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Dubai Land Department announces issuance of unified real estate contracts

23-Mar-2014 :

Dubai: Dubai Land Department (DLD) has announced the launch of unified real estate contracts. The new agreements have been designed to regulate the relationship between the parties involved in property transactions and to avoid problems that arise from misinterpretation with documents. The contracts will become a mandatory requirement starting May 1.


DLD’s unified real estate contracts protect the rights of the three parties in any real estate transaction; the buyer, the seller and the broker. The new procedure will help facilitate and accelerate the processes of buying and selling in the real estate market, especially as it allows the completion of registration procedures without the need to use an agent.


“After an extensive study on the services we provide to our customers that we conducted in order to improve our performance, we came out with the decision to unify the real estate contracts to properly organise the relationship between the various parties. The new agreements will also help us to rid of some of the problems that may occur because of a lack of clarity,” said Sultan Butti Bin Mejren Director General of DLD.


 


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