Ejar Platform: Streamlining Residential Rent Transactions
In a landmark move, Saudi Arabia’s Real Estate General Authority has revolutionized the residential rental market. Starting January 15, all residential rent payments must be processed through the online Ejar platform, a decision aimed at digitizing and streamlining financial transactions in the real estate sector.
The Shift to Digital This directive is a significant step towards digital transformation. Rent payments outside Ejar’s digital channels, namely through Mada or SADAD, will not be recognized as valid. This transition to an online system reflects a broader push for efficiency and technological integration in Saudi Arabia’s economic sectors.
Implications for New Lease Contracts It’s important to note that this change currently applies only to new residential lease contracts. Commercial rent contracts are not yet included in this mandate. The initiative is part of implementing a Cabinet decision, focusing on benefiting the real estate rental sector’s stakeholders, including landlords and tenants.
The Ejar Platform Advantage Ejar is not just a payment gateway. It starts with the landlord and tenant documenting the rental contract through a licensed real estate broker. The platform then facilitates rent payments, ensuring they are transferred to the lessor’s bank account as specified in the rental contract, within a maximum of five working days.
Conclusion Therefore, this step by the Real Estate Authority heralds a new era for the Saudi Arabian real estate market. Besides efficiency, the Ejar platform brings transparency and security to residential rent transactions, benefiting landlords, tenants, and the economy at large.
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