RECENT AMENDMENTS TO THE INTERIM REAL ESTATE REGISTERY OF THE EMIRATE OF DUBAI (ITS EFFECTS ON THE LEGAL CHARACTERIZATION IN OFF PLAN SALE CONTRACTS)
RECENT AMENDMENTS TO THE INTERIM REAL ESTATE REGISTERY OF THE EMIRATE OF DUBAI (ITS EFFECTS ON THE LEGAL CHARACTERIZATION
IN OFF PLAN SALE CONTRACTS)
Dr. Yasser Al-Iftihat
Associate Professor of Civil Law College of Law, Al Ghurair University, United Arab Emirates
Abstract: The research discusses the regulations of selling off plan real estate units as stated on the Emirate of Dubai by the legislator who has regulated and imposed the subsequent amendments to the law in order to face the most significant challenge in the field of real estate development in the Emirate of Dubai, where distinguishes the real estate investment, gives the Private Real Estate Developer a board scope whether is local or foreign and attracts purchasers, investors, and foreigners. Therefore, a new concept of the real estate legislation has established to achieve two basic aims: the first aim is to develop the real estate market by attracting both parties; as the real estate developer and purchasers in the field of real estate investment and the second is to enhance the legislation role to maintain the trust between both of them in a way that makes the purchasers settle down in the Emirate of Dubai, and attracting new purchasers. So, the question is that have the amendments of the real estate legislation gone with the recent developments, and sought for new means in order to maintain the achieving success in real estate markets? In order to cover these aims, and to keep in-depth study, we limited the focus on the real estate legislation of the Emirate of Dubai to achieve off-plan sale subject with its jurisprudential and legislative aspects as regulating in the Interim Real Estate register of the Emirate of Dubai. The Research also tackles the main constraints relate to this type of sale. A partitioned real estate unit on maps can be sold, and how the purchaser shall pay in instalments, in return of possession of the unit confirmed as soon as the contract is signed and the purchaser can sell it before its completion and after obtaining the real estate developer approval (seller). The law permits the purchaser's creditor to seize it within completion period which issued a lot of queries about the legal characterization of off-plan sale contract between both of real estate developer and purchaser. In addition, what will be the legal characterization of the purchaser to enable him/her to sell it to another purchaser before the completion period? Has it considered as Non-existent sale? This will be discussed in our search. KEYWORDS: Real Estate Development, Private Real Estate Developer, Parallel istisna'a, Interim Registry, and Real Estate Development Committee.
"RECENT AMENDMENTS TO THE INTERIM REAL ESTATE REGISTERY OF THE EMIRATE OF DUBAI (ITS EFFECTS ON THE LEGAL CHARACTERIZATION IN OFF PLAN SALE CONTRACTS),"
UAEU Law Journal: Vol. 2020:
83, Article 2.
Available at: https://scholarworks.uaeu.ac.ae/sharia_and_law/vol2020/iss83/2