An abbreviation for the built-up area, this is the gross floor space of a building. It is the total construction area of the land. If a footprint of a home is 20,000 sqft but is 3 stories high then the BUA is 60,000 sqft.
It is compulsory for all tenancy contracts to be registered via Dubai Land Department Ejari System. Although this has been appointed as the Landlords responsibility it is for the Tenants to pay the cost unless otherwise agreed. Exclusive Links register all our property management Landlords tenancy contracts. The formality of producing the Ejari is now a requirement for family sponsorship and rental dispute hearings.
This is a separate bank account where funds are held in trust and are safeguarded by a RERA approved third party. Property developers in Dubai are now all required to be escrow compliant when receiving investor funds.
A freehold property is a property which gives full legal rights to the owners to live and use the property. He is the owner of the property until he further on sells the property to someone else.
A leasehold property is a property which only gives the Buyer a right to live in the property or use it for commercial purposes for a specific period. The full ownership of the property is not transferred to the Buyer and a leasehold term is normally for 99 years and is further extendable.
An abbreviation for Memorandum of Understanding this is a document printed in triplicate and is commonly used in Dubai as confirmation of a sale and purchase between Buyer and Seller confirming price, terms and conditions and the payment schedule. This document can be referred to as an SPA - Sale and Purchase Agreement or a Contract of Sale.
Oqood is a standard centralisation of off-plan sales. Introduced by the Dubai Land Department and the RERA this online service allows Buyers and Sellers to log on and process property transactions transparently and in compliance with the local authorities. Property ownership can be registered by Oqood prior to Title Deed issuance.www.oqood.ae
An abbreviation for Power of Attorney. This is a legal appointment from one person to another to act on their behalf in their absence. The appointee legally then has permission to make decisions and sign legal documents. All Power of Attorney’s need to have valid notarization and attestations as required for UAE legalisation process.
Formalised by the Dubai Municipality the Rent committee is now known as the Rental Dispute Center and located at Dubai Land Department in Deira. This department adjudicates disputes and law violations between Landlords and Tenants.http://www.rdc.gov.ae/index.aspx
The Real Estate Regulatory Agency is a government agency founded on 31st July 2007 to regulate the real estate sector in Dubai. RERA is a part of the Dubai Land Department and has its own financial and administrative independence with full legal authority to form and set policy and provide the legal framework for the real estate industry to work within.www.rera.gov.ae
This is the gross square foot of a floor space excluding any common and community areas such as corridors, staircases, lifts, foyers.
Recognised and registered by the Dubai Lands Department, a title deed provides a property owner with proof of ownership and registers a property with local authorities.