Accredited Valuers Law

Purpose and scope

• Sets controls and standards for valuing real estate, businesses, equipment and other assets (Article 2), and establishes the Saudi Authority for Accredited Valuers (Article 22).

Key rules, rights and obligations

• No natural or legal person may practise valuation in any branch without a licence for that branch (Article 3).
• An accredited valuer must follow professional ethics and valuation standards (Article 15), attend professional education (Article 16), and keep valuation records (Article 17).
• The valuer must keep valuation information confidential (Article 18) and disclose any direct or indirect interest in what they value (Article 20).
• The valuer is liable to compensate the client or others for harm caused by professional errors (Article 19).

Violations, penalties and common problems

• Penalties: warning, reprimand, suspension of up to a year, a fine of up to two hundred thousand riyals, licence cancellation, removal from the register, and imprisonment of up to a year, in proportion to the violation (Article 32 as amended).
• The competent court hears violations such as practising without a licence, giving false information to obtain one, and using professional titles falsely (Article 33).
• A final penalty decision may be published at the violator's expense (Article 34 as amended).

Procedures and key deadlines

• A valuer who stops practising temporarily or permanently must notify the authority and the client within thirty days, and the licence ends on permanent cessation (Article 21 as amended).
• It is wise to check that a valuer is licensed in the relevant branch before relying on their report.

An advisory summary prepared by Al-Bayan Al-Wadih Law Firm. It is not an official text and does not replace the law, its implementing regulations, or advice from a specialised lawyer. The official published text and its amendments prevail.