One of the characteristic features of investments in the real estate market in Dubai is the palpable sense of safeness and quickness with which properties' selection, purchase or leasing, and registration processes occur.
His Highness Mohammed bin Rashid Al Maktoum, Prime Minister of the UAE, has approved the establishment of the Real Estate Regulatory Agency in Dubai. With the increasing demand for buying, selling, and leasing real estate, the goal was to secure, protect and guarantee the rights and needs of all related parties, including real estate agents, real estate developers, real estate owners, and buyers.
The first established structure was the Dubai Land Department or DLD. The second structure, a subdivision of the DLD, is the Real Estate Regulatory Agency or RERA.
Below we will talk about the most critical points and responsibilities of RERA Dubai:
What does RERA, Dubai mean?
First things first, RERA is a division of the Dubai Land Department, which is the governing authority. RERA is the agency that confirms the laws and regulations of the real estate sector, manages market development, and sets the necessary rules and regulations for foreign investors in Dubai. In addition to this, RERA collects all the details related to tenants and real estate owners to resolve all disputes and their associated tasks. RERA also closely monitors the legality of banks, developers, and insurance and law companies' actions. In addition, it monitors the trustworthiness of real estate advertising in media as well.
What are the responsibilities of RERA Dubai?
The Real Estate Regulatory Agency (RERA) had a very successful role in establishing and building an integrated system to regulate and control the real estate investment process and impart transparency and efficiency significantly to this sector. As a result, real estate ensures safer deals and positive interactions between real estate developers in Dubai, buyers, owners, and agents. In addition, this system guarantees the rights of everyone associated with the real estate sector, including sellers, renters, and property management companies.
In addition to its constant effort to regulate the real estate market by granting permits to developers, owners, real estate agents, and property management companies, Everyone who wants to work in this sector as an agent or owner must register with RERA to become legally certified.
So, investors or buyers should always make the first step in the buying or leasing process to make sure that the developers you're dealing with are registered with RERA. Also, they must have their number, and this also includes the need for the upfront financial payments in banks and institutions approved by RERA.
Furthermore, in general, many main legal issues and development of this field all fall to the employees of RERA. For several years, Dubai has had a program to transition to a "paperless policy" of work where their clients are concerned. In addition, RERA is making significant efforts to develop online legal services, including the possibility of solving bureaucratic issues and the collection and processing of documents via the internet.
What's more, RERA has the authority to issue licenses too. So together with the DLD, RERA has created several online services and applications that allow one to obtain a business license in Dubai or issue an electronic version of the NOC.
Finally, there are many responsibilities of the Real Estate Regulatory Agency in Dubai, from organizing and registering lease contracts to following up on all published real estate advertisements. In addition to supervising studies related to this sector and informing people of all new decisions related to buying and renting real estate, as well as organizing the list of developers, Real estate agents, and licensing of their commercial activities.
Dubai Land Department, RERA FORMs and Their Purpose
RERA has introduced three types of forms to ensure the transparency of real estate transactions and each one has a purpose:
FORM A: Agreement between the listing agent and seller
FORM B: Agreement between a property buyer and agent
RERA FORM F: Agreement between a property buyer and seller
Why is it necessary to be up to date with the laws of RERA Dubai?
As you can notice, even if you are a newbie investor, RERA regulates and helps solve problems of different parties in the real estate market and provide training and consultation services. In addition, it issues the most relevant and up-to-date information on what's currently happening in the market. So whether you are a tenant, seller, buyer, agent, or real estate developer, you must constantly follow all the regulations and laws issued by RERA Dubai and their updates.
That concludes our guide to the essential information about RERA in Dubai that buyers, sellers, and tenants should know. Preparing to lease a home in Dubai? Find out all about the tenancy contract with Ejari in Dubai that you may not know about, such as how you can register online, fees for the property registration, who's responsible for it, and more.