Thursday, August 09, 2007

Real Estate offices warned against promoting mortgaged buildings

The Real Estate offices in Abu Dhabi are not allowed to rent out or encourage mortgaged buildings, unless they receive permission from the Commercial Buildings Department, said a senior rent official.

Mohammed Abdullah Al Basous, the Deputy Director of Rents Administration, pointing out to the rent law, is said to have mentioned that the real estate offices were not granted authorization to handle renting or advertising issues for mortgaged buildings even if they have the landlord's approval.

He warned that in case these offices get themselves involved in renting out or marketing these kinds of buildings, they will have to face legal actions as per the rent laws.

He emphasized that the department has the right to lease mortgaged apartments to big establishments and companies, who can afford to pay the rents without delay. Or else, all lease processing will have to be done through the raffle draw system, he added.

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