Sunday, February 19, 2017

Dubai to launch unified lease form in March

The Dubai Land Department (DLD) has announced the launch of its Unified Lease Form, contracts which will become a mandatory procedure starting in March.

In line with DLD's aim to create a transparent and professional real estate market with measurable standards, the new form has been designed to regulate relationships between all parties involved in real estate transactions and guarantees the rights of all parties.

Mohammed Ahmed Yahya, deputy CEO Rental Affairs Sector, DLD said: "The adoption of the unified lease form comes within the framework of our continuous efforts to embed principles of transparency and benefit all parties in the real estate market. Dubai has managed to acquire a prestigious position because of the stability the city provides in terms of investments, work and daily life. This latest step by DLD contributes further to consolidating Dubai's positive image across the globe."

Hamdan Al Madhani, director of Rental Relations Regulatory Department, said: "The applied unified lease form primarily depends on the legal system, and having unified contracts between the parties guarantees the rights of all stakeholders involved.

"The Rental Affairs Sector carries responsibility through its department mechanisms to apply the new unified lease contract, in addition to registering leases and tracking the real estate index. This body also develops rules, policies and strategies that facilitate the movement of the sector, in addition to monitoring the real estate market,” he added.

These procedures are part of interim steps by DLD to deal with some of the problems that may occur, including the potential harmful effects to the market of a lack of clarity. DLD has created specialised committees to monitor the variables of the real estate market and rental sector carrying out a review programme in accordance with the laws and regulations. – TradeArabia News Service



from Construction Realestate


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