- Broker Directory
- My Tools
- News & Advice
- Market Trends
- Other GN Sites
All properties — including those developed overseas — being marketed in Dubai will now have to get an online permit via the Real Estate Regulatory Agency's ''Trakheesi'' system.
A new circular outlines all of the updated requirements for companies to follow in publishing ''any real estate announcement from inside or outside the country''. They must obtain a permit through the Trakheesi system on the official Dubai Land Department website.
Any announcements not bearing a real estate permit number will now be dismissed as of this month onwards. ''In the event of non-adherence, all necessary legal procedures shall be taken against the violating companies and a fine of Dh50,000 will be paid by offenders,'' the statement added.
According to Ali Abdulla Al Ali, Director of Real Estate Licensing Department, ''This announcement reflects Rera's commitment to protect investors and regulate the market by preventing the emergence of any irregularities. However, the investor should act carefully to protect himself by checking all documents and by requesting information from the broker about the property offered.
''Customers can now easily check licensed brokers as well as the validity of ownership data through the 'Dubai Brokers' smart application.''
No company can advertise Dubai properties from either within or outside of the emirate without obtaining official permission. The Land Department is in the process of activating escrow accounts for brokers marketing properties from outside the UAE. The Inspection and Control section will work to control real estate advertisements and to ensure that advertisers obtain all required permits.
When obtaining a permit for marketing properties from outside of the UAE, companies are requested to submit a copy of the title deed, a letter from the country in question describing the method of foreign ownership of properties, a marketing agreement between the property's owner and brokerage firm and a letter from the broker indicating the type of property.
A letter must also be produced by brokers outlining that they will not receive any money on the owner's behalf. This must come with an additional letter stating that the broker holds the full legal liability for the authenticity of information provided.
Any documents issued outside of the UAE must be attested by a UAE embassy and the Ministry of Foreign Affairs, and translated into Arabic by a legal translator. For brokerages, it is essential that the registration number of the firm and broker is mentioned, and a permit approval fee of Dh1,010 paid.
Al Ali added: ''Rera advises investors when any payment is due for the property, and this must be paid directly to the property's owner. Following the signing of the contract between the parties, the real estate office will be entitled to receive their fees.''
Get a guide on resolving property disputes
Source: Staff Report, gulfnews.com