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Abstract

Despite the harsh circumstances that our beloved Iraq has been going through these days, it is necessary that this sorrow, God willing, ends, and that Iraq enters the stage of building and construction. Nobody can deny the fact that Iraq is in need for real estate projects such as schools, hospitals and commercial centers. But most importantly of all, houses, which, unfortunately, ordinary citizens cannot afford to own, are needed desperately. This would open room for investment companies to build and develop real estate projects and put them for public sale on the map as is the case in most countries where contracts are for those who wish to own a property. This is dealt with through a specialized announcement of the establishment of real estate project specifications of a particular place on mostly real estate maquette that show how one intends to create and undertake construction. During the initial period, the potential buyer pays a certain amount of money to the real estate company in order for the latter to start the construction process. The first installment, for those wishing to own property, is paid to the contracting real estate company upon signing the contract. Then the remainder is paid after the completion of the construction or upon receipt of the property. However, the buyer may be susceptible to fraud by fake companies. These fraudulent companies, after receiving the first installment of the willing contracting individual, disappear, do not implement the project, or apply poor implementation specifications that differ from those that had been agreed upon. This situation alerted UAE legislators who, on this basis, wrote Act No. 13 of 2008 as amended by Law No. 9 of 2009, and which regulates the initial Land Registry which includes special safeguard to ensure the necessary protection to the buyer of the property on the map. We found it necessary to look into this Act in order to explain its legal aspects and the legitimacy of its parties concerning commitments and guarantees for people wishing to own property and what the guarantees of optimal protection are for these people wishing to buy property so that they do not fall prey to fraudulent activity

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