The real estate expert, President of the “W Capital” Real Estate Brokerage Company, proposed Walid Al-Zarouni to unify the contracts of selling the projects under construction in the real estate sector in the Emirate of Dubai, as part of an initiative supervised by the Dubai Land Department.
Al-Zarouni said, "The unified guiding contract aims to regulate the contractual relationship of real estate unit buyers in off-plan sales projects (under construction) with the real estate developers implementing those projects, and to clarify the rights, duties and obligations of all parties."
He added that the unified contract would achieve many public and private benefits, the most prominent of which is increasing confidence in Dubai real estate and achieving great benefit for the real estate market in the emirate and its dealers.
He continued, "The unification of the terms and drafting of the contract will contribute to more transparency and credibility, and provide more guarantees to reassure all contractors, as well as contribute to more protection for the rights of buyers and real estate investors."
He pointed out that the standard contract also represents an obligation on real estate developers to implement according to the time plan for each project according to the approved models and specifications, and its role is to issue a license to sell or rent any real estate units on the map.
Al-Zarouni said: «With the standard contract, the buyer and developer will have a system affiliated to the Land and Property Department, such as a (rental) system that will receive all information about the property, after which the contract will be printed in two copies, one for the buyer and one for the developer.
According to the Department of Lands and Properties, there is a standard unified lease contract that includes the data required for registration and model clauses, in addition to the possibility of including special conditions, where a copy of the unified contract can be obtained through the "Ijari" website.
Al-Zarooni stressed that the contract should include three basic clauses: the first is the investor's rights towards the developer, the second is the rights of the developer towards the investor, while the third clause includes mentioning the annual service fees.