Dubai’s Real Estate Regulatory Agency Puts Agreement Forms to Test
Dubai’s Real Estate Regulatory Agency (RERA) has put to test the first four agreement forms for regulating the sale and purchase of real estate in Dubai. The said forms are being tested through 15 real estate firms in Dubai. Real Estate Regulatory Agency has sought feedback from these firms, following which the forms will be tested on wider market. The participating real estate firms can get hold of the forms from RERA’s website. Only registered firms that have a unique identification number can download the real estate agreement forms.
The second round of testing by the Real Estate Agency will begin on the 1st of December and will last for four weeks. More than 1000 real estate industry practitioners and 150 firms in Dubai will participate at this stage. Plans are also in the offing for mandatory trust accounts for real estate agents, and also for real estate training programs in future.
According to RERA, the forms will become obligatory in Dubai’s real estate transactions eventually. Consequently, there will be uniformity in the transactional practices across the real estate sector of Dubai. Non-compliance with the norms would entail penalties imposed by RERA. Dubai’s Real Estate Regulatory Agency is implementing this in order to ensure transparency, and elimination of corruption in the emirate’s real estate industry.
It has become obligatory for real estate agents in Dubai to keep a proper record of all transactions along with the respective documents (cf. Law No. 8). This information will be handy in the event of disputes and also be paramount in helping RERA to rank real estate firms in Dubai with respect to their achievement.
While coming out with standardized norms and practices for Dubai real estate, RERA takes into consideration the multi-ethnic and multi-lingual reality of the real estate experience in Dubai. Varied educational levels of the consumers are also a crucial factor therein.
Standard forms being tested
o Form A: Listing Agreemento Form F: Standard Contract – Apartmentso Form I: Agent-to-Agent Agreemento Form N: Notification of transaction to Real Estate Regulatory Agency
Other standardized forms will be tested at a later stage. These will include the property management agreement form, buyer’s agent agreement form, and agreement forms related to rentals.
The second round of testing by the Real Estate Agency will begin on the 1st of December and will last for four weeks. More than 1000 real estate industry practitioners and 150 firms in Dubai will participate at this stage. Plans are also in the offing for mandatory trust accounts for real estate agents, and also for real estate training programs in future.
According to RERA, the forms will become obligatory in Dubai’s real estate transactions eventually. Consequently, there will be uniformity in the transactional practices across the real estate sector of Dubai. Non-compliance with the norms would entail penalties imposed by RERA. Dubai’s Real Estate Regulatory Agency is implementing this in order to ensure transparency, and elimination of corruption in the emirate’s real estate industry.
It has become obligatory for real estate agents in Dubai to keep a proper record of all transactions along with the respective documents (cf. Law No. 8). This information will be handy in the event of disputes and also be paramount in helping RERA to rank real estate firms in Dubai with respect to their achievement.
While coming out with standardized norms and practices for Dubai real estate, RERA takes into consideration the multi-ethnic and multi-lingual reality of the real estate experience in Dubai. Varied educational levels of the consumers are also a crucial factor therein.
Standard forms being tested
o Form A: Listing Agreemento Form F: Standard Contract – Apartmentso Form I: Agent-to-Agent Agreemento Form N: Notification of transaction to Real Estate Regulatory Agency
Other standardized forms will be tested at a later stage. These will include the property management agreement form, buyer’s agent agreement form, and agreement forms related to rentals.
posted by Property Reporter at
10:36 PM
0 Comments:
Post a Comment
<< Home