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.