Wasl agrees to Rera partnership to speed up tenant contract registration



DUBAI // Wasl Properties has linked up with the Dubai Land Department to speed up registration of tenant contracts under the Ejari programme.

The Real Estate Regulatory Authority's Ejari system regulates contracts between landlords and tenants in Dubai.

All landlords need to register rental and lease contracts for properties in the emirate through a dedicated online system.

If they fail to do so for whatever reason, tenants must register. This has caused major problems for tenants affected by recent property scams in Dubai.

Registration with Rera protects the rights of tenants. All details of the landlord and the property, the name of the rental company and terms of the agreement are recorded.

Tenants can check the full portfolio of renewals, transfers, cancellations and terminations of previous contracts by the landlord before signing a contract.

Wasl signed an agreement with the land department yesterday allowing customers to registertheir contracts in any Wasl branch.

"This is time and cost-efficient for the community we serve," said Hesham Al Qassim, chief executive of Wasl Asset Management Group."This ... enhances cooperation between the public sector, the real estate companies and residents, presenting us with a unique opportunity to satisfy our customers."

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Credit Score explained

What is a credit score?

In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.

Why is it important?

Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.

How is it calculated?

The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.

How can I improve my score?

By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.

How do I know if my score is low or high?

By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.

How much does it cost?

A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.

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