Law No 13 passed to regulate off plan property sales in Dubai
The Law No.13 of 2008 aims to control off-plan sales and mandates registration with the land department in Dubai. According to the latest property law, it is mandatory to register off-plan property sales in Dubai with the Land Department. This is yet another law to protect the interests of the real estate investors and buyers of off-plan property in the Emirate.
The law also states that master developers and sub-developers will no longer be allowed to charge transfer fees on off-plan sales. However, they will be allowed to accept administrative charges after approval by the Land Department.
Off-plan sales refer to the purchase of a property prior to the structure is actually built. Any sale or other disposition that transfers or restricts title shall be void if not registered in the interim real estate register, the new law stipulates. Any developer who makes a sale or other disposition before the law comes into effect must register it within 60 days.
Abyaar Real Estate
Development Company is a leader in the provision of exceptionally high quality real-estate. www.abyaar.com
Last Updated: 21st May - 12:51 pm
