UAE real estate: New buying, selling rule for property announced in Abu Dhabi

Abu Dhabi’s Department of Municipalities and Transport (DMT) has introduced a new Unified Contract Template for the sale of units and plots in the city’s development areas.

The new template will come into effect on July 3, 2023.

The introduction of this new template aims to ease the buying and selling process for off-plan properties while ensuring transparency and trust between developers and investors.

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The Unified Contract Template will act as a sales agreement between developers and investors, outlining “the rights and obligations of both parties,” according to the DMT.

It includes essential elements such as detailed property information, project specifications, completion date, and payment plan details.

Additionally, the template requires developers to provide investors with the escrow account information, enabling the documentation and authentication of project data by municipal systems.

Enhancing real estate governance in Abu Dhabi
According to the DMT, the Unified Contract Template incorporates general provisions that strike a balance between the rights and obligations of developers and investors.

It also allows for the inclusion of specific terms and conditions agreed upon by both parties, as long as they align with the general terms and prevailing legislation in Abu Dhabi.

Dr. Adeeb Al-Afifi, the Executive Director of the Real Estate Sector at the Department of Municipalities and Transport, highlighted the benefits of the new contract.

He said: “The introduction of the Unified Sales Contract aims to enhance the governance of the real estate market, provide a seamless and efficient government service experience, and accelerate digital transformation in Abu Dhabi.”

Aside from promoting transparency and trust, the Unified Sales Contract offers several other advantages.

It ensures the alignment of general terms and conditions with real estate laws, matches property data documented in the contract with municipal records, and verifies the accuracy of contract parties’ information against the records of the Identity and Citizenship Authority, the DMT said.

The template is available both in Arabic and English making the contract user-friendly from the world over.

This Article is only published in: www.arabianbusiness.com

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