Stay within the law. Not every country has a RERA agency overlooking its real estate agency. But Dubai does have a RERA regulatory agency and working with one of their approved real estate agents gives you peace of mind.
The reason for that peace is that you know you are not breaking the law and are using someone who will treat you with professionalism, provide the correct information, and so on.
When you are in another country, it is never a good idea to run afoul of the law. That is the best way to get an immediate ticket back to your home country as well as lose any privileges in Dubai.
The letters stand for real estate regulatory agency and RERA’s duties are just that. They are part of the Dubai Land Department which oversees all the rules and regulations pertaining to buying and selling Dubai real estate.
Its purpose is to ensure that everyone involved in Dubai real estate has a clear and practical legal framework to operate under. But there are other duties involved in RERA’s purpose and those are as follows:
This agency has been able to keep the paperwork down for buyers, sellers, landlords, and renters. Their simple Form A, Form B, and Form F system make sure all laws are kept and all the details of the transactions are transparent with no hidden agendas or trickery.
It is illegal for anyone to buy or sell property through a non-RERA-certified broker or real estate agent. This provides protection for both parties in any real estate transaction and gives the violated party recourse and an avenue to pursue that recourse.
There are different avenues depending on your status in the real estate dispute. For example, renters or tenants have one procedure to follow and it starts with filing an official complaint with the Rent Disputes Settlement Centre.
This action only comes when you cannot reach a settlement with your landlord and after all means of communication have been resolved. The filing takes place at the DLD head office in Deira.
There is a fee for filing the complaint and that fee is set at 3.5% of your annual rent but that figure must be higher than AED 500 and lower than AED 20,000. There are additional administration and typing charges as well.
The documents needed for this complaint are:
This process may be used by buyers as well. The typist will help guide you through the process. Besides exhausting all forms of communication, you should know the laws that relate to the real estate issue in question.
Like any country, there are more laws governing the real estate industry than you may think. Laws change all the time. It is best to stay on top of all the laws as best you can or consult with a real estate attorney to keep you informed of any legal changes you need to be aware of.
There are two good websites that have all the laws listed at this time. There are just too many of them to list individually here and something may get lost in translation. Both websites are government websites making it possible to have the current legislation ready and available.
If you have a dispute, then these are the websites you should go to in order to become familiar with the area of law that pertains to your specific dispute.
To start your own Dubai real estate company, you must first be approved for a Dubai real estate license. To get that license you need to follow the rules RERA has laid out for this process.
The first step in this process is to get a residency permit.
Apply to the Dubai Real Estate Institute Training and take the 4-day course either in person or online.
After you have completed the training, you need to take and pass the RERA test. This is a written test and if you pass you will receive a certificate.
After passing the test, you need to apply for your license. Part of the application process is to get a good conduct certificate which you must submit with other documents.
When that is done and everything is approved, you will receive your license. It is a simple process but do not forget to pay any fees that are charged each step of the way.
It is always a smart idea to buy or sell your property through an approved RERA broker or real estate agent. This is an added layer of protection for you and helps minimize the event of fraud.
If you are interested in investing in Dubai or becoming a RERA-approved broker, call our office. We have over 10 years of real estate experience in all facets of Dubai real estate and can be of great assistance to you and your Dubai plans.
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