Property contracts in Dubai to be made mandatory

Property brokers have welcomed the planned introduction of mandatory contracts that could help to weed out rogue practitioners.

Dubai?s real estate regulator is set to enforce the use of the standardised contracts to better police the emirate?s property market.

The Dubai Land Department said that three of the standard contracts it issues regulating deals between buyers, sellers and property brokers would become mandatory from the beginning of May.

Standardised property contracts were first drawn up and published by the department in 2008 and are already used by many of the emirate?s property brokers, but real estate brokers are not currently required to use them.

The Land Department said that it would be drawing up new standard contracts that would have to be used in all transactions that relate to the buying and selling of property. It added that models of the new contracts could be found on its property marketplace website, eMart.

via Property contracts in Dubai to be made mandatory | The National.

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