Dubai Real Estate Regulatory Agency Models
The Real Estate Regulatory Agency seeks to achieve several objectives aimed at overall benefiting the development of the real estate sector and promoting it to maintain Dubai's position in the forefront of prosperous cities in the world. These objectives include: implementing regulatory measures that enhance the role of the real estate sector in economic development, providing a supportive environment for real estate development projects in a manner that ensures the rights of investors and real estate companies in Dubai, and keeping pace with the rapid growth of the Emirate of Dubai, which includes all activities related to the real estate sector. Additionally, it works on formulating policies and organized plans for the real estate sector in Dubai by providing an integrated platform representing a community of buyers, investors, and real estate developers in Dubai so they can obtain all the information they need regarding a property or project, thereby generating a sense of trust and reassurance among stakeholders.
- Property Type
- Property Location
- Buyer's Budget and Requirements
- Contract Termination Conditions
- Compensation Percentage
- Agency Commission
According to the Real Estate Regulatory Agency Law, the buyer reserves the right to terminate this agreement unilaterally for a specific reason. In such a situation, the buyer needs to fill out Form "H" with a detailed description of the reason for terminating the additional cooperation with the agent.
Form J - Real Estate Companies Agreement
Form "J" is an agreement between two agents acting on behalf of the buyer and the seller. The form protects the rights of the agent, the agent's listings, and clients, and ensures a professional relationship between two or more real estate companies.
Form D - Sales Contract
Form "D" is a purchase agreement known as a memorandum of understanding or sales contract, signed between the seller and the buyer once the buyer selects the property and the price is agreed upon between the parties. This form is considered one of the key documents in any real estate transaction executed in Dubai, as it specifies all the details regarding the properties, financial matters, and commissions to be paid to the seller and the real estate agent. Additionally, this form is a valid contract only after being signed by the seller and the buyer, witnessed and dated by the agent.
Form H - Notice of Agreement Termination
This form is an official agreement termination notice for both parties. The buyer or seller can terminate the contract unilaterally with the intermediary by signing a copy of Form "H," which is the only legally acceptable way to terminate the contract.
According to the regulations stated in Form "H," the real estate agent must be notified of the agreement termination in writing with a statement of the termination reason and the termination date.
Thus, we have discussed in full detail the Real Estate Regulatory Agency forms that must be known by both the seller and the buyer.
