An informed source confirmed that the joint ownership law, which is expected to be issued soon, prohibits the real estate developer from taking measures that prevent the owner from using the premises and facilities of the property.
The source told Emirates Today that the new joint ownership law stipulates that RERA will regulate the management of joint ownership, and control real estate developers and management companies.
Expansion of powers
He revealed that the new law will expand the authority of RERA to control and inspect the operation, management, maintenance and repair of common property.
The new law gave the institution, according to the source, the right to register violations, and give warnings to the developer or the administration of the property, in case of any failure to preserve the common property and its facilities, provided that they are given sufficient time to rectify the situation, before the signing of violations. Giving the authority the authority to audit management contracts with other entities such as security, maintenance and cleaning companies to ensure the right of investors.
The source pointed out that one of the important items expected in the law is related to financial matters, as the provisions related to this order to deposit funds collected through the management of the joint property in a special bank account with one of the banks licensed in the state, provided that they are already approved by «RERA ».
He pointed out that the point of disbursement of these funds is defined by the law in these aspects, namely: cleaning services of common parts, security and safety services in the common property, and services of operation, maintenance and improvement of common parts. This includes installments, installations and extensions in it, keeping it in good condition, and paying them premiums on the common property, paying any fees arising from the audit of the accounts and budgets of the common property, and covering the administrative expenses of the developer, approved by RERA.
The source said that the cash reserve allocated for emergencies, have a separate bank account, and may not be disposed of without the prior approval of «RERA».
The source pointed out that the legal disputes in the joint ownership areas will be the prerogative of the Center for Rent Dispute Resolution, the judicial arm of the Dubai Land Department.