Tuesday, November 25, 2008

RERA announces new online software for off-plan sales transactions

Dubai's RERA (Real Estate Regulatory Authority) announced that all real estate companies in Dubai should henceforth use the new online software 'Oqood' for off-plan property sales and transactions.

Any off-plan property sales through registered agents or brokers with RERA should be done online using the software through the agency. The software will offer a unified template of property sales contracts between sellers and buyers, duly designed and approved by the Agency.

The property developers are given a time period of three months to train their employees on this new system. The training will be provided by Emirates Real Estate Solutions (ERES), who designed the software.

In the opinion of Sultan Butti bin Mijrin, Director General, Land Department, and developer of the Oqood system, this is an important tool to regulate the property market.

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