In order to mitigate fraud in an overseas property deal, Dubai Land Department (DLD) has released a new set of rules directing how a broker can sell the properties to the overseas buyers.
The new rules issued by DLD requires a broker who is selling properties outside the UAE to take permit before marketing them in Dubai and follow a certain procedure in order to get it. The property broker needs to have access to the property’s title deed, a letter from the country with details of the method of foreign property ownership, a proof of agreement between the owner and the broker representing them, a copy of the property certification from the UAE Embassy and the Foreign Ministry which must have been translated into Arabic by a legal translator.
The director of the licensing department at DLD’s regulatory arm RERA, Ali Abdullah Al Ali believes that the new rules boost the confidence of overseas property buyers and assure them that they dealing with a genuine broker.
“the new rules were intended to protect residents who are interested in making real estate investments outside of the country,” says Ali.
“It encourages real estate brokers to be accurate and cautious in any campaigns that promote properties abroad and advises everyone to follow the correct legal procedures.” He adds.