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al-dhaheri-international · 6 months

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Mediation and Conciliation in Civil and Commercial Disputes: A New Horizon

With the launch of the Mediation Rules by the Dubai International Arbitration Centre effective from 01 October 2023, the UAE has introduced a significant piece of legislation at the federal level, consolidating Mediation and Conciliation specifically in Civil and Commercial Disputes viz. Federal Decree Law №40 of 2023 (the “Decree-Law”) which will come into effect on 29 December 2023, thereby repealing Federal Law №6 of 2021 on Mediation in Civil and Commercial Disputes which regulated both the judicial and non-judicial Mediation; and Federal Law №17 of 2016, as amended by Federal Law №5 of 2021, which governs Conciliation and regulates the establishment of court-annexed Conciliation and Mediation centres for civil and commercial disputes; ushering in a new era for alternative dispute resolution (“ADR”) in the UAE.

By nature, the concept of Mediation and Conciliation is profoundly embedded in Arabic culture and Sharia law, as such, the Decree-Law is a welcome step equally for parties and lawyers alike to progress ADR in the UAE. This move aligns with the UAE’s commitment to signing the Singapore Convention on Mediation, announced in March 2022.

Overview

At the outset, Mediation may be conducted in all civil and commercial disputes capable of settlement without conflicting with the existing laws or the public order and morals prevailing in the UAE, without prejudice to the provisions of the local laws that regulate Mediation. This is in accordance with Article 8 of the Decree-Law, while Article 27 of the Decree-Law states about the exclusive competency of Mediation and Conciliation Centre (the “Centre”) to conciliate civil and commercial disputes (i) whose value does not exceed five million (5,000,000) dirhams; and (ii) between spouses or relatives up to the fourth degree, regardless of their value. The adversaries may agree to resort to the Centre for Conciliation of civil and commercial disputes whose value exceeds five million (5,000,000) dirhams, whether before a case is filed or while it is being heard.

That said, as outlined in Article 28 of the Decree-Law, certain disputes do not fall within the jurisdiction of the Centre viz. (i) urgent and interim orders and cases; (ii) cases to which the government is a party, (iii) rental cases heard before special rental dispute committees, (iv) labor cases, personal status cases; and (vi) any other cases decided to be heard before a Centre, committee or other entity of similar jurisdiction.

Establishment of Centres

The Federal Judicial Council (the “Council”) or the chairman of the local judicial authority may establish one or more Centre(s) for Mediation and Conciliation within the territorial jurisdiction of the first-instance courts; and shall issue pertinent regulations to govern the work and operations of the Centre(s). There is also scope for establishing special Centre(s) for Mediation and branches of foreign Mediation Centre(s); with court or the local judicial authority having supervisory authority on its working and formulating the general policies.

Remote Mediation and Conciliation Platform

Article 4 of the Decree-Law empowers the Mediators and Conciliators to conduct Mediation and Conciliation meetings through electronic means and remote communication, subject to regulations and procedures issued by the Minister of Justice, based on the approval of the Council or the chairman of the local judicial authority.

Mediators and Conciliators Accreditation Processes

The Federal Judicial Inspection Department or the local judicial authority shall maintain a roster for registering Mediators from amongst those registered in the experts’ schedule at the Ministry of Justice or with the local judicial authorities, and the expert Mediators named by a decision of the Council or the chairman of the local judicial authority. Normally they shall be selected from amongst retired members of the judiciary, lawyers registered in the schedules of practicing and non-practicing lawyers. Qualification includes practice of the profession for a period of not less than five (5) years prior to their registration in the non-practicing lawyers’ schedule, and other highly qualified experts and international experts in the legal and business fields, who are known for their expertise, integrity and impartiality. Furthermore, Article 15 of the Decree-Law allows appointment of any natural or legal person, known as Private Mediator, entrusted by the Parties with the task of Mediation to amicably resolve the dispute between them, and not registered on the Mediators’ Lists.

The appointment of Conciliators follows a procedure similar to employment. The Federal Judiciary or the president of the local judicial authority will establish the qualification for the post of a Conciliator. The Conciliators must take a legal oath before assuming their duties, and shall be subject to a specific compensation scheme.

Confidentiality and Non-disclosure

The documents and information submitted or agreements or concessions made by the parties to the disputes submitted for Mediation or Conciliation (the “Parties”), and Mediation and Conciliation procedures as a whole are treated with utmost confidentiality, as envisaged in Article 5 of the Decree-Law; except with the consent of the Parties, or as required by law. Exception further extents to document(s) prepared by the Mediator or the Conciliator and signed by the Parties, including the Settlement reached to resolve the dispute, in whole or in part, between them; and the documents and instruments necessary for its enforcement. Failure by the Mediator or Conciliator to adhere to the confidentiality and non-disclosure obligations stipulated herein, attracts disciplinary actions according to Article 40 of the Decree-Law, without prejudice to the provisions of civil and criminal liability.

Prohibitions on the Mediator and Conciliator

Article 6 of the Decree-Law prohibits the Mediator and Conciliator from acting as an arbitrator or expert in the dispute, or accepting to be an attorney in a dispute against any of the Parties regarding the subject matter of the dispute subject to Mediation or Conciliation, or anything arising from it, even after the completion of the Mediation or Conciliation procedures, unless the Parties agree otherwise. Prohibitions further extents to giving testimony against any of the Parties to the dispute regarding the subject matter of the dispute subject to Mediation or Conciliation, or anything arising therefrom, even after the completion of the Mediation or Conciliation procedures, unless authorized by the concerned party or the Parties agree otherwise, except in cases where the testimony is related to a crime; and in case of acting as a Mediator or Conciliator in a dispute where one of the Parties is a spouse or a relative up to the fourth degree by blood or marriage.

Parallel Mediation and Conciliation Structures

While the previous separate federal laws on Mediation and Conciliation laws are now consolidated, these two parallel structures continue to co-exist under the Decree-Law. Concerning Conciliation, under the court-annexed system, mandatory Conciliation is a prerequisite for specific types of disputes prior to litigation proceedings, and with regards to Mediation, voluntary process that can be initiated either through contractual agreement or by court referral, subject to the Parties mutual consent applies. Here, the chief difference is with the role of the “Mediator” opted by the Parties i.e., while in the Mediation process, the Mediator acts as a facilitator aiding the Parties to arrive at an agreement using the Mediation techniques; however, in the Conciliation process, the Mediator only suggests possible paths to the Parties in order to resolve the dispute. Precisely, both the structures share a common goal, which is amicable resolution of the disputes, whether before, or at the stage of the legal proceedings.

Consensual Mediation

In enforcing the agreement between the Parties made either before or after the occurrence of dispute, with the aim of resorting to Mediation for the Settlement of the dispute (“Mediation Agreement”), the Parties may directly resort to the Center to settle the dispute between them, before filing a lawsuit, as per Article 11 of the Decree-Law. This is Consensual Mediation, the initiation of which interrupts legal and judicial deadlines and only resume upon the completion of the Mediation, unless it is concluded by the Parties signing a Settlement Agreement. The procedures for Consensual Mediation are set out in Article 12 of the Decree-Law. In pursuance of Article 13 of the Decree-Law, the court before which a case is filed regarding a dispute brought before a Mediator in enforcing the Medication Agreement, shall decide suspension of the case until the completion of the Mediation procedures, if the defendant urges therefor before making any request or submission on the merits, unless the court finds that the Mediation Agreement is void or impossible to be enforced. The filing the case shall not however, preclude the initiation or continuation of Consensual Mediation procedures.

Court-Referred Mediation

Court-Referred Mediation occurs by virtue of a referral decision made by the subject-matter court competent to hear the lawsuit (“Competent Court”), at any stage of the case, whether proposed by the court with the Parties’ consent or upon their request. Article 14 (3) stipulates that the referral decisions issued by the Competent Court cannot be appealed by any ordinary or extraordinary means of appeal. Mediation shall end as per Article 21 of the Decree-Law if the Parties (i) sign a Settlement Agreement; (ii) agree to end the Mediation before reaching a Settlement Agreement for any reason; (iii) if one of the Parties informs to the Mediator or the Centre of their wish to participate in or continue Mediation; (iv) if the Mediator notifies the Centre, in writing or electronically, that the Mediation: (a) is futile and that there is no possibility of reaching a resolution to the dispute; (b) has been ended due to the absence of any of the Parties from two consecutive Mediation sessions without excuse; and (v) if the Mediation period expires without being renewed.

In all the above cases, the Mediator shall, upon the end of Mediation, deliver to each party any memoranda and documents they presented, and they may not retain them or copies thereof, and shall send a written or electronic report to the Centre on the result of the Mediation within three (3) working days from the date of ending the Mediation for any reason. The Centre shall notify the Parties and the Competent Court, within three (3) days, of the report and the result of the Mediation.

End of Mediation

Mediation if concluded successfully can end by signing the Settlement Agreement. The ratification process of the Settlement Agreement follows three tiers. i.e., from the Mediator to the Centre and finally to the Court. The Mediator shall submit a report to the Centre along with the Settlement Agreement, which the Centre shall send it to the Court within 3 working days. As a final step, the Court shall ratify the Settlement Agreement and issue a decision to end the dispute, wholly or partially, at a session to be scheduled within seven (7) working days from the date of its receipt of the Settlement Agreement. After its ratification, the agreement shall become a writ of execution and an exequatur shall be affixed thereto upon the request of all Parties or one of them, in light of the terms of the agreement submitted to it, and shall be executed according to the procedures stipulated in the Federal Civil Procedure Law.

That said, the aggrieved party has the rights to object or challenge ratification of the Settlement Agreement, by filing an annulment case before the competent Court. The party seeking annulment shall prove one of the reasons viz. (i) lack of legal capacity of one of the Parties to the Settlement Agreement or diminished capacity at the time of its conclusion, (ii) no Settlement Agreement or if the agreement was void or voidable, or if it was made after the expiry of the Mediation period; or (iii) if one of the Parties was unable to present their defence due to invalid service of process or notification of the Mediation procedures or due to them not having been aware thereof for any other reason beyond their control. Pursuant to Article 24 (2) of the Decree-Law, the judgment issued by the court in the annulment case shall be final and can only be appealed through cassation.

Settlement before the Conciliator

If a settlement is reached between the Parties before the Conciliator, either in whole or in part, this shall be recorded in a minutes signed by the Parties and the Conciliator. These minutes shall be ratified by the Supervising Judge, have the force of a writ of execution and the same binding force of court judgments, and are not subject to appeal by any means of appeal. Upon ratification, the minutes shall be affixed with an exequatur upon the request of all or any of the Parties, free of charge, and shall be executed in accordance with the procedures stipulated in the Federal Civil Procedure Law.

Conclusion

The enactment of the Decree-Law marks a pivotal moment for Mediation and Conciliation in the UAE, offering a unified platform for resolving disputes not just in property and construction disputes but in other Civil and Commercial disputes as well.

Recommendation

Whether you are navigating construction disputes, real estate intricacies, or commercial contracts, having a reliable Dubai Lawyer is crucial in providing comprehensive services across various legal domains. Dubai Lawyers and Dubai Law Firms play a pivotal role in addressing a spectrum of legal needs. Considering the legal landscape in Dubai, individuals and businesses can benefit from the expertise of seasoned Dubai Lawyers.

Our record of representing clients in Mediations and ADR procedures throughout the UAE speaks volume. Thus, we recommend for a comprehensive understanding and implementation of the new legislation, consider consulting the seasoned lawyers at Al Dhaheri International Advocates & Legal Consultants, renowned for their expertise in mediation and alternative dispute resolution throughout the UAE.

Written by — Dr. Sherina M. Saji

#Law Firm #Dubai Lawyer #Lawyers in Dubai #Dubai Lawyers #Best Lawyers in Dubai #Best Lawyers in UAE #Best Advocates in Dubai #Best Lawyers in Sharjah #Dubai Law Firms #Dubai Law Firm #RERA Dubai

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best-lawyers-in-dubai · 5 days

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UNDERSTANDING RERA DUBAI: A GUIDE TO REAL ESTATE REGULATORY AGENCY

Dubai, a bustling metropolis known for its iconic skyscrapers and luxurious properties, has experienced remarkable growth in its real estate sector over the years. To ensure transparency, boost foreign investments, and safeguard the interests of both landlords and tenants, the Dubai government established the Real Estate Regulatory Agency (“RERA”) in 2007. RERA has played a vital role in Dubai’s growing popularity as a real estate investment destination among foreign buyers. The agency runs real estate promotional campaigns at a large scale. In this blog, we’ll explore the essential aspects of RERA Dubai, its initiatives, and its core responsibilities.

What is RERA Dubai?

RERA actively works towards building an online community that benefits tenants, buyers, property developers, and real estate investors. It also promotes cooperation among supporting sectors like insurance, law firms, and banks.

RERA was launched under the auspices of H.H Sheikh Mohammed Bin Rashid Al Maktoum, the Ruler of Dubai and Vice President and Prime Minister of the UAE. It operates as a regulatory arm of the Dubai Land Department (DLD) and provides a transparent and robust legal framework for all stakeholders in the Dubai real estate sector.

Core Responsibilities of RERA

Licensing Real Estate Agencies: RERA Dubai is responsible for licensing real estate agencies in Dubai, ensuring that they adhere to regulatory standards.

Regulating Trust Accounts: It oversees the trust accounts of real estate developers to ensure the financial security of investors and buyers.

Registering and Regulating Lease Agreements: RERA plays a crucial role in registering and regulating lease agreements, providing legal protection to both tenants and landlords.

Supervising Owners’ Associations: RERA supervises the associations responsible for managing various buildings in Dubai, enhancing transparency and accountability.

Publishing Property Sector Studies: The agency conducts studies and publishes reports on the property sector, providing valuable insights to the market.

Supervising Property Advertisements: RERA monitors property advertisements in mass media to ensure accuracy and transparency.

Licensing Real Estate Exhibitions: It licenses real estate exhibitions to encourage national participation in Dubai’s realty sector.

Informing the Public: RERA informs the public about regulatory acts pertaining to buying or renting real estate, helping them make informed decisions.

RERA Forms

To facilitate transparent real estate transactions, RERA has introduced various forms, including Agreement forms such as Form A, Form B, and Form F.

RERA Smart Initiatives

In collaboration with the Dubai Land Department, RERA has introduced several smart initiatives to streamline real estate activities and enhance efficiency. These include:

Dubai REST: The Dubai Real Estate Self Transaction (Dubai REST) app simplifies real estate transactions, offering a secure platform for managing activities, accessing realty sector information, and other DLD services.

Dubai Brokers: This smart application provides accurate and real-time information about licensed property brokers in Dubai, helping users choose the right agents.

Smart Investment Map (SIM): SIM is a digital portal for listing and searching properties for sale and rent in Dubai. It offers various e-services for property selection, communication with property owners, and online transactions.

Ejari: This smart leasing management application streamlines lease management, reducing the time and cost required for the registration of rental contracts.

Smart Judge Service: The Smart Judge service educates parties involved in rental contracts about their legal rights, offers virtual judgments, and provides free legal consultancy on rental matters.

Contact Information

Location: Baniyas Road, Deira

Timings: Monday to Thursday: 07:30 am to 03:30 pm, Friday: 07:30 am to 12:00 pm, Saturday and Sunday: Closed

Contact Number: +971-800-4488

RERA Rules for Tenants

To further enhance transparency and minimize disputes, RERA has established specific rules to regulate the relationship between landlords and tenants in the Emirate of Dubai.

Conclusion

RERA Dubai plays a pivotal role in maintaining a transparent and secure real estate sector in Dubai. With its initiatives and core responsibilities, it not only ensures a fair playing field for investors and tenants but also promotes Dubai as a lucrative destination for real estate investments. Understanding RERA and its functions is crucial for anyone involved in the Dubai real estate market.

#RERA Dubai

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dream-home-dubai · 27 days

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What Are The Legal Considerations For Buying Property In Dubai?

While the legal aspects might seem intricate, the process of buying a luxury apartment in Dubai can be a rewarding experience with the right guidance.

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#ApartmentinDubai #BuyingPropertyinDubai #DubaiLandDepartment(DLD #Dubai Property Law #Dubairealestate #ForeignInvestmentinDubaiRealEstate #Freeholdvs.LeaseholdProperty #LegalAdviceforPropertyBuyers #LegalConsiderationsforPropertyPurchase #LuxuryPropertyinDubai #RealEstateAgent(RERA)

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d-realtors · 1 year

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What Are The Factors I Need To Consider When Buying A Property In Dubai

Thanks to the increased foreign direct investments and free trade agreements between UAE and other countries, Dubai has become one of the most happening cities in the world, especially for the wealthy across the globe.

Besides free trade, low tax and zero income tax, Dubai is also dubbed as the business hub of the Middle East and enjoys the status as a favorite travel destination. Such features along with political stability and investment in infrastructure significantly boosted the country’s real estate.

Reportedly, Dubai saw a 76 per cent rise in real estate transactions in 2022 which amounted to a whopping $140 billion, with a majority of buyers from Russia. If you are lured by the lush lifestyle and cheap service from low-wage laborers procured from Asia, Africa and the Middle East, and propelled to buy a property here, here’s how to make a smart purchase and enjoy your slice of the cake.

The Current Trends Of Property Demand In Dubai

While real estate in Dubai is broadly classified on a residential and commercial basis, the former is further classified as villas, apartments, penthouses and working houses or studio apartments that the opulent purchase to house their staff.

The commercial property includes office spaces, trade areas, warehouses, exhibition halls and industrial properties. While the demand for office space is believed to have subsided, the need for warehouses has increased due to enhanced e-commerce developments.

The huge retail companies and international markets in the Emirates have caused this demand for warehouses and sorting places.

Appreciation For Dubai Property

The strategic location and accentuating economy add to the appreciation of property value in Dubai. The flawless infrastructure makes any real estate investment fruitful, especially the off-plan ones.

Through flexible payment plans, off-plan properties have enhanced appreciation since the property price increases as the building nears completion. Likewise, even end users benefit from buying a property at a lower cost with more value for money.

Buyers can also benefit from various plans provided by promoters like post-handover payment plans and rent-to-own plans to name a few. Early investments offer immense profits through the appreciation perspective.

Allegedly the price of properties which are arriving in the markets here are expected to rise by 25 per cent per year. Demand for villas has superseded those for apartments and despite the shortage of luxury villas, the demand only grows.

Zeroing In On The Right Property

The buyer must clarify self about the property type, purpose of the purchase, preferred locality and its functionality to satisfy the purpose, amount affordable for purchase, mortgage possibilities and the developer’s reputation to hand over the property in the scheduled time while purchasing the property.

It is equally important to check the risks involved and estimated ROI on completion of the project.

Timespan Of Occupation

Purchasing a home anywhere across the world, leave alone in Dubai, must be considered on both a short and long-term basis. An apartment purchased by a newlywed or young couple may seem insufficient when the family expands.

Purchasing villas gives the option to expand and redesign besides providing a better return on investments. These villas which are excellently furnished can be sold to one of the increasing numbers of interested buyers if owners choose to relocate to another country.

Budget

As of February 2023, the starting price of a property in Dubai is reportedly between AED 3 lakhs to 3.5 lakhs. The price of apartments in Dubai depends upon floor area, locality and amenities among various other factors.

The buyer must be prepared to pay a 10 per cent refundable registration fee while purchasing the desired property.

Location

The instance found below shows how price varies among localities for almost the same floor area.

One-bedroom apartments measuring 800 to 900 square feet at Business Bay and Dubai Hills Estate at Mohammed Bin Rasheed are affordable. One-bedroom apartments are also available at Al Wasl (Jumeira), Dubai South City (Jabal Ali) at affordable rates.

Single-bedroom apartments at Emaar Burj Vista measuring between 700 to 1000 square feet cost more than AED 2,00,000 at Downtown Dubai, Dubai Marina. Proximity to Dubai Mall, Dubai Mall Metro Station and easy connectivity to Sheik Zayed Road and Dubai Property justifies the costly price of this single-bedroom apartment.

The Purchase Medium

A buyer could save a lot of money by avoiding brokers or middlemen while purchasing property in Dubai directly from the owner. Notably, brokers charge a 2 per cent agency fee and a 5 per cent VAT charge on the fee.

However, while avoiding brokers, one forgoes professional assessment of properties and expert navigation of transaction details like the contract paperwork, for instance, the art of negotiating.

Dubai Land Department Service Charges

Dubai Land Department service charges, which are mandatory while purchasing property in Dubai, may be shared equally by the buyer and seller or might be entirely paid by the buyer. The DLD charges amount to 4 percent of the property value.

Additionally, the buyer may need to pay a mortgage registration fee if bought through a loan, which amounts to 0.25 per cent of the loan along with AED 290. If the DLD is not paid within 60 days, the purchase is understood to be canceled.

Property Service Charges

The property service charges which are calculated on a square foot basis may range between AED 3 to 30. Besides property service charges one must foot Dubai Electricity and Water Authority fees along with insurance fees, security deposit and property transfer fees.

The property service charge varies along with locations, project type and purchase purpose. The buyer should also pay a ‘sinking fund’ which is a reserve fund that meets expenses for major repairs in future. Interestingly the 10 to 15 per cent price drop in key locations of Dubai facilitates developers selling to new end users.

While places like International City, Discovery Gardens have low service charges at 7 Dirhams per square feet (psf), Business Bay, Dubai Marina, Jumeirah Lakes Towers, Sports City, Jumeirah Village Circle charge moderately at 10 Dirhams psf.

Arabian Ranches 1 and 2 require AED 0.89 psf and 2.44 psf respectively while Burj Vista property owners shell out a massive AED 17.44 psf for property services.

Amenities And Their Scalability, Effectiveness And Quality

Villas are equipped with clubhouses, gyms and modern equipment and are tagged with excellent resale value. Villas in Dubai Hills, Arabian Ranches, Palm Jumeirah, Emirates Hills, Damac Hills and Al Furjan are sought for 18-hole golf course plus proximity to the city, connectivity to Sheik Mohammed Bin Zayed Road, Waterfront view, Privacy with palatial layout, family-friendly atmosphere and proximity to Expo 2020 site in the same order.

Handling Installments

Installment plans are popular in Dubai real estate purchases. 10 percent of the total cost is paid as advance which is followed by installments that cover half the entire cost at the time of handover.

Documents Required

Copies of documents including Emirates ID, passport, Visa page, reservation form, Sales and Purchase Agreement and Mortgage Contract if applicable required while purchasing property in Dubai.

Check Developer Background

It pays to check the developer’s track records before approaching them to buy property. If the developer lacks dedication, his property abounds in unsatisfactory plans and poor finishes while laying tiles, cupboards and walls.

Where To Purchase Off-Plan Properties

Purchasing a property through D Realtors, a professional and authentic real estate player in Dubai, fetches access to the functionally and aesthetically best property in Dubai which is spread across in prestigious locations such as Mohammed Bin Rashid City, The Fields, Burj Khalifa district and Sheik Zayed Road to name a few.

Final Words

The decision to join the game cannot be delayed too much since the prospects have already caught the eyes of many. Waste no time in deciding to take the plunge because the competition is already in the news.

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#Government approved realtors in dubai #D realtors #Dubai real estate brokers #Realtors in uae #Rent property in dubai #Lease property in dubai #Real estate in dubai #Uae real estate brokers #Buy property in dubai #Buy property in uae #Realtors in dubai #Freehold property in dubai #Buy apartment in dubai #Rera approved brokers in dubai

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shuraabusinesssetupindia · 9 days

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#RERA Certificate in Dubai #RERA Certificate in UAE #RERA Certificate

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masarca · 1 year

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masaraudit · 1 year

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RERA Audit Services in Dubai, UAE

The Real Estate Regulatory Agency (RERA) in Dubai, UAE, was established to regulate and oversee the real estate market and ensure transparency and fairness in all transactions. As part of its mandate, RERA requires all developers and real estate companies to conduct regular audits of their financial statements to ensure compliance with regulatory requirements. These audits play a crucial role in promoting transparency and accountability in the real estate sector and help to maintain investor confidence in the market. As such, there is a growing demand for RERA audit services in Dubai, and a number of firms now offer specialized audit services to real estate companies and developers in the region.

All You Need to Know About RERA Audit Services in UAE:

RERA audit services are an essential component of the real estate regulatory framework in the UAE. These services are designed to ensure that real estate companies and developers comply with the regulatory requirements set by RERA, including financial reporting, compliance with escrow account regulations, and adherence to project timelines and specifications.

RERA audit services cover a range of areas, including financial audits, operational audits, and compliance audits. Financial audits typically focus on the accuracy and completeness of financial statements, while operational audits assess the efficiency and effectiveness of a company's internal processes and controls. Compliance audits, on the other hand, are designed to ensure that a company is adhering to all relevant regulations and guidelines.

RERA audit services are typically provided by professional audit firms that are licensed by RERA to provide these services. These firms are required to meet strict quality standards and adhere to a code of ethics and professional conduct.

The benefits of RERA audit services are numerous. For real estate companies and developers, these services help to ensure compliance with regulatory requirements, minimize the risk of legal or financial penalties, and maintain investor confidence in the market. For investors and buyers, RERA audit services provide assurance that the projects they invest in are being developed and managed in a transparent and accountable manner.

RERA audit services are a critical component of the UAE's real estate regulatory framework. These services help to promote transparency and accountability. And compliance in the real estate market is essential for maintaining investor confidence in the sector.

Types of RERA Audit Services in Dubai, UAE:

In Dubai, UAE, Real Estate Regulatory Agency (RERA) audit services are a vital component of the regulatory framework for the real estate market. RERA requires all real estate companies and developers to conduct regular audits of their financial statements, processes, and compliance with regulatory requirements. Here are the types of RERA audit services provided in Dubai:

Financial Audits:

Financial audits are conducted to verify the accuracy and completeness of a company's financial statements. This type of audit examines financial records, transactions, and reports to ensure that they comply with accounting standards and RERA's regulations. The auditor evaluates the financial statements, such as balance sheets, income statements, and cash flow statements, to determine if the company's financial performance is accurately represented.

Operational Audits:

Operational audits assess the efficiency and effectiveness of a company's internal processes and controls. This type of audit focuses on the processes and procedures in place to manage the company's operations, including project management, procurement, and risk management. The objective of operational audits is to identify areas for improvement that can lead to increased efficiency and profitability.

Compliance Audits:

Compliance audits are designed to ensure that a company is adhering to all relevant regulations and guidelines. This type of audit evaluates a company's compliance with RERA regulations, such as escrow account regulations, project timelines, and specifications. The auditor examines documentation and records to verify compliance and identifies any areas of non-compliance.

Special Purpose Audits:

Special-purpose audits are conducted to address specific issues or concerns that may arise during the audit process. This type of audit is not part of the routine audit program but is requested by the company or RERA to investigate specific matters. Examples of special-purpose audits include investigations into fraud, waste, abuse, or other irregularities.

RERA auditors in Dubai provide financial, operational, and compliance audits to ensure that real estate companies and developers comply with regulations and maintain transparency and accountability in their business operations. Special purpose audits can be requested to investigate specific issues or concerns. These audits play a critical role in promoting investor confidence and maintaining the integrity of the real estate market in Dubai, UAE.

Benefits of RERA Audit Services in Dubai, UAE:

RERA audit services are an essential part of the regulatory framework for the real estate market in Dubai, UAE. These services are designed to ensure compliance with regulations, transparency, and accountability in the real estate market. Here are the benefits of RERA audit services in Dubai, UAE:

Compliance with Regulatory Requirements:

RERA audit services ensure that real estate companies and developers comply with RERA's regulations and guidelines. This includes adherence to project timelines and specifications, escrow account regulations, and financial reporting requirements. Compliance with these regulations reduces the risk of legal or financial penalties and helps maintain investor confidence in the market.

Minimizing the Risk of Legal or Financial Penalties:

Non-compliance with RERA regulations and guidelines can result in legal or financial penalties, such as fines or suspension of licenses. RERA audit services help to identify areas of non-compliance early, allowing companies and developers to take corrective action before penalties are imposed.

Maintaining Investor Confidence in the Real Estate Market:

Investor confidence is critical to the real estate market's health and growth. RERA audit services provide assurance to investors that projects are being developed and managed in a transparent and accountable manner. This assurance promotes investor confidence and supports the continued growth of the real estate market.

Identifying Areas for Improvement:

RERA audit services can identify areas for improvement in a company's operations, such as financial management, internal controls, and project management. This information can help companies and developers make informed decisions about improving their operations and increasing profitability.

Enhancing Reputation:

Companies and developers that undergo RERA audit services demonstrate their commitment to transparency and accountability in their business operations. This commitment can enhance their reputation in the market and attract more investors and buyers.

RERA audit services in Dubai, UAE, provide numerous benefits, including ensuring compliance with regulatory requirements, minimizing the risk of legal or financial penalties, maintaining investor confidence in the market, identifying areas for improvement, and enhancing reputation. These benefits are essential for promoting the growth and sustainability of the real estate market in Dubai, UAE.

RERA Audit Process:

The RERA audit process in Dubai, UAE, involves several steps to ensure compliance with regulations, transparency, and accountability in the real estate market. Here is an overview of the RERA audit process:

Appointment of Auditor:

Real estate companies and developers in Dubai, UAE, must appoint a RERA-approved auditor to conduct their audit. RERA auditors in UAE must be registered with the Dubai Municipality and have a valid RERA audit permit.

Pre-Audit Planning:

The auditor and the company or developer work together to plan the audit process, including identifying the scope of the audit, the timeline, and the resources needed. The auditor reviews relevant documents, such as financial statements, contracts, and regulatory requirements, to gain an understanding of the company's operations and compliance with regulations.

Conducting Fieldwork:

During the fieldwork phase, the auditor collects data and evidence to support the audit's objectives. This includes testing the company's internal controls, verifying financial transactions and balances, and evaluating compliance with regulatory requirements.

Drafting Audit Report:

The auditor drafts an audit report that summarizes the findings from the fieldwork. The report includes recommendations for areas of improvement and identifies any instances of non-compliance with regulatory requirements.

Review of Audit Report:

The company or developer reviews the audit report and provides feedback on the findings and recommendations. The auditor may make revisions to the report based on the feedback received.

Submission of Audit Report:

The final audit report is submitted to RERA, which reviews the report and takes appropriate action based on the findings. If the audit identifies instances of non-compliance, RERA may take legal or regulatory action, such as imposing fines or suspending licenses.

The RERA audit process in Dubai, UAE, involves appointing a RERA-approved auditor, pre-audit planning, conducting fieldwork, drafting an audit report, reviewing of audit report, and submission of the audit report to RERA. This process ensures compliance with regulations, transparency, and accountability in the real estate market, promoting investor confidence and supporting the market's growth and sustainability.

Tax agents in Dubai can provide a range of services, including tax planning, tax compliance, tax audit support, and representation before tax authorities. They can help companies and developers understand their tax obligations, file tax returns, and manage tax audits. In addition, tax agents can provide advice on tax-efficient structures and transactions, helping companies and developers optimize their tax position.

When it comes to RERA auditing, working with tax agents in Dubai can provide several benefits. Tax agents can help ensure that companies and developers comply with tax regulations during the RERA audit process, avoiding the risk of non-compliance and legal or financial penalties. Tax agents can also provide insights into the tax implications of the audit findings, helping companies and developers optimize their tax position.

Why Choose MASAR for RERA Audit:

MASAR is an Approved RERA auditing firm in UAE that offers comprehensive, accurate, and timely audit services. They have a team of experienced professionals who are familiar with the regulations and guidelines of RERA. MASAR provides customized services tailored to the specific needs of its clients and offers value-added services to help companies and developers improve their operations and financial management. They are committed to client satisfaction and offer high-quality services at a competitive price. Overall, MASAR is a reliable partner for RERA audit services in UAE due to their expertise, customized services, value-added services, reputation, and commitment to client satisfaction.

Conclusions:

RERA audit services are essential for ensuring compliance with regulations, transparency, and accountability in the real estate market in UAE. Companies and developers can benefit from RERA audit services in various ways, such as identifying areas for improvement, reducing the risk of legal or financial penalties, and increasing profitability. The RERA audit process involves several steps, including appointing a RERA-approved auditor, pre-audit planning, conducting fieldwork, drafting an audit report, reviewing of audit report, and submission of the audit report to RERA. MASAR is a reliable RERA-approved auditing firm in UAE that provides customized services, value-added services, and high-quality services at a competitive price. Overall, RERA audit services and MASAR can contribute to the growth and sustainability of the real estate market in the UAE.

#auditing firm in dubai #RERA Auditors in Dubai #RERA Audit Firm in UAE #Auditors in UAE

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groupfazza · 1 month

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حمدان بن محمد: "بقيادة وتوجيهات محمد بن راشد وتكامل جهود فريق عمل حكومتها وتكاتف أفراد مجتمعها.. دبي ستبقى في أيادٍ أمينة" 🔻

اعتمد سمو الشيخ حمدان بن محمد بن راشد آل مكتوم، ولي عهد دبي، رئيس المجلس التنفيذي لإمارة دبي، حزمة من التدابير العاجلة لدعم المتضررين من منخفض "الهدير"، ويوجه بتشكيل لجنة مهمتها استلام ودراسة طلبات المواطنين المتضررين من الأمطار وتوفير الحلول اللازمة لمعالجتها، إضافة إلى توجيه مؤسسة محمد بن راشد للإسكان بصيانة منازل المواطنين المتضررين في دبي وإعادة تأهيلها، والاستمرار في توفير الإيواء العاجل لهم وأسرهم لحين انتهاء أعمال الصيانة، مؤكداً حرص ⁧‫دبي‬⁩ على توفير الرعاية لكل مواطن ومقيم في الإمارة.

سمو الشيخ حمدان بن محمد: بقيادة وتوجيهات محمد بن راشد وتكامل جهود فريق عمل حكومتها وتكاتف أفراد مجتمعها.. دبي ستبقى في أيادٍ أمينة … فرقنا تتواجد في الميدان على مدار الساعة... وأتابع بنفسي المستجدات، وحريصون على توفير الرعاية لكل مواطن ومقيم في د��ي... وتلاحم المجتمع نموذجي ومشرّف ويظهر معدنه الأصيل وقيمه النبيلة.

سمو الشيخ حمدان بن محمد يوجّه دائرة الأراضي والأملاك في دبي ومؤسسة التنظيم العقاري بالتنسيق مع جميع شركات التطوير لضمان عودة الحالة الطبيعية لجميع المناطق التابعة للمطورين خلال الأيام القادمة، حيث أكد المطورون العقاريون وشركات إدارة المجمعات السكنية في دبي، التزامهم بتقديم مجموعة من الخدمات للمتضررين بدون أي رسوم إضافية.

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, approves series of initiatives to mitigate impact of severe weather in Dubai. His Highness: Guided by Mohammed bin Rashid visionary leadership, Dubai is always well prepared to respond effectively to any challenge.

H.H. Sheikh Hamdan bin Mohammed : Dubai’s readiness is further strengthened by the strong support of the government and the community, His Highness directs the establishment of a committee to urgently review requests from Emirati citizens affected by the heavy rains.

H.H. Sheikh Hamdan bin Mohammed directs Dubai Land Department and RERA to coordinate with property developers to expedite restoration of normalcy in all communities managed by the developers.

Saturday, 20 April 2024 السبت

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samsinghtripler · 1 year

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Sam Singh, Chief Executive of Tripler

Dubai, located in the United Arab Emirates (UAE), is known for its booming real estate market that has seen rapid development over the years. Dubai's real estate sector has been a significant contributor to the city's economic growth and has attracted investors and homebuyers from around the world. Apart from that Sam Singh, Chief Executive of Tripler. He is founder and chief executive of new lead generation estate agency platform Tripler.

Here are some key points about Dubai's real estate market:

Property Types: Dubai offers a wide range of real estate options, including residential properties such as apartments, villas, townhouses, and penthouses, as well as commercial properties like office spaces, retail spaces, and industrial properties.

High-rise Buildings: Dubai is famous for its iconic high-rise buildings, including the Burj Khalifa, the tallest building in the world, which has become a symbol of Dubai's skyline. Many other tall buildings and skyscrapers dot the city's landscape, offering luxury living and office spaces.

Master-Planned Communities: Dubai is known for its master-planned communities, which are carefully designed and developed residential areas that offer a mix of housing options, recreational facilities, and amenities such as schools, parks, shopping malls, and healthcare facilities. Some popular master-planned communities in Dubai include Palm Jumeirah, Dubai Marina, Jumeirah Lakes Towers (JLT), Downtown Dubai, and Emirates Hills.

Foreign Ownership: Dubai's real estate market allows foreign nationals to own properties in designated areas, known as freehold areas, which include many popular areas in the city. This has made Dubai an attractive destination for foreign investors and expatriates looking to invest in real estate or buy a home.

Off-Plan Properties: Off-plan properties, which are properties that are still under construction or not yet built, have been a popular investment option in Dubai's real estate market. Many developers offer attractive payment plans and incentives to attract buyers to invest in off-plan properties.

Real Estate Regulations: The real estate market in Dubai is regulated by the Dubai Land Department (DLD) and the Real Estate Regulatory Agency (RERA), which oversee various aspects of the real estate sector, including licensing, registration, and dispute resolution.

Market Trends: Dubai's real estate market has experienced fluctuations in recent years, with periods of high demand and price growth, followed by periods of stabilization and correction. Factors such as supply and demand dynamics, global economic conditions, and government policies can impact the performance of the real estate market in Dubai.

Real Estate Developers: Dubai is home to many renowned real estate developers who have played a significant role in shaping the city's skyline. Some of the prominent developers in Dubai include Emaar Properties, Nakheel, Dubai Properties, DAMAC Properties, and Meraas, among others.

Rental Market: Dubai's real estate market also has a thriving rental market, with a large expatriate population and a significant demand for rental properties. Rental yields and regulations for tenants and landlords are governed by the Dubai Rental Law, which provides guidelines and protections for both parties.

Future Outlook: Dubai's real estate market is expected to continue evolving in the coming years with ongoing development projects, government initiatives, and Expo 2020 Dubai, a global event that is expected to boost the city's real estate market and economy.

It's important to note that real estate markets can be subject to fluctuations and it's essential to conduct thorough research and seek professional advice before making any investment decisions in Dubai or any other market.

#Sam Singh Tripler #samsingh #samsinghlondon

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recorporate · 1 year

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How to Get a Real Estate License in Dubai?

Introduction

Dubai's real estate sector is renowned for its dynamic and lucrative opportunities. Whether you aspire to be a real estate agent, broker, or property manager, acquiring a real estate license is crucial to establishing yourself as a professional in the industry.

What is a Real Estate License?

A real estate license is an official authorization granted by the Dubai Real Estate Regulatory Agency (RERA) that allows individuals to legally operate in the real estate market. It serves as proof of your competence and knowledge in the field, ensuring that you adhere to the industry's regulations and ethical standards.

Importance of a Real Estate License

Obtaining a real estate license in Dubai offers numerous advantages. It not only enhances your credibility and professionalism but also provides you with access to exclusive opportunities and resources. With a license, you can legally represent clients, broker property transactions, and benefit from the industry's vast networking and support systems.

Types of Real Estate Licenses

In Dubai, there are three primary types of real estate licenses:

Real Estate Agent License: This license allows you to work as a sales agent representing buyers or sellers in real estate transactions.

Real Estate Broker License: With this license, you can establish and manage your own real estate brokerage firm.

Real Estate Developer License: This license is required for individuals or companies involved in developing real estate projects.

Requirements for a Real Estate License

To qualify for a real estate license in Dubai, you must meet certain criteria. The specific requirements may vary depending on the type of license you are seeking. However, some common prerequisites include:

Being at least 21 years old

Having a high school diploma or equivalent

Passing a criminal background check

Completing a pre-license course approved by RERA

Demonstrating proficiency in Arabic and English languages

Providing a valid passport and visa copies

Submitting a licensing application along with the required fees

Step-by-Step Guide to Getting a Real Estate License

Now, let's walk you through the step-by-step process of obtaining a real estate license in Dubai:

Step 1: Research the Licensing Process

Before diving into the licensing process, it's essential to gather comprehensive information about the requirements, procedures, and responsibilities associated with the desired license type. Researching and understanding the process will help you navigate it more smoothly.

Also Read :- How To Obtain a General Maintenance License in Dubai

Step 2: Complete a Pre-License Course

To enhance your knowledge and skills in the real estate field, you need to enroll in and successfully complete a pre-license course approved by RERA. These courses provide in-depth training on various aspects of the real estate industry, including legal regulations, property valuation, marketing strategies, and ethical practices. By investing your time and effort in these courses, you will acquire the necessary expertise required to excel in your real estate career.

Step 3: Submit Application and Fees

After completing the pre-license course, it's time to submit your licensing application to RERA. Ensure that you have all the required documents, such as your educational certificates, identification proofs, and passport and visa copies. Additionally, you will need to pay the prescribed fees along with your application. It's crucial to double-check the accuracy of your application and ensure that you've provided all the necessary information to avoid any delays in the processing.

Step 4: Pass the Licensing Exam

Once your application is reviewed and approved, you will be eligible to appear for the real estate licensing exam. This exam evaluates your understanding of the real estate industry, local regulations, and best practices. Study diligently and prepare yourself for the exam by referring to the recommended study materials and resources. Acing the licensing exam is a significant milestone in your journey towards obtaining a real estate license.

Step 5: Obtain Sponsorship

In Dubai, it is mandatory to have a sponsorship arrangement with a licensed real estate company or brokerage to operate as a real estate professional. Seek out reputable firms that align with your career goals and approach them to secure sponsorship. Having a sponsor not only fulfills a legal requirement but also offers mentorship and support as you embark on your real estate journey.

Step 6: Apply for the Real Estate License

Once you have secured sponsorship, it's time to apply for the real estate license. Collaborate with your sponsoring company to prepare the necessary documentation and submit the application to RERA. The application should include details such as your sponsorship agreement, proof of passing the licensing exam, and any additional documents required by RERA.

Step 7: Background Check and Approval

Upon receiving your application, RERA will conduct a thorough background check to ensure your compliance with the regulatory standards. This includes verifying your educational qualifications, checking your criminal record, and reviewing your financial stability. Cooperate fully with the authorities and provide any requested documents during this process. Once your background check is cleared, you will be one step closer to obtaining your real estate license.

Step 8: Obtain the License

After successfully completing the previous steps, you will finally receive your real estate license from RERA. This license serves as official proof of your competence and eligibility to operate in the real estate market. It is essential to keep your license updated and comply with the regulations set forth by RERA throughout your career to maintain your professional standing in the industry.

Also Read :- How to get a Virtual Company License in Dubai

Benefits of Having a Real Estate License

Having a real estate license in Dubai opens up a world of opportunities and benefits. Some of the key advantages include:

Professional Credibility: A license enhances your professional credibility, giving clients confidence in your expertise and ethical practices.

Access to Exclusive Resources: Licensed professionals gain access to exclusive resources, databases, and industry networking events that can facilitate their success.

Higher Earning Potential: With a license, you can engage in brokerage activities and earn commissions on property transactions, leading to increased income potential.

Career Growth: A real estate license paves the way for career advancement, allowing you to take on leadership roles, establish your own brokerage, or specialize in specific market segments.

Industry Recognition: Holding a real estate license demonstrates your commitment to professionalism and adherence to industry standards. It sets you apart from unlicensed individuals and earns you respect within the real estate community.

Legal Protection: Being licensed provides you with legal protection. You have a clear understanding of the laws and regulations governing real estate transactions, reducing the risk of legal disputes and ensuring compliance with all necessary requirements.

Expanded Network: As a licensed professional, you have the opportunity to network with other industry experts, potential clients, and influential individuals in the real estate field. This network can lead to valuable partnerships, referrals, and new business opportunities.

Continuing Education: Maintaining a real estate license often requires ongoing professional development. This commitment to continuous learning ensures that you stay updated with the latest trends, laws, and best practices in the real estate industry, keeping you competitive and knowledgeable.

FAQs

Q : How long does it take to get a real estate license in Dubai?

A : The timeline for obtaining a real estate license can vary depending on various factors, including the type of license and the efficiency of the application process. On average, it may take several weeks to a few months to complete all the necessary steps.

Q : Can I apply for a real estate license if I don't have a real estate background?

A : Yes, you can apply for a real estate license in Dubai even if you don't have prior experience in the real estate field. However, you will need to complete a pre-license course to gain the required knowledge and skills.

Q : Is it necessary to have sponsorship to get a real estate license?

A : Yes, sponsorship from a licensed real estate company or brokerage is mandatory to obtain a real estate license in Dubai. Your sponsor will provide guidance, mentorship, and support throughout your career.

Q : What are the renewal requirements for a real estate license?

A : Real estate licenses in Dubai typically require renewal every year or every two years. Renewal requirements may include completing continuing education courses, paying renewal fees, and fulfilling any other obligations set by RERA.

Q : Can I work as a freelancer with a real estate license?

A : No, in Dubai, real estate professionals are required to operate under the sponsorship of a licensed real estate company or brokerage. Freelancing is not allowed in the real estate sector.

Conclusion

Acquiring a real estate license in Dubai is a crucial step towards establishing a successful and rewarding career in the real estate industry, as well as starting a business in Dubai. It not only provides you with legal authorization but also enhances your credibility, expands your professional network, and opens doors to exciting opportunities. By following the step-by-step guide outlined in this article, you'll be well on your way to obtaining your real estate license and embarking on a fulfilling journey in the dynamic Dubai real estate market.

Now that you have a comprehensive understanding of how to get a real estate license in Dubai and the potential it holds for starting a business in this vibrant city, it's time to take action. Begin your journey towards realizing your aspirations by diving into this thriving industry and exploring the opportunities that await you. Remember, a real estate license not only unlocks doors but also represents your dedication to professionalism and excellence in the exciting world of real estate.

To learn more about starting a business in Dubai and to receive expert guidance, visit Recorporate.net. Their team of professionals can provide you with the necessary support and resources to kickstart your entrepreneurial endeavors in Dubai. Don't miss out on the chance to turn your dreams into reality – take the first step today!

Reference URL :- How to Get a Real Estate License in Dubai?

#Real Estate License Dubai #How to Get a Real Estate License in Dubai #Dubai Real Estate #Dubai Real Estate Career

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al-dhaheri-international · 6 months

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RERA Dubai | RERA Forms, Rules for Tenants

Understanding RERA Dubai: A Guide to Real Estate Regulatory Agency

What is RERA Dubai?

Licensing Real Estate Agencies: RERA is responsible for licensing real estate agencies in Dubai, ensuring that they adhere to regulatory standards.

Regulating Trust Accounts: It oversees the trust accounts of real estate developers to ensure the financial security of investors and buyers.

Registering and Regulating Lease Agreements: RERA plays a crucial role in registering and regulating lease agreements, providing legal protection to both tenants and landlords.

Supervising Owners’ Associations: RERA supervises the associations responsible for managing various buildings in Dubai, enhancing transparency and accountability.

Publishing Property Sector Studies: The agency conducts studies and publishes reports on the property sector, providing valuable insights to the market.

Supervising Property Advertisements: RERA monitors property advertisements in mass media to ensure accuracy and transparency.

Licensing Real Estate Exhibitions: It licenses real estate exhibitions to encourage national participation in Dubai’s realty sector.

Informing the Public: RERA informs the public about regulatory acts pertaining to buying or renting real estate, helping them make informed decisions.

RERA Forms

To facilitate transparent real estate transactions, RERA has introduced various forms, including Agreement forms such as Form A, Form B, and Form F.

In collaboration with the Dubai Land Department, RERA has introduced several smart initiatives to streamline real estate activities and enhance efficiency. These include:

Dubai Brokers: This smart application provides accurate and real-time information about licensed property brokers in Dubai, helping users choose the right agents.

Ejari: This smart leasing management application streamlines lease management, reducing the time and cost required for the registration of rental contracts.

Smart Judge Service: The Smart Judge service educates parties involved in rental contracts about their legal rights, offers virtual judgments, and provides free legal consultancy on rental matters.

Location: Baniyas Road, Deira

Timings: Monday to Thursday: 07:30 am to 03:30 pm, Friday: 07:30 am to 12:00 pm, Saturday and Sunday: Closed

Contact Number: +971–800–4488

RERA Rules for Tenants

To further enhance transparency and minimize disputes, RERA has established specific rules to regulate the relationship between landlords and tenants in the Emirate of Dubai.

#RERA Dubai

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best-lawyers-in-dubai · 7 days