Abu Dhabi introduces unified contract template for new properties

Abu Dhabi: The Department of Municipalities and Transport (DMT) has introduced a uniform contract template for the sale of units and plots in the masterplan for developments in Abu Dhabi.

The unified contract template is a real estate sales agreement between developers and investors, which is used to standardize the buying and selling process of off-plan real estate.

The initiative aims to standardize the electronic buying and selling process between developers and investors, achieve a balance of rights and obligations of both parties, and improve transparency and trust in the UAE real estate market.

A unified contract template dedicated to the registration of contracts for the sale of off-plan houses and land plots in development zones will be implemented on July 3, 2023.

The uniform contract template includes providing investors with elements such as escrow account details, accurate property information, project details and completion dates, and payment plan details. This ensures that project data and escrow accounts will be recorded and verified by municipal systems.

“The uniform contract template contains general provisions to ensure a balance of rights and obligations between the parties,” the DMT said in a statement on Tuesday. Furthermore, it allows the inclusion of an unlimited number of specific terms and conditions agreed by the parties (provided they do not contradict the general terms and current legislation of the emirate).

“The introduction of the Unified Sales Contract aims to strengthen the governance of the real estate market, provide a seamless and efficient government service experience, and accelerate Abu Dhabi’s digital transformation,” said Dr. Adeeb Al-Afifi, Executive Director of Real. The real estate division of the Ministry of Municipalities and Transport.

Uniform sales contracts offer a range of other benefits, including ensuring that general terms and conditions are aligned with real estate law, matching property data recorded in the contract with municipal records, and matching contracting parties’ data with identities and identities. Citizenship Administration records.

Benefits also include accuracy and ease of data entry, as well as bilingual presentation in Arabic and English. Uniform contracts are easy to create and use at home and abroad.