Things to know before buying and selling property

Things to know before buying and selling property

Real estate expert explains the process and guidelines to be followed by a broker before investing in or dealing with realty in the UAE

According to a real estate expert, anyone who carries on brokerage activities in Dubai without a licence will be subject to prosecution under the UAE Penal Code. Picture for illustrative purpose only.

Dubai : In Dubai, the business of buying and selling property is strictly regulated.

As per clause 2 of by-law No. 85 of 2006, only those who are licensed by competent authorities and registered with the Real Estate Regulatory Agency (Rera) are permitted to carry on with brokerage activities.

Licensing requirements

To begin the process, brokers must submit an application to Rera along with the following documents:

A valid trade licence issued by the Dubai Economic Department.

A membership certificate of the Dubai Chamber of Commerce and Industry.

A copy of the licence applicant’s/applicants’ passport with regard to sole proprietorship or companies.

An identical copy of the ownership certificate of the brokerage office or its lease contract.

A certificate of good conduct for the establishment’s owner and the senior manager or senior managers of the company.

None of the company’s directors or the partners authorised to run the company shall be from those who have previously declared bankruptcy or were convicted with a crime violating honour or trust.

Obtaining certificates of training courses specialised in the real estate field from institutions accredited by Rera.

Passing the brokerage profession test prepared by Rera.

via gulfnews : Things to know before buying and selling property.