Dubai Land Department MOU is now required for all Property Sales.
28/05/2014
Today was the first day that the Dubai Land Department implemented its standard sales and purchase agreement also known as the Memorandum of Understanding (MOU) the documents that binds all the parties buyer, agent and seller into the transaction..
Up until now this MOU document which outlines the terms of the sale and agents commissions along with the selling price and property details has been left open to the estate agents to produce and as you can imagine each agent has their own format along with an array of spelling mistakes.
The new format has gone into effect today which requires the agents to complete an online form and then print out the PDF document. The document must be presented at the time of transfer.
It has been received with mixed reviews by real estate brokers, on the one hand its a standard form and take out all the common mistakes with sales and purchase agreements on the other hand it removes the flexibility that agents have to optimise their commissions.
There are a number of forms up to three need to be completed and when there are multiple owners and agents the forms only get more complex.
Zuber Mohsan CEO of Sandcastles.ae a leading Dubai Property Portal says "The move is a positive step towards making the buying and selling process more transparent, The forms are in English and Arabic text which covers most of the market"
Up until now this MOU document which outlines the terms of the sale and agents commissions along with the selling price and property details has been left open to the estate agents to produce and as you can imagine each agent has their own format along with an array of spelling mistakes.
The new format has gone into effect today which requires the agents to complete an online form and then print out the PDF document. The document must be presented at the time of transfer.
It has been received with mixed reviews by real estate brokers, on the one hand its a standard form and take out all the common mistakes with sales and purchase agreements on the other hand it removes the flexibility that agents have to optimise their commissions.
There are a number of forms up to three need to be completed and when there are multiple owners and agents the forms only get more complex.
Zuber Mohsan CEO of Sandcastles.ae a leading Dubai Property Portal says "The move is a positive step towards making the buying and selling process more transparent, The forms are in English and Arabic text which covers most of the market"
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