The transfer of surplus property of credit institutions was announced with new amendments

According to the report of the financial news, quoting from the public relations of the central bank, it is stated in this circular: “Instructions on how to hand over the surplus property of credit institutions” approved by the meeting dated 28/2/1400 of the Honorable Money and Credit Council. The removal of Article (11) of the aforementioned directive and the announcement of the prohibition of the return of property deeds to their previous owners, brings to mind the possibility of returning residential properties to their previous owners without holding an auction in the form of a reduction and under certain conditions, in the meeting dated 11/11/ 1401 of the Council of Money and Credit, and that council agreed by adding the following text as Article (11) and the following notes to the “Instructions for Transferring Surplus Assets of Credit Institutions”.

Article 11 – If the residential property is acquired in exchange for the claims of the credit institution due to granting/creating facilities and obligations, the credit institution is allowed to transfer the residential property to He should return:

1-11- The daily value of the residential property should be at most one hundred billion Rials.
2-11- The previous owner does not have another residential property at the time of submitting the application.
3-11- If the residential property is in the auction process, the auction has not resulted in the announcement of the winner.
11-4- The previous owner or the recipient of the facility, whose residential property was acquired and the collateral for the facility received by him, all his debts include the sum of the principal balance and the interest of the unpaid facility, in exchange for which the residential property was acquired by the credit institution, and the deposit The delay in the payment of the debt according to the approvals of the Money and Credit Council, until the date of handing over the acquired property, and other updated costs at the discretion of the credit institution, which the credit institution, based on positive documents, has incurred for the acquisition, maintenance and return of the said property, within the maximum deadline. thirty days from the date of the announcement of the amount owed by the credit institution to him, to pay the credit institution in cash and one time.
5-11- All claims raised by the previous owner or the recipient of the facility, whose residential property was acquired and the collateral of the facility received by him, against the credit institution regarding the related facility or the acquired residential property, should be closed. Also, the previous owner, at the same time as handing over the residential property to him, should take action and provide a copy of it along with other documents and documents related to the credit institution regarding the preparation of the official document of settlement of claims in the future regarding the said residential property and related facilities in favor of the credit institution. to do

Note 1- In case the credit institution agrees to transfer the residential property to the previous owner, the credit institution must, within a period of two months from the date of receiving the request of the previous owner of the acquired residential property, the amount of debt of the previous owner or the beneficiary of the facility that acquired the residential property and the collateral of the facility received by him to notify the previous owner in writing to the address listed in the assignment request, through registered mail.
Note 2- Regarding the condition stipulated in paragraph (2-11), the official declaration (announcement) of the previous owner and the response to the inquiry of the country’s Real Estate and Deeds Registration Organization will be the criteria for action.
Note 3- Residential property, part of which is being used for commercial, administrative or service purposes and has a single registration plate, is subject to this article.
Note 4- The deed of assignment is drawn up only in the name of the previous owner or, in case of his death, in the name of the heirs or legal representative of the previous owner.
Note 5- All costs related to the preparation of the transfer document of the property subject to this article, including taxes, duties, royalties, registration fees, and other related costs are the responsibility of the previous owner.
Note 6- If the credit institution has acquired the aforementioned property by paying the difference between its claims and the price of the residential property, the previous owner is obliged to pay the daily value of that portion of the residential property that he received at the time of acquiring the residential property. Credit institution to pay.
Note 7- The credit institution is obliged to provide the details of the residential property that is subject to this article, including the registration plate and other specific details, the date of acquisition and the date of handing over the said property, the amount of the debt of the previous property or the recipient of the facility that acquired the residential property, and the collateral of the facility received by him. should be disclosed in the notes attached to the financial statements of the credit institution in the year of transfer to the previous owner.
Note 8- Persons subject to the conditions stated in this article, whose residential property was acquired before the notification of these rules and in exchange for the demands of the credit institution resulting from granting/creating facilities and obligations, regardless of the date of acquisition of the property by the credit institution, maximum They have six months after notification to submit their request for dismissal to the credit institution.
Note 9- The credit institution is obliged to inform the previous owners of the residential properties acquired by the credit institution about the provisions of this article.
Note 10- The return of acquired residential properties after notification of these regulations to the previous owner and within the framework of the conditions stipulated therein, is allowed only up to one year after the date of acquisition (date of drawing up the transfer document in the name of the credit institution) of those properties.
Note 11- At the beginning of each year, the central bank can adjust the figure mentioned in clause (1-11) to be equivalent to the growth rate of consumer goods and services price index (inflation rate declared by the central bank) after approval by the executive board. »

At the end of this circular, it is stated that, along with the revised version of the “Instructions on how to hand over the surplus property of credit institutions” and declaring that it is appropriate at three-month intervals (at the end of each season), a list of residential properties included in this circular that will be given to the owners They have been returned and sent to the central bank, please order them to speed up and take into account the provisions of Circular No. 149153/96 dated 16/5/2016 It has been notified to all relevant units of that bank/non-banking credit institution, and its implementation should be closely monitored.

Instructions on how to hand over the surplus property of credit institutions