The initiative goals to manage e shopping for and promoting course of between builders and buyers, obtain a steadiness between the rights and obligations of each events and improve transparency and belief in the true property market within the Emirate.
The implementation of the Unified Contract Template completely for registering gross sales and buy contracts for off-plan models and plots within the improvement areas will begin on July 3, 2023.
The Unified Contract Template consists of parts comparable to offering the investor with the escrow account particulars, exact property data, undertaking particulars and completion date, and fee plan particulars. This ensures that the undertaking information and the escrow account will likely be documented and authenticated by municipal techniques.
“The Unified Contract Template incorporates common provisions that guarantee a steadiness between the rights and obligations of each events,” DMT mentioned in a press release on Tuesday. Moreover, it permits for the inclusion of a vast variety of particular phrases and circumstances agreed upon by each events (offered they don’t contradict the overall phrases and prevailing laws within the Emirate).
“The introduction of the Unified Gross sales Contract goals to reinforce the governance of the true property market, present a seamless and environment friendly authorities service expertise, and speed up digital transformation in Abu Dhabi,” mentioned Dr. Adeeb Al-Afifi, Government Director of the Actual Property Sector on the Division of Municipalities and Transport.
The Unified Gross sales Contract gives a spread of different advantages, together with making certain the alignment of common phrases and circumstances with actual property legal guidelines, matching the property information documented within the contract with municipal data, in addition to matching the contract events’ information with the Id and Citizenship Authority’s data.
The advantages additionally embody making certain accuracy and ease of knowledge enter, in addition to the bilingual formulation in Arabic and English. The Unified Contract is simple to create and use inside and outdoors the nation.