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Dubai to enforce standardised property contracts

Posted by: In: Real Estate 24 Mar 2014 Comments: 0 Tags: ,

Standardised property contracts will be mandatory in Dubai from May 1 with the aim of speeding up and clarifying transactions.

Unified contracts are being made obligatory in the hope of speeding up property transactions; clarifying the roles of buyers, sellers and agents; and making it harder for agents to operate outside of the law.

Dubai Land Department director general, Sultan Butti bin Merjen, said that “”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.”

The unified contracts, which were first released in 2008 on a non-mandatory basis, will be accessed by the government’s E-Mart website, where you can currently view them. There are three types: contracts between seller and buyer, between seller and agent and between buyer and agent.

Dubai’s property market is experiencing a boom, with property prices rising over 30% last year; and construction and transactions getting stronger after the emirate’s successful World Expo 2020 bid was announced. It has been predicted that prices will reach pre-crisis levels by the end of this year.

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Source: OPP



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