COMPLIANCE ALERT: Jointly Owned Property New Law11-11-2019
Dubai Law No. 6 of 2019 Concerning the Ownership of Jointly Owned Real Estate in the Emirate of Dubai (the “New JOP Law”) will take force on November 18th 2019.
The new law has introduced some major changes which require action from Master & Sub-developers, Owners’ Associations and Property Management Companies to ensure their compliance with the new law before its deadline (May 17th 2020). The changes to be made include but are not limited to:
- RERA approval of service charges;
- Approval and registration of Management Company contracts;
- Registration and update of JOP Declarations to reflect the transition;
- Transition and registration of existing “Owners’ Associations” to “Owners’ Committees”; and
- Formation and registration of an Owners’ Committee in case more than ten percent (10%) of a development has been sold.
Ensure your compliance
Get in touch with our Corporate & Commercial Team who would be pleased to support and guide you in order to ensure your ultimate protection and compliance with the New JOP Law requirements and proper transition in due time.