaged or بتعريضه of loss or defect, and may take precautionary measures statutory guarantee the safety of the right, that is due to expenditures on the moment.
Article XIV:
Current is required to ensure what occurs to the mortgaged value or shortages blocker prevents the mortgagee to meet the right thereof, Khlak or defect or maturity, as follows:
A - If that the current Ptaadi or negligence, Vllmerthen compel the current pay debt off or claim to provide security foreclosure last parable.
B - if because no hand to bet it, Valrahen option, either to provide a sufficient guarantee of religion, or meets its status value.
C - If the last mortgaged allowance subject to conform to the value necessary mortgagee, but if the mortgagee's interest in the eye undiminished mortgage or deceased phenomenon, Fajl meet debt incumbent.
Article XV:
A - If the quo guarantor kind or mortgaged was not the debtor, it is not permissible only on the implementation of the mortgage of mortgaged owner of the funds other than the debtor.
B - If the sale of the mortgaged property Vmalikh refer to the debtor, and not have it before execution on mortgaged.
Article XVI:
If a business that will mortgaged property exposure to lost Altaab or make it is not enough for Guarantee Vllmerthen can ask the court to stop these acts and take the means of preventing injury and according to the provisions of the Summary Jurisdiction.
Article XVII:
If the mortgaged property or perished shortage for any reason, go right to the mortgagee to the money that was replaced by the present without permission, and the mortgagee that meets the right of it, according to rank.
(Mortgagee)
Article XVIII:
Taking into account the provisions of the disposition of the debt, the mortgagee may transfer the right to meet the debt with mortgage guarantor him to anyone else, unless otherwise agreed.
Article XIX:
If a solution for the debt shall be performed, the tool debtor taking mortgage, although not Aadh foreclosure sale request mortgagee provides all الغرماء to meet his religion from its price, according to rank and in accordance with established procedures, and if left to the mortgagee debt quotas الغرماء in the rest of the debtor's assets, like other creditors.
Article XX:
Not true that in the mortgage contract requires the following:
A - that the be mortgaged benefits for the mortgagee, and depends on the consent of the moment collect mortgaged yields on not benefit them.
B - mortgagee acquires mortgaged against his religion if Aadh the current appointed him.
In both cases, foreclosure is true and corrupt requirement.
Article XXI:
A - If the mortgaged property is registered in accordance with the kind registry system of the property, it executes a lease issued by the current right of the mortgagee only if registered before the registration of the mortgage contract period not less than five years.
B - If the mortgaged property is registered in accordance with the registration system kind of drug, Faltzm present disclosure - in the mortgage contract - for any right in rem original or collateral on mortgaged property, the popping of human influential right mortgagee he compensate the mortgagee what the right of the damage, if he Currently Bad intention فتحرك the criminal case against him, according to the Anti-counterfeiting system.
(The right of others)
Article XXII:
Applies the impact of mortgage registered against third parties from the date of registration, unless it earns the others really kind on the mortgaged property before you sign the mortgage.
Article XXIII:
Limited impact on the mortgage debt specified in the mortgage document.
Article XXIV:
Do not argue in the face of non-transfer of contractors registered mortgage-secured debt or waive rank only after being in the right original document and record the property.
(Right progress)
Article XXV:
Determine the rank mortgage his registration number and date of registration, and retains Bmrtpth even restricts what shows on the expiry of the competent authority to register system.
Article XXVI:
Pledgee creditor may waive rank mortgaged by his religion to another mortgagee on the mortgaged property in accordance with the provisions prescribed in the bank right.
Article Twenty-Seven:
If the property is subject to a number of bonded sequentially, meet the rights of its price or of the money that was replaced according to rank each and every one of them.
(Droit de suite)
Article Twenty-Eight:
A creditor mortgagee the right to follow the mortgaged property in the hands of any holder has to fulfill the right of it when it gets fulfilled according to rank.
Article Twenty-Nine:
Longer in possession of the mortgaged property both moved it after the mortgage any reason the ownership of this property or any other right in rem it is subject to subject without be responsible personal responsibility for mortgage-secured debt.
Thirty Article:
A creditor mortgagee subject to the recording to take action forced removal of ownership of the mortgaged property and sell it if the debtor does not have to fulfill in the specified term, after warning the debtor and the holder of the mortgaged property in accordance with the system.
Article Thirty-first:
The holder of the mortgaged property that leads mortgage debt and expenses after being warned, to return as a tool for the debtor, and may replace the creditor who met his religion with his rights.
Thirty-second article:
The holder of the mortgaged property right cleansed of all mortgage recorder, and his right to remain in the performance of debt in place until the date of the sale of the mortgaged, or deadlines system, and has come back as paid at the moment.
Thirty-third article:
Are forced removal procedures for the ownership of the mortgaged property and sell it at the non-fulfillment of religion, according to system implementation.
Article XXIV:
May be the holder of the mortgaged property to enter into action to sell in the auction, if anchored auction him and resulted in price, counting the owner of the property under the support ownership of the original, and purified the mortgaged property of each right recorder it if pay-winning price that docked him Bid by or deposited the expense of the court.
Thirty-fifth article:
If anchored the auction sale of the mortgaged property to the non-nuclear, it earns its ownership under resolution docking auction by, and has the right of winning, winning both entered in the auction or not enter.
Thirty-sixth article:
Ensure that mortgage was under his hand, is guaranteed winning each affects the mortgaged property from loss or lack or defect, and it yields response mortgaged property after the date of expropriation.
Thirty-seventh article:
If the price of the mortgaged property on the recorded value of the debt, the increase of the holder.
Thirty-eighth article:
Mortgaged property holder may object to religion that the sale of the property because of all that was the debtor may object if its debt was registered after the title holder.
Thirty-ninth article:
A - Back holder claiming warranty on the previous owner in the border which is due back on the property received from him or a donation netting.
B - the holder of recourse against the debtor, including pay increase over what is owed in the discharged under the support right Whatever the reason to pay the increase, and replace the creditors who understand their rights in their rights by the debtor, including what their insurance provided by the debtor, without Insurance provided by someone else.
Chapter III (the expiration of the mortgage)
Forty article:
A - mortgage continued of religion, Fanevk the expiry of all mortgage debt trusted.
B - If the debt has passed and then returned positive for any reason for his survival, he returned as it was re-entry mortgage debt, without prejudice to the rights of bona fide third parties acquired in the period between the expiry of the right to return.
Forty-first article:
A - The debtor leads mortgage debt binder and its accessories before in order to fulfill according to the contract or agreed Almtdaanan.
B - the Mtdaanin may accelerate the fulfillment of religion versus put part of its value, according to the mutually agreed upon menial by a separate agreement.
C - If you find the debtor in repayment and sold Court mortgage before the term whole, ordered to pay premiums situation to creditors and deposited the remaining amount in a bank account, and debit request the release of the amount if agreed with the creditor on the method of payment or provided a bank guarantee for the payment of the rest of the debt.
Forty-second rule:
Invalidate foreclosure sale of the mortgaged property selling algebraically according to the system, and pay for it bonded to the creditors according to the ranking of each of them, or deposited in an account with the court.
Forty-third article:
Elapse mortgage recorded at the Federation of disclosure, meeting the right mortgage with the right of property in the hands of one person, whether the transfer of ownership of the mortgaged property to the mortgagee, or the transfer of the right of foreclosure to the current, if still the cause of the Union of disclosure had its removal retroactive effect; returned mortgage to his condition.
Forty-fourth article:
Registered mortgage expires if a waiver mortgagor him a concession documented, and may waive the right to a mortgage with the survival of religion.
Article Forty-fifth:
Mortgage expires registered doom misplaced, and taking into account the provisions of the destruction mortgage stipulated in this system.
Forty-sixth article:
Winning bet and mortgage redemption request after the expiry of the hearing proceedings documented by mortgage debt provided for in other regulations.
Forty-seventh article:
Does not invalidate the death of the current mortgage, the mortgagee or loss of eligibility, has died, and his legacy, but was disqualified Knapp him and why.
Forty-eighth article:
Except stock, apply the provisions of the mortgage registered on the transferee who has a record regularly, كالسيارة the ship and plane, etc., This system eliminates the provisions of the mortgage business that contradict him.
Forty-ninth article:
This system shall be published in the Official Gazette and shall be ninety days after the date of publication.
According to the critical study of a company Fawzan issued earlier in the mortgage features, according to the Saudi definition that makes the religion of the mortgagee in the ranking of their franchise to meet debt of the value of the mortgaged property, and the pursuit of real estate in any hand.
According to the system may be that the real estate mortgage and real estate and includes accessories of buildings and planting and prepared for his service and introduces them from construction or improvements after the contract unless agreed otherwise, and without prejudice to the right of third parties related to these accessories.
It also applies to the transferee, who has scored regularly كالسيارة and ship and aircraft and other with the exception of securities (stock certificates, etc.).
One of the main benefits expected for the systems to be alternative financial actor that will enable citizens to have adequate housing, it will raise the quality of living and housing, as the finance and mortgage will be for many years will lead to interesting real estate companies to the quality and quality housing to ensure the recovery of expenditure and profiteering.
The new systems will strengthen the bond market is active markets and inspire tranquility in the hearts of financiers and creditors.
The mortgage system of guarantees which resorted to the creditor to ensure the right to meet the debt, which may be a mortgage against the debt and finance in business and civil society alike, is not required to be debt relates to the drug itself, and will be for approval according to specialists significant impact in encouraging banks and companies installments real estate, which in turn will reflect positively on the general movement of the market and the opportunity for people with low and middle-income independent to build houses for them.
The system is one of the safeguards guaranteeing the rights of companies and institutions, real estate finance and make the investment in this area is safe, what will make the competition is increasing day after day, and ensures that the system of the company funded for the construction or ownership of property that is subject to this property to their advantage until the payment of all premiums due.
According to the latest draft were traded before the issuance of the order yesterday and according to what is a trader between specialists, the system came in the following form:
Chapter I: Create a mortgage
Article I:
A - mortgage creditor really earn a certain kind on drug eliminates the system must be registered, and have accordingly to advance on all ordinary creditors and following him in rank to meet his or her religion of the price of the property in any hands.
B: 1 - If the property is registered in accordance with the provisions of the registration system kind of real estate, so registration according to the provisions of the mortgage system.
2 - have registered a mortgage on the property that did not apply it kind registry system of the property checked on his record with the court or competent Notary.
C - does not meet the mortgage only scoring, and is committed to the current expenditures of the mortgage contract, registration and renewal. The intervention in the mortgage debt expenses and rank unless otherwise agreed.
Article II:
A - must be the current owner of the property mortgaged Welcome to dispose of it.
B - may be the same moment the debtor or guarantor kind provide a drug Arhenh to the interest of the debtor, even without his permission.
Article III:
If the current is not the owner of the property mortgaged, was mortgaged suspended on vacation the document owner, and foreclosure starts from the date of the leave, if not issued such leave, the right does not entail mortgage on the property only when it becomes time this property is owned by BET.
Article IV:
A - must be a certain mortgaged property is located, or potential presence than sell it true.
B - must be mortgaged property information note denying of foolishness noting in the mortgage contract itself, or at a later contract, and the right to sell auction independence.
Article V:
Includes extensions foreclosure of the mortgaged property of the buildings and the purpose of and prepared to serve him and introduces him of construction or improvements after the contract unless otherwise agreed, without prejudice to the rights of others related to these accessories.
Article VI:
Remains of foreclosure of all property owners commonly effective, whether it is mortgaged, which can be divided or to be sold to can not be assessed.
Article VII:
A - If the subject of one of the partners share all or part of a communal; mortgage turns after division to the unsorted part, which occurred in his inheritance.
B - If the subject of one of the partners share all or part of a communal, then signed his share after notables division is mortgaged, the mortgage moved to the extent of these objects is equivalent to the value of the quota was originally pledged, and assigns so much and records the order of the competent judge.
C - allocate the amounts owed to bet resulting from the equivalent of quotas or the price of mortgaged to repay the debt secured by the mortgage.
Article VIII:
A mortgagee may not common in the mortgage division request before proven right in the interpolation of the mortgaged without the consent of the moment, but after testing the right interpolation of mortgaged, Vllmerthen the right to request sale of the encumbered share their communal condition, and may request the division even without the current satisfaction.
Article IX:
Required in exchange for a mortgage to be our steadfast in disclosure, or promised a specific, or an object secured debtor, or we doomed to obligatory religion commentator on the future condition or religion or religion probabilistic to be determined in the mortgage contract the amount of secured debt or reduce Far ending to this religion.
Article X:
Each part of the mortgaged property underwriter for every religion, every part of the content of the property mortgaged debt, unless otherwise agreed upon.
Chapter II: the effects of foreclosure
(Current)
Article XI:
If the property is not registered in accordance with the provisions of the registration system in kind for a drug, it is not permissible to bet that acting in his estate mortgaged unless otherwise agreed.
Article XII:
VINTAGE mortgage owner and expense it, and staked right mortgaged management, including not prejudice the right of the mortgagee, and yields bet mortgaged up to the date of ownership Jabra disarmament.
Article XIII:
Quo is committed to ensuring the safety of the mortgaged property until the date of paying off the debt, and the mortgagee to object to anything that would decrease the value of the mortgaged or بتعريضه of loss or defect, and may take precautionary measures statutory guarantee the safety of the right, that is due to expenditures on the moment.
Article XIV:
Current is required to ensure what occurs to the mortgaged value or shortages blocker prevents the mortgagee to meet the right thereof, Khlak or defect or maturity, as follows:
A - If that the current Ptaadi or negligence, Vllmerthen compel the current pay debt off or claim to provide security foreclosure last parable.
B - if because no hand to bet it, Valrahen option, either to provide a sufficient guarantee of religion, or meets its status value.
C - If the last mortgaged allowance subject to conform to the value necessary mortgagee, but if the mortgagee's interest in the eye undiminished mortgage or deceased phenomenon, Fajl meet debt incumbent.
Article XV:
A - If the quo guarantor kind or mortgaged was not the debtor, it is not permissible only on the implementation of the mortgage of mortgaged owner of the funds other than the debtor.
B - If the sale of the mortgaged property Vmalikh refer to the debtor, and not have it before execution on mortgaged.
Article XVI:
If a business that will mortgaged property exposure to lost Altaab or make it is not enough for Guarantee Vllmerthen can ask the court to stop these acts and take the means of preventing injury and according to the provisions of the Summary Jurisdiction.
Article XVII:
If the mortgaged property or perished shortage for any reason, go right to the mortgagee to the money that was replaced by the present without permission, and the mortgagee that meets the right of it, according to rank.
(Mortgagee)
Article XVIII:
Taking into account the provisions of the disposition of the debt, the mortgagee may transfer the right to meet the debt with mortgage guarantor him to anyone else, unless otherwise agreed.
Article XIX:
If a solution for the debt shall be performed, the tool debtor taking mortgage, although not Aadh foreclosure sale request mortgagee provides all الغرماء to meet his religion from its price, according to rank and in accordance with established procedures, and if left to the mortgagee debt quotas الغرماء in the rest of the debtor's assets, like other creditors.
Article XX:
Not true that in the mortgage contract requires the following:
A - that the be mortgaged benefits for the mortgagee, and depends on the consent of the moment collect mortgaged yields on not benefit them.
B - mortgagee acquires mortgaged against his religion if Aadh the current appointed him.
In both cases, foreclosure is true and corrupt requirement.
Article XXI:
A - If the mortgaged property is registered in accordance with the kind registry system of the property, it executes a lease issued by the current right of the mortgagee only if registered before the registration of the mortgage contract period not less than five years.
B - If the mortgaged property is registered in accordance with the registration system kind of drug, Faltzm present disclosure - in the mortgage contract - for any right in rem original or collateral on mortgaged property, the popping of human influential right mortgagee he compensate the mortgagee what the right of the damage, if he Currently Bad intention فتحرك the criminal case against him, according to the Anti-counterfeiting system.
(The right of others)
Article XXII:
Applies the impact of mortgage registered against third parties from the date of registration, unless it earns the others really kind on the mortgaged property before you sign the mortgage.
Article XXIII:
Limited impact on the mortgage debt specified in the mortgage document.
Article XXIV:
Do not argue in the face of non-transfer of contractors registered mortgage-secured debt or waive rank only after being in the right original document and record the property.
(Right progress)
Article XXV:
Determine the rank mortgage his registration number and date of registration, and retains Bmrtpth even restricts what shows on the expiry of the competent authority to register system.
Article XXVI:
Pledgee creditor may waive rank mortgaged by his religion to another mortgagee on the mortgaged property in accordance with the provisions prescribed in the bank right.
Article Twenty-Seven:
If the property is subject to a number of bonded sequentially, meet the rights of its price or of the money that was replaced according to rank each and every one of them.
(Droit de suite)
Article Twenty-Eight:
A creditor mortgagee the right to follow the mortgaged property in the hands of any holder has to fulfill the right of it when it gets fulfilled according to rank.
Article Twenty-Nine:
Longer in possession of the mortgaged property both moved it after the mortgage any reason the ownership of this property or any other right in rem it is subject to subject without be responsible personal responsibility for mortgage-secured debt.
Thirty Article:
A creditor mortgagee subject to the recording to take action forced removal of ownership of the mortgaged property and sell it if the debtor does not have to fulfill in the specified term, after warning the debtor and the holder of the mortgaged property in accordance with the system.
Article Thirty-first:
The holder of the mortgaged property that leads mortgage debt and expenses after being warned, to return as a tool for the debtor, and may replace the creditor who met his religion with his rights.
Thirty-second article:
The holder of the mortgaged property right cleansed of all mortgage recorder, and his right to remain in the performance of debt in place until the date of the sale of the mortgaged, or deadlines system, and has come back as paid at the moment.
Thirty-third article:
Are forced removal procedures for the ownership of the mortgaged property and sell it at the non-fulfillment of religion, according to system implementation.
Article XXIV:
May be the holder of the mortgaged property to enter into action to sell in the auction, if anchored auction him and resulted in price, counting the owner of the property under the support ownership of the original, and purified the mortgaged property of each right recorder it if pay-winning price that docked him Bid by or deposited the expense of the court.
Thirty-fifth article:
If anchored the auction sale of the mortgaged property to the non-nuclear, it earns its ownership under resolution docking auction by, and has the right of winning, winning both entered in the auction or not enter.
Thirty-sixth article:
Ensure that mortgage was under his hand, is guaranteed winning each affects the mortgaged property from loss or lack or defect, and it yields response mortgaged property after the date of expropriation.
Thirty-seventh article:
If the price of the mortgaged property on the recorded value of the debt, the increase of the holder.
Thirty-eighth article:
Mortgaged property holder may object to religion that the sale of the property because of all that was the debtor may object if its debt was registered after the title holder.
Thirty-ninth article:
A - Back holder claiming warranty on the previous owner in the border which is due back on the property received from him or a donation netting.
B - the holder of recourse against the debtor, including pay increase over what is owed in the discharged under the support right Whatever the reason to pay the increase, and replace the creditors who understand their rights in their rights by the debtor, including what their insurance provided by the debtor, without Insurance provided by someone else.
Chapter III (the expiration of the mortgage)
Forty article:
A - mortgage continued of religion, Fanevk the expiry of all mortgage debt trusted.
B - If the debt has passed and then returned positive for any reason for his survival, he returned as it was re-entry mortgage debt, without prejudice to the rights of bona fide third parties acquired in the period between the expiry of the right to return.
Forty-first article:
A - The debtor leads mortgage debt binder and its accessories before in order to fulfill according to the contract or agreed Almtdaanan.
B - the Mtdaanin may accelerate the fulfillment of religion versus put part of its value, according to the mutually agreed upon menial by a separate agreement.
C - If you find the debtor in repayment and sold Court mortgage before the term whole, ordered to pay premiums situation to creditors and deposited the remaining amount in a bank account, and debit request the release of the amount if agreed with the creditor on the method of payment or provided a bank guarantee for the payment of the rest of the debt.
Forty-second rule:
Invalidate foreclosure sale of the mortgaged property selling algebraically according to the system, and pay for it bonded to the creditors according to the ranking of each of them, or deposited in an account with the court.
Forty-third article:
Elapse mortgage recorded at the Federation of disclosure, meeting the right mortgage with the right of property in the hands of one person, whether the transfer of ownership of the mortgaged property to the mortgagee, or the transfer of the right of foreclosure to the current, if still the cause of the Union of disclosure had its removal retroactive effect; returned mortgage to his condition.
Forty-fourth article:
Registered mortgage expires if a waiver mortgagor him a concession documented, and may waive the right to a mortgage with the survival of religion.
Article Forty-fifth:
Mortgage expires registered doom misplaced, and taking into account the provisions of the destruction mortgage stipulated in this system.
Forty-sixth article:
Winning bet and mortgage redemption request after the expiry of the hearing proceedings documented by mortgage debt provided for in other regulations.
Forty-seventh article:
Does not invalidate the death of the current mortgage, the mortgagee or loss of eligibility, has died, and his legacy, but was disqualified Knapp him and why.
Forty-eighth article:
Except stock, apply the provisions of the mortgage registered on the transferee who has a record regularly, كالسيارة the ship and plane, etc., This system eliminates the provisions of the mortgage business that contradict him.
Forty-ninth article:
This system shall be published in the Official Gazette and shall be ninety days after the date of publication.
According to the critical study of a company Fawzan issued earlier in the mortgage features, according to the Saudi definition that makes the religion of the mortgagee in the ranking of their franchise to meet debt of the value of the mortgaged property, and the pursuit of real estate in any hand.
According to the system may be that the real estate mortgage and real estate and includes accessories of buildings and planting and prepared for his service and introduces them from construction or improvements after the contract unless agreed otherwise, and without prejudice to the right of third parties related to these accessories.
It also applies to the transferee, who has scored regularly كالسيارة and ship and aircraft and other with the exception of securities (stock certificates, etc.).
One of the main benefits expected for the systems to be alternative financial actor that will enable citizens to have adequate housing, it will raise the quality of living and housing, as the finance and mortgage will be for many years will lead to interesting real estate companies to the quality and quality housing to ensure the recovery of expenditure and profiteering.
The new systems will strengthen the bond market is active markets and inspire tranquility in the hearts of financiers and creditors.
