Exam (elaborations)
RERA Real Estate Regulatory Authority (Dubai Real Estate, Land Department)
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RERA Real Estate Regulatory Authority (Dubai Real Estate, Land Department)
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RERA Real Estate Regulatory Authority(Dubai Real Estate, Land Department)
Main policy of RERA - set policy, procedure and such for transactions in
real estate in order to increase foreign investments and have one central place
to secure all parties involved.
Emaar developed - the springs, meadows, parts of marina, burj khalifa,
the greens, lots of downtown
nakheel developed - palm jumeiarh, international city,
land department established - 1960 january
organize transactions, documents for all parties in real estate for govt of dubai
- land dept
relationship between rera and land dept - rera is subsidiary to land dept.
rera does what - regulates real estate in dubai
rera launched in - 2007
rera is - a government agency with its own financial admin independence
to make full legal authority to regulate
rera's responsibilities - Regulate Real Estate:
Agents
HOA's
Rental agreements
developer escrows
Activities
Advertising
four types of broker cards - time share
free zone for specific area
all of dubai
, developer properties only
agent code of ethics - fair treatment
respectful treatment
privacy
trust
quality
respect laws
integrity
society obligations
interest of contracting party
respect documets
respect land dept regulations
6 ways to evict a tenant - damage
illegal
not paying
1st degree family moving*
converting from residential to commercial*
*must have one year notice certified, notary public etc.
requirements for landlord to increase rent - after first year with 90 day
official notice following index as follows:
<25=0 increase
26-35 = 5% increase
36-45 = 10%
46-55 = 15%
56> = 20%
when landlord first rents unit out what price can they put - anything they
want
Law governing commissions - law no 13, where buyer pays 1% and seller
pay 1%
developer can charge how much admin fee? - 500 AED for finished
properties with title deeds, and up to 5,000 for off plan with Oqood.
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