[ad_1]
Abu Dhabi’s Department of Municipalities and Transport (DMT) has introduced a unified contract template for the sale of off-plan properties and plots of land in the emirate’s development master plan.
The initiative aims to regulate the buying and selling process between developers and investors, balance the rights and obligations of both parties, and improve the transparency of the local real estate market, DMT said in a press statement.
The implementation of the unified contract template, aimed at registering sales and purchase contracts for off-plan properties and land plots in development zones, will begin on July 3, 2023.
A uniform contract template includes important elements to provide investors with escrow account details, accurate property information, project details and completion dates, and payment plan details.
In its statement, the DMT said the move will ensure that project data and escrow accounts will be recorded and verified by the municipal system, thereby increasing transparency.
The unified contract template will include an unlimited number of specific terms and conditions to be agreed upon by both parties, provided they do not contradict Abu Dhabi’s general terms and current legislation.
(Writing by P Deol; Editing by Anoop Menon)
[ad_2]
Source link