Major changes include eliminating the mortgagee's right to foreclosure in its entirety
Dubai International Financial presents a consultation paper on amending the real estate property law
The Dubai International Financial Center has released a consultation paper on the amendment of the Real Estate Ownership Law - Dubai International Financial Center Law No. 10 of 2018.
In a statement, he stated that the proposed amendments contribute to facilitating the management and enforcement of the real estate property law, and strengthening the regulatory framework for the financial position, in line with current public law practices.
The proposed amendments affect Section Nine of the Real Estate Ownership Law, regarding compensation for defaulting to mortgage creditors.
Major changes also include eliminating the mortgagee's right to foreclosure in its entirety;
clarification of the rights and obligations of the mortgagor regarding the exercise of his legal authority to sell in the event of default by the debtor;
and remove the reference to “under the principles of English common law and equity” in Section 29(b) of the Real Estate Act.
The DIFC pointed out that the consultation paper and the legislative proposal can be viewed by visiting the consultation papers page for the DIFC website, noting that opinions and proposals can be submitted no later than March 29, 2022.
The Dubai Financial Higher Authority stressed that the proposed amendments reflect the financial center's commitment to providing a strict and transparent legal and regulatory framework in line with the highest international practices.
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