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Dubai Land Department issued a new circular on real estate transactions

26.09.2016
Dubai Land Department issued a new circular on real estate transactions
Dubai real estate brokers are required to conduct another verifying operation before selling or renting property. Click to find out, which one.

Dubai Land Department, a real estate regulatory body controlled by RERA, has issued a new circular requiring all brokers to verify property ownership before the transaction is concluded.

Of course, all big and registered brokerage agencies and independent brokers in Dubai had made checking all important information beforehand their voluntary duty long ago, for this verification is probably the most important part of the sale or lease deal preparation. But now all the registered agencies and brokers will be obliged to do so, regardless of their own initiative or the buyer’s requirement.

And it’s getting much easier to do now, like many other things in Dubai. In order to verify the property ownership a broker only needs to download and install a smart Dubai Brokers application developed by the Real Estate Licensing Division at the DLD.

This new regulation provided by the DLD is aimed at the implementation of the general emirate's strategy to increase transparency in real estate operations and protect the investors.

Ali Abdullah Al Ali, director of the Licensing Department at DLD responsible for this circular, said: “One of the main roles in our extensive range of operations and services is to provide a safe and sustainable real estate environment for all players in the real estate market.”

Last year real estate transaction fee in Dubai was doubled from 2 to 4 percent, yet it still remains one of the lowest in the world.

The abovementioned DLD circular also emphasizes the importance of addressing only reliable and reputable real estate agencies when buying or selling property in Dubai. Turning to IMEX Real Estate you can be sure that years of our experience in the field of real estate and our perfect reputation will guarantee you a safe and favorable deal.

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Ref.No: OF1209
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Lease process (Rent out)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.
Real estate search.

Up to 5 days

Real estate search.

Selection of optimal options.

Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Property Selection

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Customer charges:
  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration
Additional services:

Property management

Sales Process
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

None

the management process
Contract of the owner and agency

1 hour

Contract of the owner and agency
Rendering of management services

1 year

Rendering of management services
Reporting

1 day

Reporting
Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Selection of optimal investment options

From 3 days

Selection of optimal investment options
Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Expenses of the investor:
  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration
Additional services:

Property management