The UAE real estate industry is about to undergo a significant change. Sheikh Saud bin Rashid Al Mu’alla, the ruler of Umm Al Quwain, has drafted a series of new regulations that aim to streamline real estate activities and bring them more in line with the nation’s ambitious ambitions for urban growth.
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Here is a list of the significant legal updates:
Property Registration: Law No. 2 of 2023 introduces the Interim Real Estate Register in order to standardize the registration procedure in Umm Al Quwain.
Project Development and Pricing: Regulations regarding the cost of real estate projects have been established by Law No. 3 of 2023. Escrow accounts will be made available, which will give real estate companies, developers, and investors more security.
Updates on transactions and Escrow: Law No. 4 of 2023, which improves prior legislation, clarifies the laws governing real estate transactions and escrow accounts, ensuring that all parties adhere to the Real Estate Foundation’s requirements.
Mortgage Regulation: Law No. 5 of 2023 clarifies the regulations governing mortgage registration. Under the direction of the UAE Central Bank, the Umm Al Quwain Municipality Department will now be in charge of handling issues relating to unregistered mortgages.
Investor Protection: with order to address issues with real estate developments, Law No. 6 of 2023 gives investors’ rights top priority. It introduces a dedicated committee to handle problems brought on by postponed or abandoned projects.
Brokerage Regulation: The last section, Law No. 7 of 2023, updates standards first established in 2005 and offers a fresh viewpoint on real estate brokerage.
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