Article 39 of the Saudi Accredited Valuers Law

This article places an important obligation on anyone who undertakes work on behalf of another that requires valuation.

The rule: anyone who undertakes work for others that requires valuation must obtain a determination of value from one or more valuers registered in the register.

Elements of the rule:

• “Anyone who undertakes work for others”: that is, someone who works for the account of another person, not for their own account. The article does not address someone dealing with their own property.
• “That requires valuation”: the work must be of a kind that needs a value to be determined.
• “A valuer registered in the register”: under Article 1, the register is the register in which accredited valuers are registered. It is not enough to estimate the value by personal judgment or through someone who is not registered.
• “Or more”: more than one valuer may be needed.

What the article refers to the Implementing Regulations:

• The cases to which the article applies.
• The timing of its application.

Applying this article to a particular case therefore depends on what the Regulations determine, and the law does not list these cases itself.

Relationship to other articles: Article 38 has the competent court hear all lawsuits brought by or against the accredited valuer for a reason related to practicing the profession. Article 40 provides that a person carrying out valuation work when the law takes effect continues in their work as a core member provided they pass the examination within 5 years.

Anyone who manages money for others and needs to know whether they are required to obtain an accredited valuation can consult the Implementing Regulations or a lawyer who specializes in real estate or commercial cases.