In line with its stated aim to create a transparent and professional real estate market with clear and measurable standards, Dubai Land Department ( DLD ) has announced the launch of unified real estate contracts. The new agreements have been designed to regulate the relationship between the parties involved in property transactions and to avoid problems that arise from misinterpretation with documents. The contracts will become a mandatory requirement starting May 1, 2014.

The unified real estate contracts will be accessed via the Dubai government E-mart website (www.emart.gov.ae), where it will provide customers with three models of unified contracts; a contract between seller and buyer, a contract between seller and broker and a contract between buyer and broker. The documents can be downloaded immediately from the site and be filled with the required data for each transaction before being signed by the relevant parties. The contract becomes formal and completed after it has been recorded and documented at DLD .

In its announcement, DLD stressed that its unified real estate contracts will be used officially from the beginning of May 2014 in all transactions that relate to the buying and selling of property. The department is currently providing models of the new contracts on the Dubai smart property marketplace, E-mart.

Dubai Land Department, Dubai real estate buyers, real estate contracts, tenancy contracts,

Article source: http://bit.ly/QaAVCf

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