Dubai Land Department (DLD) has introduced the release of a new initiative, ‘Real Estate Lawyer,’ in partnership with Al Tamimi & Company.
The agreement outlining the details of the initiative changed into drafted to facilitate growth in the actual estate marketplace by using presenting a greater guide for real estate investors and inspiring, in addition, overseas investor participation within the emirate, said an announcement from DLD.
DLD’s actual estate initiative is designed to increase transparency, streamline real property transaction processes, reduce transaction time, and facilitate strategic partnerships between the public and personal sectors.
As a result, the purpose is to propel further boom and funding into Dubai and the emirate’s real estate market, the declaration added.
DLD director trendy Sultan Butti bin Mejren stated: “Dubai is embarking on formidable strategies to encourage actual estate investment, beyond the expectations of global buyers, to make Dubai the best preference.”
Facilitating and streamlining tactics is a crucial incentive to draw buyers, he said.
“We will maintain to work with our partners from the public and private sectors to facilitate funding in Dubai real property and launch greater incentive projects even as adopting the first-rate innovations to make certain that real estate transactions are performed simply,” he delivered.
Majid Saqer Al Marri, CEO of the Registration and Real Estate Services quarter at DLD, stated: “The real property initiative will deliver multiple blessings to investors. Moreover, it’s going to sell the Dubai real estate marketplace on par with global requirements, improving governance, transparency, and performance within the region.”
“We are assured that this initiative will improve the marketplace’s attraction amongst buyers and raise the emirate’s function as an appealing destination inside the area for all nature of real estate-related transactions. We wish this initiative additionally improves Dubai’s rating as a superb area to do commercial enterprise,” he stated.
Mohammed Kawasmi, accomplice – actual estate, Al Tamimi & Company, said: “This is an excellent initiative from DLD, and we are overjoyed to support and offer services in line with this initiative for the gain of all interesting events in Dubai’s real property market.”
“This initiative will actually assist location Dubai at the path to wider success by augmenting efficiencies and transparency, consistent with the expectations of worldwide buyers, resulting in advanced provider first-class,” said Kawai.
Al Tamimi confirmed that the launch of this initiative would allow it to offer extra offerings to asset owners and buyers. In specific, the initiative is designed to:
Facilitate due diligence –
The initiative will allow sure certified regulation companies to remotely get the right of entry to DLD’s registers online and access statistics relevant to an investment or transaction. This is to provide greater facts and transparency when making an informed funding selection.
Simplify the documentation and reporting manner – Many corporate investors have complicated possession structures and, as a result, complex corporate documentation that’s tough to translate and attest in Arabic and often regarded as a time-eating manner.
However, producing such precise documentation is a prerequisite for the finishing touch of any real property transaction. The licensed law company will be capable of assisting its customers and fast-track this method with the aid of making ready a record that certifies the possession structure.
Serve as an escrow agent –
The licensed regulation firm may provide and act as an escrow agent, administering the escrow account for the payment of deposits or purchase finances.
Tara Marlow, partner and head of real estate, motels, and leisure of Al Tamimi, said it becomes the primary regulation firm to partner with DLD in this crucial initiative.
“We are extraordinarily proud to be running together with DLD to convey this initiative to fruition and to be the regulation firm leading the manner in supporting Dubai and the boom of overseas investment in the emirate and its real estate market,” he delivered-TradeArabia News Service.