Article 2 of the Saudi Accredited Valuers Law
المادة 2 من نظام المقيمين المعتمدين
The article states the aim of the Accredited Valuers Law: setting controls and standards for valuing real estate, economic establishments, equipment and movable property, developing the profession and raising the level of those working in it.
Official text (Arabic)
This article has not been amended since the law was issued.
يهدف هذا النظام إلى وضع الضوابط والمعايير اللازمة لأعمال تقييم العقارات، والمنشآت الاقتصادية، والمعدات ، والممتلكات المنقولة ونحوها، وتطوير مهنة التقييم ، ورفع مستوى العاملين فيها .
This is the official Arabic wording, the only legally binding version. We do not translate the law itself; the explanation below is ours. Official source: Bureau of Experts at the Council of Ministers
Article 2 explained in plain English
This article explains the purpose of the Accredited Valuers Law, which is three aims:
- Setting the controls and standards needed for the work of valuing real estate, economic establishments, equipment, movable property and the like.
- Developing the valuation profession.
- Raising the level of those working in it.
What is meant by valuation? Under Article 1, valuation is the process of determining the fair value of real estate, economic establishments, or equipment and property of all kinds, for a specific purpose. Article 1 lists the branches of valuation: the real estate branch, the economic establishments branch, which includes valuing intangible assets such as patents, trademarks and goodwill, and the equipment and movable property branch.
Why does this aim matter? Because important decisions are built on the value of a property, a company or equipment, such as sale, mortgage, insurance and expropriation, which are among the examples given in the definition of the real estate branch. Having controls and standards therefore protects those who rely on a valuation.
The Law turns these aims into later provisions, including Article 3, which bars any natural or legal person from practicing the valuation profession in any branch unless licensed to practice it in the same branch. A person who needs to know the Law's effect on their activity may consult a lawyer who specializes in real estate or commercial cases.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
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Frequently asked questions about Article 2 of the Saudi Accredited Valuers Law
What is the aim of the Accredited Valuers Law?
Setting the controls and standards needed for valuing real estate, economic establishments, equipment, movable property and the like, developing the valuation profession and raising the level of those working in it.
What is meant by valuation in the Law?
Under Article 1, it is the process of determining the fair value of real estate, economic establishments, or equipment and property for a specific purpose.
The texts are reproduced from the official website of the Bureau of Experts at the Council of Ministers for reference; where they differ, the officially published Arabic text prevails. This content is not legal advice.