The entire process of dealing in real estate can prove quite intimidating and involves quite a bit of paperwork. However, as things are going more digital and the implementation of blockchain by the Dubai Land Department (DLD), the process seems to get easier and easier. To know more on how to use the Dubai brokers app, please click below:
For more information on the impact on blockchain technology and what to expect from the Dubai Land Department in the coming years, our next podcast episode talks about precisely that!
FOR BUYERS & SELLERS
FORM A - For the Seller
This form is mainly used between the seller & the broker. On signing this contract, as a seller you will receive the assurance that your property will not be solicited in an unwanted manner on any portals other than agreed with your broker. Details of your unit will be clearly mapped out. The terms of marketing the property can be clearly communicated as well. On signing this contract, it needs to go through an approval process through the Land Department's Trakheesi system. Without signing this contract, the marketing of your property will be compromised as your property will be solicited by others and any interested parties may be mismanaged. It's a recipe for fraud.
Often, the presence of this contract almost ensures better visibility on property portals and our website as it is a ranking factor in the display of properties. So, sign this contract if you need your property sold quick.
This Form A contract is also extremely important for the broker to be able to market the property legally and to ensure his/her commission from the seller.
Form B - For the Buyer
As a buyer, if you want to enlist an agent to find a property that suits your requirements, you will find yourself signing a Form B.
FORM F - Memorandum of Understanding (MOU)
This is possibly one of the most important forms you need. The aim is to protect the rights of the three parties in any real estate transaction; the buyer, the seller and the broker. This is important for the transaction of the property - it outlines everything from the mortgage to the commission payable to the broker. No real estate transaction can take place without this.
FORM U - For both buyers & sellers
In the case that you are unhappy with your agent's services, you may terminate their services using the following form.