"Dubai International Financial" Presents a consultation paper on proposed amendments to the real estate property law and regulations
Dubai, October 30 / WAM / The Dubai International Financial Center has proposed making amendments to the real estate property law and the real estate property regulations in the centre, with the aim of providing greater clarity, flexibility and fairness within the framework of this law.
Jack Visser, Chief Legal Officer at the DIFC Authority, said: These amendments aim to provide greater clarity, flexibility and fairness, and ensure that our legal framework is updated to meet the evolving needs of the DIFC community.
The proposed amendments include imposing ten-year liability on contractors towards developers for defects that occur in new buildings within 10 years of their construction, in line with Article 880 of the UAE Civil Transactions Law, granting the Real Estate Registrar new powers to waive the provisions of the Real Property Law in circumstances where the application of the law may lead to an unfair or equitable result, increasing the duration of registering a lease contract from 30 to 45 days, in addition to extending the period for registering off-plan unit sales and paying freehold transfer fees from 30 days. Up to 60 days, imposing penalty fees in the event of not registering the lease contract, and canceling the fees for requesting a halt to legal procedures.
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