Document background
The Notice of Intent to Foreclose is a crucial document in Saudi Arabia's mortgage enforcement process, required before any foreclosure action can be initiated. It must be issued in compliance with the Real Estate Finance Law (Royal Decree No. M/50) and related SAMA regulations. This notice serves as the first formal step in the foreclosure process, giving borrowers a final opportunity to cure their default before legal proceedings commence. The document must include specific information about the default, cure period, and consequences, while ensuring compliance with both civil and Shariah law requirements. It's typically issued after informal collection attempts have failed and represents a significant escalation in the enforcement process. The notice must be drafted carefully to ensure it meets all legal requirements under Saudi law and includes all necessary information to make it legally enforceable.
