In accordance with the Agreement, DIFC`s Real Estate Registrar will begin using DLD`s electronic system to record and approve the formation, transfer, modification or elimination of property rights in the Centre`s jurisdiction. The Dubai Land Department will advise them on the regulation of communities of owners for condominium property, as well as on surveying and issuing land maps for real estate and real estate units in the centre. The Dubai International Financial Centre (DIFC), the financial and business centre connecting the region`s emerging markets with developed markets in Europe, Asia and the Americas, today announced that the DIFC Authority has signed a technical cooperation agreement with the Dubai Land Department (DLD). Dubai, United Arab Emirates, 28. May 2019: The Dubai Land Department (DLD) has signed a licensing agreement with Mashreq Bank, one of the first banks operating in the UAE, to use the electronic mortgage system. The agreement was signed by His Excellency Sultan Butti bin Mejren, Managing Director of DLD, and Arshad Khan, representing Mashreq Bank. Arshad Khan commented: “We are delighted to be working with DLD and supporting them in this new initiative targeting Dubai`s real estate sector. Electronic mortgages reflect the digitalization of services implemented by the Government of Dubai to provide smart services to its citizens. This partnership aims to save customers time and effort by integrating DLD and Mashreq services and ensure it`s a win-win situation for everyone. As a strategic partner of DLD, this agreement represents another important milestone for Mashreq Bank and we look forward to continuing this collaboration in the future.” “We are very pleased to conclude this comprehensive agreement with the Dubai Land Department and its various branches. We will make every effort to provide the best services to targeted DLD investors in the former Soviet Union. Our preliminary market research led us to conclude that Dubai`s real estate market has been extremely attractive to these targeted investors, thanks to the encouraging investment environment in Dubai, which attracts opportunities from these countries,” Dmitry Krasnogor, Managing Director of RusBiz. Until now, the market practice of many brokers has been to use a short Memorandum of Understanding (“MOU”) as a purchase agreement.
Unfortunately, these letters of intent lacked details and were often poorly worded and did not offer sufficient protection to the buyer or seller in the event of a problem with the transaction. Overall, they were designed by unscrupulous brokers to protect themselves and ensure payment of their commission, with few others covered. The hope is that the new treaty standard will help combat this. 1- The purchase contract must be signed by the promoter and the buyer2- If the buyer has reached the legal minimum age, the purchase contract must be signed by the guardian and attach a copy of the passport or the identity of the guardian3- The purchase contract must be entered in the original register within 90 days of the date of signature of the contract4- In the case of the buyer by the holders of the decree is a valid letter from the Federal Authority for Identity and Citizenship. In the case of a company from outside the country, it is necessary to register in the free zones (Dubai Multi Commodities Centre Authority (DMCC) or Jebel Ali Free Zone Authority (JAFZA)). For more demanding investors and large commercial and residential projects, including those still under construction or off plan, standard contracts in their current form are not sufficient to replace the need for individual transaction-specific purchase agreements. The reason for this is that the standard contracts lack some important information such as the processing of deposits to be paid and the existence of a fiduciary agent and a trust agreement, the constituent elements and authorized extensions of time, including delays due to force majeure events, remedies if significant deadlines are missed, dispute settlement procedures (. B, for example, if the parties must apply to the court or arbitration). to name a few.
As a result of these omissions, the standard contracts will be supplemented by supplements drafted to form part of the standard form and containing other important information to adequately govern the contractual relationship between the parties, including in the areas listed above and more generally obligations, guarantees, termination for delay, etc. [Dubai – United Arab Emirates, 21 November 2016] – The Dubai Land Department (DLD) has announced: that it has recently signed an agreement with RusBiz; a company with extensive experience in real estate matters for Russian-speaking clients. The agreement is in line with the development of the Emirate of Dubai as well as the growing demand for real estate from different parts of the world. Abdulla Mohammed Al Awar, CEO of DIFC Authority, said: “This agreement supports our efforts to improve the level of service we provide to investors within the centre and allows us to benefit from DLD`s world-class systems and real estate regulatory expertise. Under the new agreement, the parties seek to structure and develop their relations with each other, promote their common integration interests, and improve close cooperation and coordination between them in order to realize the Dubai Government`s vision and strategy in the public interest. This service allows the real estate developer to register units sold outside the plan or on land whose value has not been fully paid in the initial register. The Dubai Land Department (DLD) was established in January 1960 to establish the largest real estate sector in the Middle East and the world. It provides excellent and integrated services to all its clients, while developing the necessary laws to drive the real estate sector in Dubai through the regulation of the sector, the organization and promotion of real estate investments, and the dissemination of industry knowledge in search of regional and global real estate innovations. As of 1 May 2014, all transactions relating to the purchase and sale of real estate in Dubai must be documented by standard real estate contracts in accordance with a new policy implemented by the Dubai Land Department (“DLD”).
Three versions of these standard contracts are available for download from DLD`s eMart portal (www.emart.gov.ae/Home.aspx?en): This added security is one of the reasons why standard form documents are well received and supported in real estate transactions in various jurisdictions around the world and can significantly reduce time and costs for stakeholders….
