RERA, Dubai’s Real Estate Regulatory Authority, has been reportedly putting systems and regulations in place to ensure more orderly growth of the freehold property sector. Trough discussions with the authorities of other UAE emirates, RERA is planning to coordinate actions with regard to norms and regulations, systems and the much-needed checks and balances so that the growth does not go out of control.
As a step towards market regulation, Dubai’s Real Estate Regulatory Authority is expected to pass new guidelines before the end of 2008, making it mandatory for properties to be registered with the Land Department before going for any secondary transaction, according to market sources. Currently, registering with the Land Department is required by law since 2006, but still not all developments are registered.
The new regulation is bound to streamline the buoyant property sector. The Land Department will be collecting a two per cent transfer fee from the buyer, which were collected by developers previously.
I am having serious problem with my property (completed apartment in JLT). I bought this unit off from an investor therefore i am no direct link to the developer at all.
I signed my MOU with the seller (investor) on 3/8/08 and supposing to get the property transferred on 28/08 but told by developer that they cant do any transferring on the day before. This is now causing me financial loss!
Personally, i think it is the agent fault being not alert enough to advice us (seller and purchaser) therefore i am now trying to get all the necessary information i could then get the agent to pay for my loss.
Anyone have the actual date when Dubai law started to enforce all property purchases in Dubai must be registered with the Land Department? Any official website you could provide would be great!!
Any suggestions??
Thanks.
S
Hi,
I would suggest to contact RERA and address the issue in written, by email with all the relevant available documents in attachment.
You can easily find the contact details on their website.
http://rpdubai.ae/rpdubai/jsp/template.jsp?pageID=10105&&lang=0
Good Luck!