The recent introduction of various new real estate laws in Dubai aims to provide regulation and clarity within the real estate market by improving procedures and increasing the levels of transparency. This initiative has been supported by the introduction of the Real Estate Regulatory Authority (RERA), a body established in 2007 for the regulation of real estate activities in Dubai.
BSA LLP has real estate real estate practitioners certified by RERA, who can assist with effecting transfer and registration of property in accordance with the new online property transfer procedures. BSA LLP professionals regularly provide expert advice to investors and end users in relation to disposals of off plan and completed properties, and in relation to all aspects of conveyancing transactions.
Developer’s activities in Dubai have been further regulated and controlled by the introduction of new real estate laws, which provide for the interim registration of all off plan sales, and the creation of escrow accounts for the sale and purchase of plots and real estate units. Developers in Dubai are now required to be registered as such with the Real Estate Regulatory Authority (RERA) and to register all their projects with RERA. All plots and units must also be registered with the Dubai Land Department. RERA regularly reviews and approves all sale and marketing documents before a project is launched. Only once these mandatory requirements have been met can off-plan units be sold, mortgaged or otherwise legally disposed of.
BSA LLP professionals have forged key relationships with both the Dubai Land Department and RERA to provide clients with up to date advice on legal developments and on procedural strategies.
Law No. 27 of 2007 Concerning Ownership of Jointly Owned Properties in the Emirate of Dubai (the “Strata Law”)established the rights and obligations pertaining to jointly owned property in Dubai. The aim of the Strata Law is to govern the management, operation and maintenance of all common areas within jointly owned property. The implementation of regulations in respect of the Strata Law is expected in the near future. It is anticipated that the regulations will indicate how the Strata Law will be applied.
BSA LLP professionals regularly advise clients on the requirements and implications brought about by the introduction of the Strata Law. Services provided include advice in relation to Strata Law compliance of sale and purchase agreements, master community declarations and owner’s association documents with a view to their ultimate approval by RERA.
