UAE Law - Real Estate Investor Protection Law to Be Released in 2013
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Real estate investors to soon get shot in the arm if developers fail to deliver. The Real Estate Investor Protection Law, which was highly expected to be issued this year, will now be released during the first quarter of 2013, a senior Dubai Land Department (DLD) official has said.
"We got a number of comments and suggestions from the public and subsequently we have made necessary changes in the law," Majida Ali Rashid, Senior Consultant and Senior Director of Planning & Organizational Development, DLD, told Emirates 24 7.
"It is almost ready and will be released in the next three months," she added.
In June, the draft law was released to get suggestions from industry participants.
The draft law allows investors to get a full refund if the developer fails to complete or hand over a property within a certain timeframe or deliberately defrauds an investor or alters the specifications of the unit without obtaining requisite permission.
Investors can also claim compensation for breach of any warranty or undertaking contained in the contract for sale by the seller and the broker, misrepresentation by the developer or investor or broker, and specifications in violation of the contract for sale after obtaining an expert's report to that effect.
Note- This is a legal news published in the daily press of UAE and should not be considered as professional or legal advise from any Lawyers.
ABOUT THE AUTHOR: Mr. Mian
Mr. Mian is Managing Partner and corporate lawyer with ten years of experience at Prudential M.E Legal Consultants, Dubai Office.
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Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
"It is almost ready and will be released in the next three months," she added.
In June, the draft law was released to get suggestions from industry participants.
The draft law allows investors to get a full refund if the developer fails to complete or hand over a property within a certain timeframe or deliberately defrauds an investor or alters the specifications of the unit without obtaining requisite permission.
Investors can also claim compensation for breach of any warranty or undertaking contained in the contract for sale by the seller and the broker, misrepresentation by the developer or investor or broker, and specifications in violation of the contract for sale after obtaining an expert's report to that effect.
Note- This is a legal news published in the daily press of UAE and should not be considered as professional or legal advise from any Lawyers.
ABOUT THE AUTHOR: Mr. Mian
Mr. Mian is Managing Partner and corporate lawyer with ten years of experience at Prudential M.E Legal Consultants, Dubai Office.
Copyright Prudential Middle East
More information about Prudential Middle East
View all articles published by Prudential Middle East
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
