The Dubai Land Department said that video calls have become a reliable and accredited method by the department to register (buying and selling) real estate investors from outside the country, after the department approved the system for registering real estate properties remotely last May, this came on the sidelines of a virtual conference launched Through the "Invest in Dubai" platform, which brings together investors, brokers and real estate developers.
In detail, the director of the Dubai Real Estate Registration Sector, Majid Al-Marri, said that the current conditions the world is going through contributed to the acceleration of a partial application of this system so that we can provide quick and guaranteed real estate disposal operations, which are registered even in light of the inability of all parties of the sales to be present with the Registrar , Which applies to many investors outside the country.
He pointed out that the process of registering and selling real estate takes place within minutes if the necessary papers are available and the security verification is available from the personalities in electronic form, and all conditions are met, including the possibility of transferring money from any country and across different currencies.
The new system allows communication with the seller and buyer directly, documenting procedures through video calling and multiple means to verify the owner and his consent to the sale, as well as ensuring the transfer of funds through an escrow account that guarantees the rights of all parties, through which funds are transferred within three working days To the seller's account.
The registration procedures are carried out by sending the details of the sales pledge to the registrar, and after verification of the property and the parties and the amount of the disposal, the amount of the sale is transferred to an escrow account managed by the Land and Property Department, and after verification of the seller and the buyer through visual communication and other procedures to verify all parties, The transfer of ownership from the seller to the buyer is completed, the amount transferred to the seller and the title deed is transferred to the buyer. Although this system takes a longer time than the standard registration method, it does more accurately guarantee the rights of the seller and the safe transfer of the value of the sale.
He pointed out that an account (guarantee) was launched to guarantee the right of the seller and the buyer when dealing remotely, as well as the exemption from the non-registration fine or the delay in registration fine, which motivated people to register their real estate.