Sunday, December 10, 2006

Dubai Land Department to come up with three new laws

Dubai Land Department is all set to come up with three new property laws wherein Dubai property owners will be allowed to form an elected body to bring more clarity to the emirate's property sector.

The step is taken to ensure the property market does not slow down. The three laws are the Condominium Law, Trust Account Law and Owners Association Law.

The Condominium Law is expected to be out in the next two to three months. The other two laws will also come out soon - within the next 12 months.

A guide having a detailed map of all freehold areas and procedures for registration will be out soon. The Condominium Law will focus on the relationship between investors and developers in freehold apartment buildings, clarifying arrangements for maintenance, utilities and services, besides covering rights of use and owners' associations.

The Trust Account Law aims to regulate 'off-plan' sales and will ensure that when an apartment is booked on an off-plan basis. The developer cannot use the amount. The new law will explain as to when that amount can be released.

The last law, the Owners Association Law, will ensure the formation of a body, where the owner of the building will be able to elect representatives to form an association.

No comments: