A standard property contract will be soon implemented in the real estate market in Dubai, according The Gulf News.
The new basic unified contract would become the norm and will apply to all kind of properties. It will be simple, clear and transparent, without small print.
The main points of the contract for finished properties between the buyer and the seller will remain the same, but there will be space for additional clauses.
While having one basic contract will certainly make life easier for buyers and developers, it will also reduce the number of disputes in the property market.
Dubai’s Real Estate Regulatory Authority (Rera) and the Land Department are working hard to regulate the property sector in order to protect all parties involved.
