By Parag Deulgaonkar
DLD official warns of legal action against violators
Dubai Land Department on Tuesday issued stricter guidelines for brokers marketing overseas properties in the emirate, warning of legal action against those failing to follow the set rules.
In a statement sent to Arabian Business, the department said brokers will have meet four conditions that include getting a marketing permit from the online Trakheesi system; submitting the marketing contract between the parties [broker and owner]; submitting a copy of the title deed attested by the UAE embassy, the Ministry of Foreign Affairs [translated into Arabic by a certified translator] and even getting a letter from the concerned country mentioning the mechanism of property ownership in that country.
Ali Abdullah Al Ali, director of the Real Estate Licensing Department, Real Estate Regulatory Agency (Rera), said: “The new guidelines are intended to protect residents who are interested in making real estate investments outside of the country. It will encourage real estate brokers to be accurate and cautious in any campaigns that promote overseas properties.”
The new regulations stat that a broker will not be entitled to issue any sale contract or receive any money from the client against any reservation. It also advises the purchaser to inspect the property before executing a contract.
“In the event of breaching this circular, we shall take its approved legal procedures,” Al Ali said, without giving details.
In September, Rera made it mandatory for brokers to apply for permits through its Trakheesi system before issuing any online or print advert related to Dubai properties.