Once you decide you wish to buy a property, either residential or commercial in UAE, the second most important question is where and which real-estate agent can help? Along with these questions, other questions may pop-up like where to start? Which real-estate agent to There are a lot of contemplations and conditions that will impact your decision. Yet, the most basic conditions mentioned in this article by Top Top Lawyers of Dubai shall now be overlooked.
Real-estate agent’s sole aim is to bring the buyer and seller together and to finalize the deal to earn requisite commission on such transaction. In the Emirate of Dubai, real-estate brokers are governed by RERA under Dubai Bylaw number 85 of 2006 concerning the real-estate broker’s register.
Following are some important point’s needs to be considered before appointing any real-estate agent or a company:
1. Real-estate agent license
The first and foremost consideration under the law is that every real-estate broker shall possess a relevant license issued by RERA. It additionally set out the kinds of permit categories and prerequisites to be fulfilled by the applicant applying for a license to operate as a real-estate agent.
2. Registration of Broker company
Every company dealing in brokerage shall be registered with RERA and must possess a registration certificate detailing the license number, the validity of license and activities permitted.
Under such permitted activities, the brokerage companies are obliged to perform the following activities:
- To corroborate the title deed of the seller;
- To divulge all pertinent information of the property to the client;
- To maintain proper records of the transaction;
- To not sign any document without proper authorization;
- To not offer any property which is against the law or rules of the Emirate of Dubai;
- To hold the amount on behalf of the client or to act as a trustee between the buyer and seller;
- To claim relevant commission;
- To refund the fees if there is any breach of the contract between the broker and the client.
3. Register the brokerage agreement
The real-estate agent shall seek the signature of the client on the brokerage agreement in consonance with Dubai Land Department (DLD) standard contract, and t register the same with DLD.
4. Payment of commission
In accordance with the provisions of the real-estate agent law, the commission shall be paid in line with the terms and conditions of the brokerage agreement. Importantly, if the negotiations between the seller and buyer do not result in a sale, the broker is not entitled to receive any commission.
5. Settlement of Dispute
Real-estate agents are mandated to adhere with RERA rules and regulations and any act constituting a violation of bylaws will lead to cancellation of broker’s license. Further, Real-estate Brokerage Committee is authorized to resolve any disputes between the brokers and the client.Once you decide you wish to buy a property, either residential or commercial in UAE, the second most important question is where and which real-estate agent can help? Along with these questions, other questions may pop-up like where to start? Which real-estate agent to There are a lot of contemplations and conditions that will impact your decision. Yet, the most basic conditions mentioned in this article by Top Lawyers of Dubai shall now be overlooked.
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