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A unified contract for the real estate sector ... a necessity
Sami Al Riyami
reyami@emaratalyoum.comsamialreyami
October 12, 2020
The real estate sector needs at the present time to revitalize and some regulation, for sure it is an important and viable sector for recovery, whenever investors and buyers find better regulation that guarantees them equal rights with real estate companies, and allows them to buy comfortably and without worry, especially since the current prices are encouraging and stimulating entry and investment. Or, owning for the purpose of housing, in this vital sector, opportunities are many and attractive, and diversity exists, and the situation is likely to improve in the short and medium term.
Perhaps the most prominent obstacle facing those wishing to buy or invest in the real estate sector is the existence of loose, long and boring contracts written by the developing companies and binding on the buyers, and most, if not all of the contract clauses, are in the interest of real estate companies, without taking into account the simplest rights of buyers. Fines for delayed delivery of units for companies, for example, heavy fines for the buyer in the event of non-payment, infinite complications and restrictions for the buyer, without any restriction on the developing company, and countless exceptions for companies, without any exception for the buyer, and so on each item and every paragraph, for the benefit Whoever wrote the contract, and whoever wrote it here, a party gave himself all the powers and rights, and left no obligation on him towards the second party!
It is strange that some real estate companies, due to their excessive feeling of power, do not force buyers to follow their biased laws only, but rather violate even the common law, for example the Land Law imposes on both the seller and the buyer 4% registration fees, at 2% each, but some The companies charge the buyer this percentage in full, without bearing the 2% legally stipulated, and more than that, the invoice is issued in the name of the buyer, the name of the real estate development company, and at a rate of 2% each, so is that possible ?!
Such a matter needs binding intervention, and the best solution to such a problem is simple and easy, and it has been applied in many places, and achieved remarkable success, which is the issuance of a unified contract from the concerned government agency, a binding contract for everyone, which is simple, easy and not lengthy, and does not contain hundreds The articles and paragraphs are rather few pages that clearly define the obligations and rights of real estate companies on the one hand, and the obligations and rights of the buyer on the other hand.
Certainly, the government agency concerned will be more fair and impartial, and it will work to put all points on the letters, and give everyone his right, with justice and equality, and therefore we will be before two equal parties before the judiciary, in case of disagreement, and the unified contract clear in its clauses and paragraphs will be the decisive. Many problems that the real estate market is currently experiencing will end, and the buyer will feel reassured, and the buying and selling dealings will undoubtedly increase after each party knows what it is and what it is.
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reyami@emaratalyoum.com