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Dubai poised to introduce standard property contract
by This email address is being protected from spam bots, you need Javascript enabled to view it on Monday, 25 May 2009
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Results 1 to 6 of 6
Posted on Tuesday, 26 May 2009
Still can't trust them
Posted by Simon at 08:57 UAE time
I Still can't trust those who offered people a 99 year lease is they bought property and then deny they ever said it. Dubai and its government marketed the whole concept and the developers published it to the buyers. And even now if you look at the article above it says "the onus rests with the buyer".... Everyone knows this is a desperate attempt to get people to buy again. Still has a fishy smell to it and it STINKS.
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Posted on Monday, 25 May 2009
Comment on standard property contract
Posted by Mohammad Khan at 19:33 UAE time
Every word of Paul's comments is correct. I fully agree with his comments. Rera knows well that now what all buyers want but still is delaying cancellation of yet-to-start-construction projects, on one pretext or the other: our commettee will review each project, 75% buyers should be asking for ...... etc. etc.
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Consideration
Posted by Sam at 15:40 UAE time
I hope this uni-contract is drafted with the consideration that most (if not all) tenants are individules and families that do not own any homes or properties in this place.
Sadly, and seeing how the rent committee always gives tenants the old move-out-if-you-like-the-rent routine, i am doubtful that will happen.
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A UAE Issue, not just Dubai
Posted by Joe at 13:34 UAE time
I believe there should be a standard UAE contract which applies to all Emirates. Like the residence visa, the contract issue should also be handled at the Federal level.
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NOW ?!?!?!
Posted by The Ulti at 11:44 UAE time
But why now? why not years earlier? we needed this kind of action during the big boom!!! and now RERA is making rules and regulations even tighter and they are trying to strangle the real estate companies and the clients too, in the time of crisis they are making the rules this was !!!!!
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slight problem
Posted by paul at 10:29 UAE time
The only problem with this is that we have seen already that new laws can be introduced overnight which overturn stipulations in contracts customers signed 3 or 4 years ago.
If the law can render any protective clause in a contract null and void retrospectively, who is going to have any faith in any contract, even if it is a standard one? Have property buyers in Dubai *still* not learned their lesson yet? Once you hand your money over, you have no bargaining chips left and you'll get what you're given if you're lucky and maybe nothing at all if you're not. You are always going to be at the whim of those running the show.
After the performance of developers and the supposed 'escrow' system that has already been plundered for developments that are not anywhere close to finished, the only way to restore any trust would be offshore contracts and escrow based in a jurisdiction with an established legal system and one that cannot be changed at the whim of those who control and own the property companies.
But in reality, off-plan is dead. No one would risk buying something on a promise, considering the track record of broken promises. Aside from the fact there is a massive oversupply of ready-built property that is growing as the expat population dwindles. Why build more, when you cannot fill what you already have?
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