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Insurance transaction

Estimated Time:

2 Days

Location:

Competent Registration Directorate depending on the location of the property.

Estimated Fee:

• 1% of the debt + 4 JDs as inspection fees

Conditions for obtaining service

• Personal attendance of the concerned individual, his agent or his commissioner

Notes

Mortgage (insurance): A contract between two parties that gives the creditor an in-kind right to a property intended to fulfil the debt in case of the inability to pay it off.

Partner institutions:

• The regulatory authorities (Greater Amman Municipality)

Procedures

1. The concerned person shall go to the receptionist to fill out the insurance application attached with all the required documents.

2. The receptionist shall request the concerned person to provide him with a clearance from the financial department/"Al-Musakkafat" stamped on the same application if the land is owned.

3. Submit the transaction after obtaining the application stamp from the financial department, to the receptionist to register it on the applications book.

4. The transaction is transferred to the registration department / insurance employee to audit the real estate paper to ensure that there are no impediments to insurance.

5. The transaction is transferred to the technical department (surveyor) to conduct the field inspection to the property and conclude an inspection report.

6. The transaction is returned to the registration department / insurance employee to do the following:

• Organize the insurance bonds onto four copies.

· Calculate fees and issue a collection warrant.

7. Refer to the cashier to pay fees.

8. The transaction is transferred to the listener of acknowledgment.

9. Refer to the registration department (insurance employee) to enter the number and date of insurance bond, as well as the fees, receipt numbers and their dates on the bond

10. Send the transaction to the registration officer to:

• Place the reservation / insurance sign on the real estate bonds. ·

• Fill out the incidents table.

11. Submit a copy of the insurance bond for both the creditor and the debtor

Required Documents

1. The company's Registration Certificate ; It must be certified by corporate controller for no more than 6 months (if the creditor, the debtor or the guarantor is a legal person).The certificate must include the company's objectives and authorized signatories.

2. The personal identification for Jordanians and the passport for non-Jordanian.

3. Authorization letter or legal power of attorney for the Commissioner