New Law on Joint Ownership of Real Estate24-10-2019
The issuance of Law No. 6 of 2019 leaves the Real Estate Regulatory Agency (RERA) better equipped to monitor the maintenance of jointly owned properties in Dubai.
Issued by His Highness, Sheikh Mohammed Bin Rashid Al Maktoum, the new law states that the Land Department will prepare a register for jointly owned real estate properties containing information related to owners, committee of owners, members, and building management as well as defining maintenance procedures for common areas created according to laws and regulations of the Land Department. Accordingly, all contracts pertaining to the management of jointly owned development for common areas and of that developed by the owner are to be registered.
RERA can appoint another facility management company if the one fails to properly maintain common areas or submit reports concerning the same.
How TLG can help
TLG’s Corporate & Commercial Division would be pleased to provide you with assistance and support with the drafting/reviewing of contracts and the preparation of reports as required by RERA.
Should you have any questions and/or queries, please feel free to contact TLG’s Corporate & Commercial Division for further information and any assistance you may require.
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