ABU DHABI // President Sheikh Khalifa has issued a law regulating the property sector in the emirate.
The law includes a provision to protect the rights of buyers when units are sold before completion and specifies the jurisdiction of the Department of Municipal Affairs regarding property issues.
Other provisions include the preparation of a real-estate registry to save all data and documents related to development, and the creation of a project guarantee account. The latter is to be opened by the developer for each project to deposit all amounts paid by the buyers of units.
The law provides details regarding involved licensed individuals, including the developer, the broker, the broker’s employees, the auction seller, residents and the surveyor.
The new Initial Real Estate Registry also clarifies off-plan sales. All transactions related to off-plan units will be recorded to avoid issues such as failure to execute the sales contract, and in the event of theproject not being completed.
Regulation of the landlord union is also addressed and ensures that rights and obligations of owners are clarified in proportion to their individual contributions.
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