Dubai Land Department launches unified contracts to regulate property dealings
Real estate body in Dubai seeks to protect all parties involved in property transactions
Dubai Land Department’s new contracts scheme aims to enhance and regulate property dealings
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The Dubai Land Department (DLD) has launched unified real estate contracts with a view to regulate the workings between all parties involved in property transactions.
Mandatory 1st May 2014 onward, the unified contracts will protect the rights of the three parties involved in any real estate transaction – namely, the buyer, the seller and the broker. The procedure is aimed at facilitating and accelerating the buying and selling processes in the market, and therefore allows the completion of registration procedures without the need for an agent.
“After an extensive study…we came out with the decision to unify the real estate contracts to properly organise the relationship between the various parties,” said Sultan Butti bin Mejren, director general of DLD. “The new agreements will also help us to rid of some of the problems that may occur because of a lack of clarity.
“Having unified contracts between the parties not only avoids the misunderstanding and misinterpretation of articles that could previously have occurred, it also guarantees the rights of all the stakeholders involved,” he added, as per a report by WAM.
Both, the UAE and Dubai’s real estate markets have undergone considerable changes in recent times, and following the Expo 2020 bid victory, special attention is being given to protect the markets against the boom/bust cycle of 2008-2009. Big Project ME has extensively covered these markets with the region’s developers in its upcoming April 2014 issue.
