Land Department to establish three new laws
December 10th, 2006
The Dubai land department is in a process to establish three new laws giving election rights to owners of property Dubai. This law would bring out a proper electing body for Dubai property owners thereby establishing transparency to the property sector of Emirates.
The three laws are; condominium law, Trust account law and owner’s association law.
The Condominium law is expected to take shape within the next two or three months, whereas, the other two would be following soon within a year.
Dubai land department would also be coming out with a detailed guide book and map for all freehold areas and respective procedures for their registration. The relationship between investors and developers would be the prime focus in condominium law. This relationship would extend from freehold apartment buildings, arrangements for maintenance, services and utilities along with covering rights and owner’s association.
Trust account law on the other hand focuses on regulation of ‘off plan’ sales and would make sure when an apartment is booked via ‘off plan’. Here the amount cannot be used by the developer. This law would determine when the amount can be released.
The formational aspects of general body would be determined by ‘owner’s association law’. Here the owner of a building would have the right to elect representatives to form an association.
The Dubai land department is in a process to establish three new laws giving election rights to owners of property Dubai. This law would bring out a proper electing body for Dubai property owners thereby establishing transparency to the property sector of Emirates.
The three laws are; condominium law, Trust account law and owner’s association law.
The Condominium law is expected to take shape within the next two or three months, whereas, the other two would be following soon within a year.
Dubai land department would also be coming out with a detailed guide book and map for all freehold areas and respective procedures for their registration. The relationship between investors and developers would be the prime focus in condominium law. This relationship would extend from freehold apartment buildings, arrangements for maintenance, services and utilities along with covering rights and owner’s association.
Trust account law on the other hand focuses on regulation of ‘off plan’ sales and would make sure when an apartment is booked via ‘off plan’. Here the amount cannot be used by the developer. This law would determine when the amount can be released.
The formational aspects of general body would be determined by ‘owner’s association law’. Here the owner of a building would have the right to elect representatives to form an association.
posted by Property Reporter at
10:56 PM
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