The Abu Dhabi real estate law tackles the concerns raised by investors and developers while drawing on the investment experience and landscape of Dubai. This regulation is being looked upon as an important step forward and a source of legal protection for stakeholders. The lawyers in Sharjah can help you acquire in-depth knowledge about the property law of the UAE.
Important Aspects of the Property Law
Below are some important and beneficial aspects of the UAE property law that one should know.
- Off-Plan Property
The new law gives rights to investors over the property that is intended to be built by a developer. Now, an investor can terminate the off-plan sale contract if they experience a gross breach of contractual obligations by the developer. For example, if the developer delays construction of the project, delays meeting project milestones, or does not complete the construction.
- Financing for Developers
The new law stipulates that developers can only mortgage a piece of land for a proposed project if the mortgage is to finance the project. Moreover, the mortgage is subject to three clauses; one, the loan amount should be paid directly into an escrow account as suggested by the lawyers in Sharjah. Secondly, the developer must officially notify all purchasers about the mortgage.
Thirdly, the developer and mortgage provider must release the mortgage oversold units once they are fully paid for.
- Financing for Buyers
The new regulation states that buyers do not have to pay developers any fees for registering their mortgage. They have to only pay administrative expenses for the registration process.
Hence, if you want to buy property in the UAE, it is important to know the law beforehand. The lawyers in Sharjah can help you with their knowledge and credible experience. Also, they are available in Dubai, Ajman, Fujairah, and other states of the UAE.