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The dilemma of the last payment ... and the right to inspect the property

Walid Al Zarouni

December 13, 2020

Some real estate developers require the investor to pay the last payment without handing him over the real estate unit, and deny him the right to inspect the property permanently, which is an explicit risk and a clear violation of the terms of the contract, and an apparent intransigence towards the buyer.

Investors must be educated and educated about their rights guaranteed by the law.

We have observed that some developers have requested that the investor pay the last payment before the inspection, and the consequent fines for delay, which is completely untrue, and for this we must educate and educate investors about their rights guaranteed by the law.

Therefore, I confirm that this behavior is unacceptable and carries a big mistake, and the buyer must make the last payment and exercise his legitimate right to inspect the property at the same time, and if there are any notes in the property, the developer must take them into account first before paying the remaining payment.

The real estate developer and the investor represent the two pawns of "Meezan". The government agencies concerned with regulating the real estate market spare no effort to secure their rights together, and to preserve them equally, and to stand against any transgressions that are not in the interest of any party.

Legislation in the UAE generally guarantees the rights of all parties, so the real estate investor does not think that he is forced to pay the last payment, as he must be aware of the terms of the contract concluded between the two parties and abide by what is stated in it without exaggeration or obstinacy from the developer.

Dubai has succeeded in establishing a strong legislative system that regulates the real estate sector and ensures the sustainability of the real estate boom that is based on real demand, and has benefited from government initiatives to facilitate foreign ownership, grant residency, and other matters supporting the sector.

The real estate legislation in the emirate takes into account all aspects, such as the relationship between the owner and the tenant, the processes of developing and selling real estate projects, and providing protection to investors while controlling the market rhythm.

The UAE, and Dubai in particular, remains one of the best destinations for real estate investment around the world, despite the challenges of the Corona pandemic, after the sector maintained the investment momentum and overcame the crisis with great flexibility, which qualifies the sector to record a strong start during the next year, in conjunction with the Expo 2020 Dubai in October 2021. There will also be a significant positive impact on the real estate sector in the UAE, as countries overcome the challenges of the pandemic and start distributing effective vaccines to control the outbreak of the epidemic.

The sector also derives its strength from the vital role played by the Dubai Land Department, which extends for nearly 60 years since its establishment, in supporting the real estate sector, providing integrated services, developing the necessary legislation, encouraging and managing investment in it, in addition to spreading knowledge and real estate culture.

Meanwhile, the Real Estate Regulatory Agency (RERA) offers a set of policies and plans that help promote foreign investments, contribute to settling disputes between tenants and property owners, and have administrative independence and full legal authority to regulate the real estate market in the emirate.

- Chairman of the Board of Directors of W Capital Real Estate Brokerage

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