The right of selling and purchasing property was validated by the courts of UAE, on the permission granted by the ruler of Dubai, Sheikh Muhammad bin Rasheed Al Maktoum, by issuing a decree NO.1 of 2018. After the promulgation of the above-stated property law, a revolution was observed in the Real Estate sector UAE. The rights of the beneficiaries of grants were sorted out per the rule formulated by the courts of UAE. Real Estate Lawyers in Dubai considered this as a revolutionary decision by the government of UAE which protected the rights of households and preserved the culture of residents’ accommodation areas. Apropos to this Law, the right was given to the owner or his legal representatives to sell and purchase a property or land if the current accommodation does not suit him or his family.
Requisites of Muhammad bi Rasheed Housing Establishment:
• It is pre-requisite of Muhammad bin Rasheed Housing Establishment (MRHE), that the sole essence of selling a house or property is only to purchase another property, house or land. This undertaking by the seller is properly lawfully documented and MRHE takes the responsibility of supervising the transactions.
• In case of the beneficiary of a trust, MRHE does not give him the right of purchasing the property or any house, if he sells the property once issued to him.
• The buyer of the property must be a citizen of the UAE.
• The owner of the property is entitled to sell it only in the case where the property is free from any legal or financial liabilities.
• It is mandatory to sell it as per the market price and not below it.
• Property Lawyers in Dubai, UAE ensure that if all the requisites are met then the Department of land and Property in Dubai will issue the title deeds for the buyer.
As per the decree issued by Sheikh Muhammad bin Rasheed Al Maktoum, the following properties can be lawfully carried for sale and purchase:
• Sale of hereditary property
• Leasing or renting a house built on the granted land
• Trading properties
• Purchasing land adjacent to the government-owned property.
Real estate lawyers in Dubai ensure that for trading any approved property, all the documents required for legalizing the transaction must be attained and put forward with an application to the Dubai Municipality or the MRHE. Director-General of Dubai Municipality or the MRHE’s board approves the trading and charging fee for further processing. In case of any reservations by any party, it can file a petition within 15 days of notification of the verdict, to the Director-general of Dubai Municipality or MRHE’s board.
The committee is formed for the investigation of the matter and is bound to announce the final decision. The rule authorizes the Director-General of Dubai Municipality and MRHE’s board to conduct any procedure that is necessary for the implementation of this decree. As per the official gazette, the law is legitimate from the date of its publication and withdraws any law or article which opposes or contradicts the decree No.1, 2018, promulgated by Sheikh Muhammad bin Rasheed Al Maktoum.
Real Estate Associate Lawyers of Dubaidebtrecovery:
The associate real estate Lawyers of Dubaidetrecovery.com are renowned for their worth 25 years of services in Dubai, UAE. Our team is profoundly updated with all the property rules and regulations and always prepared to serve its client with the legitimate application process for the property sales and purchase. We aptly provide our clients with fundamental lawful consultancy for the property, house, or land undertakings. With the outstanding expertise in the real estate sector, our associate lawyers help our clients in resolving innate issues while dealing with property-related problems. With our promising successful experience over the years our associate lawyers help in enabling the disputed or troublesome properties in making them fruitful and profitable for the owners. Our associate lawyers assist not only in the legal documentation of property applications as per the decree, but also facilitate in buying and selling of the property and eliminating any legal complications if come so forth.