By Staff writer
DLD makes mandatory for brokers to sign marketing agreement with unit owners
Real estate agents in Dubai will not be allowed to market any property unless they sign a written agreement with unit owners, according to Dubai Land Department.
“Form A” – a contract between property owner and real estate broker – has to be signed by both parties which then allows the latter to market the property – online or in print media. While “Form A” has been in existence for a long time, only a few real estate agents and property owners have ever signed it.
The marketing agreement will result in the issuance of permits through Trakheesi - its e-service system, DLD said.
“We aim to enhance the growth of our real estate industry in order to further develop the local economy,” Ali Abdullah Al Ali, director of the real estate licensing department, DLD, said in a statement.
"We [will] regulate the process of advertisements within a specific agreement that defines the role of each party involved in any real estate sales or rent with total precision, which will guarantee the rights of all parties, including landlords, investors and brokers."
The landlord is permitted to deal exclusively or with more than one real estate broker for the marketing of any property.
In October this year, DLD made it mandatory for all companies to get prior approval before they could market any project/property within the emirate.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
That's great but does nothing to assist the elephant in the room - affordable housing.
This situation should be the prime concern of DLD and a serious, concerted effort should be taking place to address it.
Dubai will be very rapidly pricing itself out of competitiveness with overblown housing costs, VAT and Company Tax.
Great step forward. Next would be for the real estate agents only to allow to publish actual pictures of the property concerned, and not a set of 'nice' pictures bearing hardly any resemblance with the property. Especially the view is often not genuine.
Next step would be to reduce those fees from 5% to something more realistic (2%?) on both sales and rental transactions!