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Dubai Land Department |
Dubai Land Department is on the verge of restructuring the system, to provide better service and regulatory framework to the booming real estate Industry.
The department plans to create two agencies under its umbrella in an effort to handle with a tidal wave of freehold property registrations, as well as numerous additions to the emirate's regulatory framework
"The Land Department has two core businesses, registration, and monitoring and regulating and the market. All regulation and monitoring will be handled by this new agency," said Land Department official Marwan Ahmad Bin Ghalita.
It follows a decree issued by His Highness Shaikh Mohammad bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, which established the first new body affiliated to the Land Department - the Real Estate Regulatory Agency (RERA).
The agency will oversee key regulations governing the property sector, including recent laws on real estate brokers, trust accounts, and upcoming rules on the responsibilities of Home Owners Associations (HOA). A separate agency will be formed at a later date to deal exclusively with the ongoing registration of freehold title deeds in Dubai.
One of the agency's main roles will be to license and regulate real estate brokers in Dubai. The agency will also oversee the trust (escrow) accounts which were introduced last week to safeguard buyers' payments in special accounts.
The Dubai Land Department was established on January 24, 1960 Since then, the Land Department (LD) has kept pace with the great strides the UAE has made towards modernization and has developed in sync with the rapid growth of Dubai. The number of lands registered at LD exceeds 50,000 plots all over the emirate. Keeping pace with advanced technology, the department provide clients with quality and time-efficient service.
