{"id":86084,"date":"2024-05-13T00:00:00","date_gmt":"2024-05-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/13\/who-appraises-the-real-estate-appraisers\/"},"modified":"2024-05-13T00:00:00","modified_gmt":"2024-05-13T00:00:00","slug":"who-appraises-the-real-estate-appraisers","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/13\/who-appraises-the-real-estate-appraisers\/","title":{"rendered":"Who appraises the (real estate) appraisers?"},"content":{"rendered":"

The Saudi Authority of Accredited Valuers (Taqeem) is out with two <\/strong>proposed <\/strong>sets of<\/strong> regulations related to real estate appraisal services<\/strong>, including rules on the real estate appraisal process as well as guidelines on who can be accredited as an appraiser. The breakdown:<\/p>\n

REAL ESTATE APPRAISAL-<\/p>\n

Regulations (pdf)<\/a><\/strong> on real estate appraisal services set out the framework.<\/strong> They\u2019ve been put up on the government\u2019s survey platform, Istitlaa<\/a>, for public consultation until Monday, 20 May.<\/p>\n

A look at requirements for eligibility: <\/strong>Appraisers or relevant partners must obtain a fellowship certificate from Taqeem in real estate appraisal. They need 20k hours of experience registered on the authority\u2019s electronic platforms and have no less than five of the authority\u2019s members on board of the real estate appraisal entity. Their license should be valid for at least 120 days. <\/p>\n

All applications for registration would be submitted online through the authority\u2019s <\/strong>dedicated <\/strong>Qaym platform<\/a><\/strong>, and the relevant department must take a decision on the application for no more than 15 days. Taqeem will compile a list of qualified appraisal entities which will be updated periodically. <\/p>\n

A specialized Taqeem department<\/strong> could suspend accredited appraisal entities from <\/strong>receiving requests through Qaym <\/strong>if they fail to meet these terms. Suspension of orders could also occur in case of accredited appraisers requesting the halt of orders or reaching the maximum allotted number of daily orders. Orders for entities could also be paused if they take too long to complete requests or respond to objections.<\/p>\n

Appraisals are not set in stone<\/strong>, and financial institutions (think commercial banks and finance firms under Saudi Central Bank supervision) could reject an appraisal report if the appraising entity fails to submit it within three days after it was due or respond to comments by financial institutions on the report within two working days of their submission. They can also be rejected in case multiple reports of the same real estate asset show a 15% discrepancy in value between submitted reports.<\/p>\n

Fines + penalties: <\/strong>Appraisers can face fee cuts of 10% of the agreed upon fee in the case of delays, which rises in increments of five percentage points each day to a maximum of 20% if the report is delayed by three days. Failure to submit reports after will see requests assigned to another appraisal entity within the platform who will be paid through the originally tasked appraiser\u2019s financial dues from Taqeem. Multiple infractions by the same appraiser will result in its exclusion from the platform, and will only be able to re-apply after 180 days from the date of their exclusion. <\/p>\n

An accredited appraiser will be permanently excluded from the platform in the event of:<\/strong><\/p>\n