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Financial Authority clarifies 'Right Transfer' in developers
The General Authority for Financial Supervisory stressed that it has not issued any new decisions or instructions regarding the "transfer of rights" in real estate developer contracts. It clarified that civil law permits the parties to a contract to execute a "transfer of rights" and that this is governed by the provisions of Chapter One of Part Four of the law. Additionally, the authority confirmed that contracts can include a clause allowing for the "transfer of rights," and that such a provision has not been prohibited. It also pointed out that previous media reports on this matter were not accurate.
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