The Real Estate General Authority (REGA) announced the launch of the “Security Deposit Preservation” service through the “Ejar” platform. This service enables the preservation of the security deposit (insurance) amount with “Ejar” to compensate property owners for any damages that may occur to their property during the tenant’s occupancy of the rental unit.

REGA explained that this service is introduced as one of the requirements of the Real Estate Brokerage Law and its Implementing Regulations, which stipulate that the security deposit amount must be preserved either with REGA itself or with an authorized entity until the property is handed back without damages. Under this service, the deposit is securely held by “Ejar” as a neutral third party between the landlord and the tenant once the real estate broker registers the contract in the Ejar platform. Upon the termination or cancellation of the contract, the agreed-upon handover form signed by both parties is used to determine the allocation of the deposit. The reserved amount, either in full or in part, is then automatically transferred to the landlord as compensation or returned to the tenant as available credit in the electronic wallet of either party.

REGA emphasized that the purpose of this service is to regulate the relationship between all parties involved in the rental process. It relies on standardized handover and delivery forms available through the Sakani platform to minimize the likelihood of disputes between landlords and tenants regarding the condition of the property upon both handover and return.

It is noteworthy that this service represents one of the innovative real estate solutions introduced under the Real Estate Brokerage Law. It is designed to enhance the quality of real estate transactions, support real estate brokers and beneficiaries, ensure the sustainability of real estate assets, reduce disputes in the real estate sector, and safeguard the rights of all parties involved.