In the United Arab Emirates, Dubai has significantly grown with its innovative and profitable real estate planning. It has attracted most of the investors towards the off-plan property market. These newly built properties have exceeded the market purchase price, so it is a good time to sell. Sometimes, those properties must be completed on time, which may lead to problems for the buyers. However, if you are a buyer of off-plan property in Dubai, you must understand your rights in the UAE. UAE lawyers are also very supportive while spreading the right understanding of the local laws. Therefore this is a good option to knock them if seeking for understanding in details.
What is Dubai Law No. 13/2008?
In the UAE, real estate laws are strict and made to keep everything in the best interests of the buyers. However, the law ensures that the buyer’s interests are safe and that the real estate developers know their responsibilities in the UAE. Off-plan property transactions cannot be regulated without registering with Interim Real Estate. However, buyers should be well-informed about the laws related to them and the developers. The attorneys expert in Real Estate law is called as Real Estate or Property Lawyers in United Arab Emirates. The word lawyer means the UAE National, Emirati lawyer/advocate. As of now, and as per law, they can only represent
What is the Interim Real Estate Register?
Article 3 of the Interim Real Estate register requires the registration of every sale of off-plan property. This ensures safety for the buyers, as the seller cannot sell the same property to anyone else after selling to the first buyer.
Responsibilities of the Developer
If the developers do not follow the rules as guided in Article 4, they will be penalized. It could lead to imprisonment or heavy fines in the UAE. They have to hand over the property on time, and they have to hand over with promised quality as well as specifications in the sales contract.
What are Buyer’s Rights if Delays Happen?
As per Article 11, buyers have rights if the property is not completed on time. The buyer will be compensated financially for any inconvenience caused to them due to the delay in handing over the property. If the delay is prolonged, the buyer can cancel the contract and get a refund. In some cases, the completion of the property can be pushed through court orders so the developer can finish as soon as possible.
Do Developers Have to Maintain the Property?
Article 13 holds developers responsible for maintaining the major aspects of the project. They must follow the guidelines provided by the RERA (Real Estate Regulatory Agency) and effectively use the maintenance fees. This means that the property shall be taken care of by the developers and not the buyers.
What If Disputes Happen?
There could be disputes in the property that the buyer wants resolved. The quality of the property may have needed to be better, as mentioned in the contract. If there is any dispute between the developer and the buyer, it will be resolved through mediation conducted by the real estate authorities in the UAE. Only a few property disputes can go to court because the legal consultants have found the arbitration approach cost-effective.
How to Manage a Property Dispute When Delayed?
If the developers have delayed the property you wanted to buy, you must take careful action against the developer. First of all, you will need to keep the communication records safe. Every mode of communication is proof that can support your claim. Secondly, you must refrain from indulging in property rights yourself. Allow the real estate authorities in Dubai to handle your property dispute. If you are still deciding whether to get help from the real estate authorities, you must talk to a lawyer. They will provide you with better legal advice. In most cases, negotiations with developers work.
Buying an Off-Plan Property is Not Easy
The UAE has lucrative real estate opportunities. The amazing and luxurious apartments you see on screens could be yours. However, the developers could change plans. You could be frustrated to buy an off-plan property in the UAE, especially when the developers have delayed their responsibilities of completing the project on time. Your investment must be well-spent. Therefore, real estate authorities focus on the buyers’ best interests while introducing property laws and rights.
Should I Hire a Lawyer?
You must talk to a lawyer before investing in Dubai property. They can guide you about Dubai real estate and how you can make a better investment. In most cases, these lawyers are hired for dispute resolution. Through mediation and negotiation, they ensure that reality with their expertise in real estate laws.
Note: The content, in the blog might not be matching with the requirement of all the readers. It can also be outdated, therefore no liability is taken. Kindly check with local lawyers and legal consultants if the readers are planning to take any action.
