The Saudi Real Estate Authority has digitized financial transactions related to rent payments through the Ejar platform starting from January 15, 2024, Invest-Gate reports.

This move includes all new residential lease agreements, eliminating the recognition of rental payments outside the digital channels of Ejar, such as Mada and SADAD, using the billing number 153. It’s clarified that the digitization mandate excludes commercial lease contracts.

Effective immediately, the Real Estate Authority will gradually halt the issuance of electronic receipts for new residential contracts. Payments will automatically be settled through digital channels without needing a physical receipt, aligning with Cabinet Decision No. 131 and streamlining electronic payment services for lease agreements.

Moreover, this facilitates tenants in fulfilling financial obligations digitally and depositing payments directly into the landlord’s registered bank account mentioned in the lease agreement.

Furthermore, the process begins with documenting the landlord and tenant for the lease contract via a licensed real estate intermediary and digital payment channels on Ejar. After digital payment, the rent amount reaches the landlord’s bank account within five business days.

Notably, Ejar emphasizes the advantages of digital payments, ensuring the rights of both parties in the leasing process, documenting financial transactions, eliminating the need for electronic receipts, promoting electronic transactions, enhancing transparency in real estate operations, curbing property fraud, and easing partial payments, as agreed upon by both parties.