Peace, mercy, and blessings of God be upon you.
We would like to inform you of the execution mechanism by the buyer, Fard Fund, as follows:
First: Purchase execution mechanism
1. The property is listed in the title deed operation program or usufruct lease for the prescribed period (10) months.
2. The value of each month represents 10% of the total value of the property.
3. Payments are made monthly to the owner.
4. The brokerage commission is 5% and is paid monthly for 10 months.
Second: Signing and handover procedures
If the property is approved by the executing entity (Fard Fund), a binding letter for the program's execution will be issued. Consequently, an in-person meeting will be scheduled with the concerned parties (the owner and the fund) to review the usufruct lease agreement, review it, and officially sign it if approved.
Third: Required documents for seriousness
1. Electronic title deed, individual Saudi owner only, updated, proving the property is free of any mortgage, restrictions, or remarks.
2. Property organizational sketch.
3. Survey report.
4. Property coordinates (location).
5. A recent property valuation issued by Basma Company or Esnad Real Estate Valuation, provided the report does not exceed six (6) months.
6. Owner's Simah declaration.
7. Copy of the owner's personal identification card.
Legal Disclaimer
We inform you that this letter is explanatory based on the landowner's knowledge of the execution mechanism by the buyer (Fard Fund) for the purpose of providing us with the required documents above and delivering them to the executing entity. This letter is not binding or a final commitment to the usufruct lease program, and it does not entail any legal or financial obligation on any of the parties.
Sincerely,