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66 Cards in this Set
- Front
- Back
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DLD?
when was DLD established? |
Dubai Land Deparpment
1960 |
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What is Rera?
and when was it founded? |
real estate Regulatory agency
31st July 2007 |
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what is the relationship between RERA & DLD
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Rera is a subsidiary agency under DLD
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What is an OQOOD?
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Pre title registration (off plan)
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if the building is complete it has a….?
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Title Deed
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what is ejari?
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online lease registration system with RERA
(My rent In Arabic) |
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Negotiating…..?
seller buyer agent |
seller wants HIGH
buyer wants LOW agent offers CMV CURRENT MARKET VALUE |
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What are the transfer fees for sale of property?
And who are they paid too? |
4%…..2% paid by the buyer
2% paid by the seller… (unless agreed otherwise) Paid to The Dubai Land Department (DLD) |
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how many accounts (escrow) would each project need?
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each project requires its own account and project name.
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Brookers Cards
Blue |
Sell and rent in dubai
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Green
Red Yellow |
Developers license only
Sell time shares Free Zone |
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Grey
Blue with UAE FLAG |
registration Agent
UAE National broker |
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ORN
BRN STR |
OFFICE REGISTRATION NUMBER
BROKERS REGISTRATION NUMBER SPECIAL TRANSACTION REGISTER (valid for 72 hours) |
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What must you put on all forms?
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ORN
BRN STR You will be penalised if these are not used. |
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What must a Developer do, to be fully registered?
hint…..4 things |
Developer must be registered with RERA
Project must be registered with RERA Escrow Account (2007) Must be registered with RERA NOC-no objection certificate |
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Forms
What is form A required for? |
Seller and Broker-(start/end/expiry date- 90 days valid can extend via A1 form
1.Exclusive 2.Sole 3.Open (max 3 brokers) |
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If it's a broker and broker deal, What formed should be used?
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Form -i
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Termination?
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Form U
termination date, reason, 7 days notice, hand officially |
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Form F may be used for…..?
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Buyer and Seller
buyer to sign first seller: signs/rejects offer/Accepts/Makes counter offer. 72 hours to sign CMA current market analysis by completing form F you will receive your commission regardless of what happens |
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If form F is completed and not agreed within 24 hours…
what happens? |
(law 85, 2006-when form f is produced and there is no answer within 24 hours, you can then talk to the seller or the buyer without the other broker.
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What must the buyer do, to make a purchase?
hint…3 things |
1. Make an offer in writing
2. Down Payment Cheque 3. Commission cheque (Cheques must be held by brokers agency until contracts are signed) |
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what is the LAW in Dubai?
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UAE is mainly Civil Law CODES
Common Law -DIFC free zone rulers DECREES REGULATIONS ie: RERA |
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how long does A RERA licence last?
when should you renew it? when should it be used? |
1 year
30 days before it expires when dealing with buyers/sellers/in the DLD |
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LAW
Law 7 2006 |
The Land Department and Laws
The Right to own real property |
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Law 13 2008
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regulating the interim real estate register
If a developers project is cancelled, the developer must pay buyer the full amount back |
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Law 8 2007
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real estate development trust accounts (ESCROW)
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Law 26 2007
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regulation the relationship between LANDLORDS and TENANTS
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LAW 27 2007
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Ownership of JOP (jointly owned properties)
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BY Law 85 2006
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Regulations of Brokers
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The Developer can charge…..?
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AED 5000 (max) For an OQOOD
AED 500 (max) for property with title deed |
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Developer-Broker contracts must be registered….Where?
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at the DLD (Dubai Land Department)!!!!!!!
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If a property is bought off plan and on completion there is a SIZE VARIATION….. what can the buyer do?
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if the variation is less than 5% no compensation will be paid.
If it is over 5% prorate reduction it can be settled in court. |
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what are RERA Operating areas?
Hint 4 things |
policy and strategy
regulation and registration research and studies programes and projects |
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services provided by RERA….?
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Supervision of developer Trust A/C & trustee providers
Licensing and organising agent developers and projects regulating and supervising owners associations regulating and licencing real estate related exhibitions publishing real estate research studies enhancing national participation in the real estate sector and increasing real estate awareness |
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Escrow Account/Trust Account
regulations? |
must be registered with REREA
account can only be in projects name funds used exclusively for the purpose of construction of the project 5% of monies shall remain in the account 1 year after signing the units over to the purchasers |
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Is a Lease renewable?
what notice is needed to evict a tenant? |
every lease is renewable unless it is stated in the lease that it is non-renewable
1 year |
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what is the notice period to increase RENT?
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90 days prior to end of lease.
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how much can you increase the rent by?
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by checking the rental index if the rent is :
below 10% =0%increase above 11% to 20%=5% increase above 21% to 30% = 10% increase above 31% to 40% =15% increase above 40%= 20% increase |
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Completion cert
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Developer must give 1st purchaser in writing, the date of projects completion
developer is liable for 10 years for structure defects and 1year from Installation(snags) |
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POA
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Power Of Attorney
unless otherwise stated the POA comes into effect immediately on signing POA can be granted for a specific purpose or broader purpose any length of time stated to a max of 24 months |
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Documents required for Rental for landlord
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Oqood or Title deed
Passport + copy recent Bill Tenancy contract |
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Documents required for Sale for seller
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Oqood or Title deed
Passport + copy recent Bill NOC No objection certificate MOU memo of understanding (agreed by both parties) |
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ROI ….?
YIELD …..? |
Return of investment
the difference between the cost and the profit |
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Law 21 2013 Cancelled Projects
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This Law is regarding liquidation of asset s of cancelled real estate projects will be decided by a committee which will consist of 1 or more panels provided each panel has at least 3 judges from Dubai court including the chairman
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what happens to unpaid services charges?
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you can be fined by the owner association at a rate of 12% per annum but calculated daily.
you can be suede in court and your property sold to pay the dept. |
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what is the role of owners association?
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Management
Operate Maintain |
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Owners association board of directors needs to consist of how many people?
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7 max/ 5 / 3 minimum all must be owners
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Service Charge is worked out by?
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the square footage of property owned
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what is the owners association?
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its a non profit organisation
its a business in its own right |
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who is registered to simsari?
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every brokers office
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how long will simsari and emart advertise for?
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1 month for free
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STR Special transaction register can be changed by who?
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only administrator can record the forms
every record |
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what is the fee to register a mortgage with the DLD
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0.25% of the value
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lease hold
free hold |
lease hold property 10-99 years maximum
free hold is an asset- own land and property (2002) |
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If buyer defaults on payment….?
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compensation to developer:
80% complete =keep all money & sell at auction keep 40% of purchase price Take unit >60% complete= 40% purchase price <60% complete= 25% purchase price 0% deposit = 30% of deposit |
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Law 14 2008
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Mortgages in the emirate of dubai
All mortgages must be registered to DLD |
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S P A
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Sales purchase agreement
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Law 33 2008 (changing law 26)
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Landlord may not evict tenant even if lease is expired.
Unless landlord is selling property, extensive work is being done to the property or landlords direct relative is moving in. Tenant should have 12 months notice |
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Foreign investors in the free zone
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All off shore companies may be own 100% by foreign investors in the free zone
This must be registered to Jafsa |
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Companies not in the free zone.....FREEHOLD
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All companies outside free zone must be shared with a dubai national or gcc national which must own 51% of the company.
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Can a broker advertise a distress sale
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No
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What does the tenant pay the broker when leasing a property?
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The norm is 5% of one years rent
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What is MOLLAK?
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Real estate regulatory agency for Dubai's online community for developers, owners and residents of owners association (mollak)
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For sales purchase agreement, what must it have?
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Disclosure account
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Disciplinary Points system...for brokers
How many points for red? Yellow? Green? |
Red=20 black points
Yellow 1st..5..2nd..10..3rd..20 black points Doubled Green 1st..5..2nd..10..3rd..15..4th..20 Accumulated |
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Easements.....?
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The right to use property of another for specific purpose
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