RERA
RERA is a unit of Dubai Land Department (DLD) that oversees planning and policy-making in the real estate sector of Dubai. RERA was established to regulate the property market in the Emirate and keep a strict check and balance on the property rates and rental values.
The property owner is required to sign Form A to authorise real estate brokerage offices to market any properties, in order for any broker to obtain permission from DLD to represent properties for sale or for lease.
Form A RERA is mainly for property sellers. This form acts as a contract between the seller and the property broker. Once the contract is signed between the two, the agent will then be authorised to market your unit. However, sellers can decide the marketing platforms and terms. The listed broker will then not be allowed to market on any other portal, except the ones you have agreed upon.
RERA form A also pins payment schedules, mortgage of the property and service charges in Dubai. The signed seller and agent agreement must be approved by DLD’s Trakheesi system. The system will allot a permit number to the property broker for marketing and advertising.
Besides, the seller can sign Form A with three property brokers at a time, as per the RERA laws. Also, if there are more than one property owners, then Form A must be signed by all of them. Once the property is listed for sale, the agents should ensure that they have complete details of the seller.
Form A RERA is mainly for property sellers. This form acts as a contract between the seller and the property broker. Once the contract is signed between the two, the agent will then be authorised to market your unit. However, sellers can decide the marketing platforms and terms. The listed broker will then not be allowed to market on any other portal, except the ones you have agreed upon.
RERA form A also pins payment schedules, mortgage of the property and service charges in Dubai. The signed seller and agent agreement must be approved by DLD’s Trakheesi system. The system will allot a permit number to the property broker for marketing and advertising.
Besides, the seller can sign Form A with three property brokers at a time, as per the RERA laws. Also, if there are more than one property owners, then Form A must be signed by all of them. Once the property is listed for sale, the agents should ensure that they have complete details of the seller.
Form B RERA Dubai is a contract between property buyers and brokers. This RERA form mandates buying any property in Dubai through a real estate agent. In an ideal scenario, you should list a qualified property broker, certified by RERA. Form B lists the type of property you are looking for and the budget limits.
Form B RERA Dubai is a contract between property buyers and brokers. This RERA form mandates buying any property in Dubai through a real estate agent. In an ideal scenario, you should list a qualified property broker, certified by RERA. Form B lists the type of property you are looking for and the budget limits. The RERA certified real estate agents hold sound knowledge to meet your criteria.
Once buyer and agent agreement is signed, the listed broker will only work for buyers and will find the properties matching the stated requirements. On behalf of the buyer, the broker interacts with the seller’s listing agent (as per FORM I – Agent to Agent form RERA), attends auctions and inspects the property. Form B is signed by the agent and signed by the buyer.
Please note that the buyer and seller, both can terminate their contract with the property broker, irrespective of the reason. However, a seven days written notice is to be presented to the real estate agent, along with the reason for termination. In this matter, Form U must be signed to process termination.
Form B RERA Dubai is a contract between property buyers and brokers. This RERA form mandates buying any property in Dubai through a real estate agent. In an ideal scenario, you should list a qualified property broker, certified by RERA. Form B lists the type of property you are looking for and the budget limits. The RERA certified real estate agents hold sound knowledge to meet your criteria.
Once buyer and agent agreement is signed, the listed broker will only work for buyers and will find the properties matching the stated requirements. On behalf of the buyer, the broker interacts with the seller’s listing agent (as per FORM I – Agent to Agent form RERA), attends auctions and inspects the property. Form B is signed by the agent and signed by the buyer.
Please note that the buyer and seller, both can terminate their contract with the property broker, irrespective of the reason. However, a seven days written notice is to be presented to the real estate agent, along with the reason for termination. In this matter, Form U must be signed to process termination.
RERA mandates signing of Form U, when either buyer or seller decides to terminate their respective agreements (Form A or Form B) with the broker. Form U states the reason for termination and is to be submitted to the agent on a 7-day written notice.
When the seller’s listed agent and buyer’s agent work in collaboration for any property, they are supposed to sign Form I. This form is an agreement between RERA certified agents that secures the brokers’ clients, their listings and states their commission split. Form I binds the two agents in a professional relationship.
RERA Form F: Buyer and seller
This form outlines the agreement between the buyer and seller when the buyer decides to purchase a property at an agreed-upon price. It includes details such as terms and conditions, the prxoperty’s specifics, the agreed rate, and commission splits for both the buyer’s and seller’s agents.
RERA Form F is one of the essential forms related to property transactions in Dubai. Form F is the Memorandum of Understanding between buyer and seller. Also, referred to as purchase agreement, is signed by the two parties, when the buyer agrees to buy a property on a given price. Form F lists the terms and conditions, rate, commission split for buyer’s and seller’s agent and other vital details of the property. The signed memorandum is to be dated by the property broker.
This form outlines the agreement between the buyer and seller when the buyer decides to purchase a property at an agreed-upon price. It includes details such as terms and conditions, the prxoperty’s specifics, the agreed rate, and commission splits for both the buyer’s and seller’s agents.
RERA Form F is one of the essential forms related to property transactions in Dubai. Form F is the Memorandum of Understanding between buyer and seller. Also, referred to as purchase agreement, is signed by the two parties, when the buyer agrees to buy a property on a given price. Form F lists the terms and conditions, rate, commission split for buyer’s and seller’s agent and other vital details of the property. The signed memorandum is to be dated by the property broker.
FAQs
A tenancy contract is signed between the landlord and the tenant in Dubai. It authorises the tenants to use the property for a certain time period, as stated in the agreement. Also, the tenancy contract outlines all the terms and conditions of the lease, agreed by both parties. Most importantly all lease agreements are registered with Ejari in Dubai. This registration is mandatory as an Ejari certificate is also required for DEWA activation. Furthermore, it protects the rights of landlords and tenants, if any dispute occurs.
Dubai Land Development (DLD) launched the Trakheesi system to facilitate real estate companies and agents in Dubai. With the help of this system, they can easily get licences, permits and e-card for property transactions and other related processes in the Emirate.
Those willing to pursue their career as a real estate agent in Dubai need to get a RERA certificate. In the case of expats, a residency visa is mandatory. Apply at the Dubai Real Estate Institute (DREI) for certified training and appear in the RERA exam. Once you are successfully through the exam, you will get your Realtor Licence/ RERA certificate.
Here we conclude the RERA form details that buyers, sellers and tenants should be aware of. Besides, if you are interested in renting an apartment in Dubai or villa, it is better to go through the RERA tenancy rules in the Emirate. Besides, potential tenants and even landlords can check the current rental value of the property in a specific area on the RERA rental calculator.
Here we conclude the RERA form details that buyers, sellers and tenants should be aware of. Besides, if you are interested in renting an apartment in Dubai or villa, it is better to go through the RERA tenancy rules in the Emirate. Besides, potential tenants and even landlords can check the current rental value of the property in a specific area on the RERA rental calculator.
This depends on the nature of the purchase. There are 3 scenarios of which can take place when buying a property.
Cash To Cash – This process can take a matter of days to transfer the ownership of the property to one name to the other. The average expectation of a purchase of this nature is between 1 – 2 weeks. This allows enough time for all documents to be issued and managers cheques to be administered correctly for the day of transfer.
Finance To Cash – This process usually takes between 4 – 6 weeks. As a buyer if you are financing the property then you will need to undergo a process where a mortgage valuation is needed to take place. Banks warn that this can take up to 30 days but usually once all docs have been received and submitted by your broker the agent can expect a call within 24/48 hours. Once mortgage valuation has been booked and is completed we then await final documentation to be reviewed where the banks can therefore issue the FOL. Once received and the sellers have cleared any outstanding payments on the property we can request an NOC from the developer which can take up to 5-7 working days to receive. Once all received and all docs signed we require 1-2 working days for the bank to write up managers cheques and draw down the funds for dispersal which we can then look to transfer the following day.
Finance To Finance – This is a bit more complicated with more moving parts so you can typically expect the process to take 8 – 12 weeks (depending on the banks). Process is the same as a Finance to Cash but this time the seller has to request a mortgage Liability Letter to confirm the outstanding mortgage amount left on the property. Once they receive this letter the seller’s bank requires an NOC from the buyer’s bank confirming they will be clearing the outstanding finance on the property. Buyer will undergo mortgage valuation in the meantime to run alongside this as it takes time for this to be calculated and received. Once we get FOL and banks confirm they are clearing the outstanding finance on the property they can request NOC from the developer. After the NOC stage they will go through a process of blocking which blocks the property once the outstanding finance of the property is cleared. Once the property is then blocked you resume service from the buyers banks to arrange managers cheques and draw down funds for the final day of transfer.
- Cash To Cash
- Finance to Cash
- Finance to Finance
Cash To Cash – This process can take a matter of days to transfer the ownership of the property to one name to the other. The average expectation of a purchase of this nature is between 1 – 2 weeks. This allows enough time for all documents to be issued and managers cheques to be administered correctly for the day of transfer.
Finance To Cash – This process usually takes between 4 – 6 weeks. As a buyer if you are financing the property then you will need to undergo a process where a mortgage valuation is needed to take place. Banks warn that this can take up to 30 days but usually once all docs have been received and submitted by your broker the agent can expect a call within 24/48 hours. Once mortgage valuation has been booked and is completed we then await final documentation to be reviewed where the banks can therefore issue the FOL. Once received and the sellers have cleared any outstanding payments on the property we can request an NOC from the developer which can take up to 5-7 working days to receive. Once all received and all docs signed we require 1-2 working days for the bank to write up managers cheques and draw down the funds for dispersal which we can then look to transfer the following day.
Finance To Finance – This is a bit more complicated with more moving parts so you can typically expect the process to take 8 – 12 weeks (depending on the banks). Process is the same as a Finance to Cash but this time the seller has to request a mortgage Liability Letter to confirm the outstanding mortgage amount left on the property. Once they receive this letter the seller’s bank requires an NOC from the buyer’s bank confirming they will be clearing the outstanding finance on the property. Buyer will undergo mortgage valuation in the meantime to run alongside this as it takes time for this to be calculated and received. Once we get FOL and banks confirm they are clearing the outstanding finance on the property they can request NOC from the developer. After the NOC stage they will go through a process of blocking which blocks the property once the outstanding finance of the property is cleared. Once the property is then blocked you resume service from the buyers banks to arrange managers cheques and draw down funds for the final day of transfer.
