Baghdad – Al-Rasheed Bank has officially announced the procedural framework for the buying and selling of real estate transactions exceeding 100 million dinars.
According to a statement released by the bank, the Central Bank of Iraq requires both the seller and buyer to be present at the bank to deposit the agreed transaction amount. Furthermore, the deposit must be made by opening a bank account, a process which is complimentary. If the buyer already possesses a bank account, this step is not necessary.
The statement further clarified that both parties must hold bank accounts with institutions sanctioned by the Central Bank of Iraq. Payments are to be processed through existing banking systems. Once the transaction is underway, the bank will issue a certificate for real estate registration, which facilitates the deposit of funds. The real estate registration office will then finalize the process, ensuring that the seller receives the payment directly through the bank.