Enforcement approves new regulations for resident work and asset protection

In a move aimed at enhancing transparency and improving the efficiency of liquidation procedures, the Enforcement and Liquidation Center (Enfaz) the New Valuator's Guide via the "Istilaa" platform. This guide aims to establish precise professional governance rules that regulate the valuation and surveying processes of assets entrusted to the center, thus guaranteeing the rights of all stakeholders.

A regulatory framework to promote effective justice

This move by the Enforcement Authority aligns with the Kingdom's general direction and Vision 2030 in developing the judicial and economic systems. The center is a cornerstone in expediting the fulfillment of rights and the settlement of estates and contributions. These regulations are of paramount importance given the pivotal role of fair valuation in determining the fate of assets, which positively impacts the speed of reintegrating funds into the economic cycle and ensures that heirs and creditors receive their just rights without injustice or delay.

Clear definition of responsibilities and authorities

The new guidelines emphasize the legal nature of the appraiser's work, clarifying that they perform their duties as an individual commissioned to carry out specific artistic tasks on their own behalf, and not as an agent or official representative of the center to third parties. Article 2 of the guidelines stresses that these provisions constitute a binding legal reference that cannot be disregarded until the assignment is completed, thus preventing any personal interpretations that might affect the work process.

Within the framework of governance, the regulations restrict the evaluator's work to the scope of their assigned mandate, requiring them to immediately cease operations and report back to the center if any ambiguity arises in the data. The guidelines also impose strict oversight, granting the "Enforcement" authority the right to hold the evaluator accountable and apply penalties in cases of negligence or misconduct that harms the assets.

Technical standards to ensure the quality of outputs

To ensure the professionalism of the reports, the guide prohibits the inclusion of any valuations lacking technical justification, emphasizing the need to adhere to the standards of the Saudi Authority for Accredited Valuers. The guide also requires valuers to conduct thorough preliminary studies before inspection, including verifying deeds, geographical coordinates, and identifying any legal or Sharia-related obstacles that might impede the sale, such as disputes or wills.

The guide also requires documenting the field inspection with recent photos and accurate coordinates, and monitoring the structural condition and services surrounding the asset, to ensure that a realistic picture is presented to support liquidation decisions.

Financial restrictions and a ban on external communication

Regarding the financial and administrative aspect, the center set red lines that cannot be crossed, as the guide categorically prohibited residents from communicating directly with external parties or using undocumented means, and restricted responses to inquiries from judicial and governmental authorities to the center’s official channels only.

Financially, the regulations prohibit the center from incurring any additional costs or travel expenses outside the urban area without prior approval and a detailed price quote. The guidelines conclude with a requirement to maintain the confidentiality of information and retain documents for a minimum of three years, while prohibiting the reuse of reports for other tasks, thus enhancing the reliability and privacy of the filtering data.