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Dubai Land Department (DLD) directed real estate developers in the emirate to the necessity of initiating the payments of property registration services fees within a maximum period of 60 days, stressing that the property registration process is carried out by the real estate developer afterthe buyer would have submittedthe required fees (4% of the property's value).
DLD calls on real estate developers to not exceed the legal period in order to avoid any delay penalties that may arise as a result, explaining that the value of the required 4% of aproperty's value is to be paid based on the agreement concluded between the seller and the buyer, whether when registering awhole or partial sale.
MansoorZain Alsharif, Manager of the Real Estate Registration Assurance Section in the Real Estate Registration Services Department at DLD, said: “At DLD, we seek to promote the principle of transparency to bring together all relevant parties in the sale or purchase process. As such, we cannot stress enough the importance of educating investors about the legal period specified in accordance with the emirate's legislation, given the lack of knowledge of some investors tothis regard, and, thus, preserving their rightsand preventing them from being exposed to any violations that may result should the specified period be exceeded.”
Alsharifadded: “The completion of the property registration process and the payment of registration services fees would also contribute to increasing the number of real estate transactions in the emirate, which in turn is positively and significantly reflected on enhancing the trust of investors and customers in Dubai's real estate market, which would encourage the attracting ofadditional investors, specifically in the build-up to Expo 2020.”
DLD indicates that the buyer or investor mustsettleDLD's property registration fees to the real estate developer to complete the legal registration procedures for the property. This candone through:
- An approved bank cheque via one of the methods and means of payment through the Noqodi service (Developer Wallet) available on the Dubai RESTapp, available on the App Store and Google Play, or via the following link https://www.noqodi.com/#/home.
- By depositing the fees in the approved escrow account that is established by the real estate company responsible for developing the property through a third party, which is usually a RERA-aproved bank.
- ePay smart payment channels.
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