DLD announces issuance of unified real estate contracts

According to Reuters, Dubai Land Department (DLD) has announced the launch of unified real estate contracts. The new agreements have been designed to regulate the relationship between the parties involved in property transactions and to avoid problems that arise from misinterpretation with documents. The contracts will become a mandatory requirement starting May 1. DLD’s unified real estate contracts protect the rights of the three parties in any real estate transaction; the buyer, the seller and the broker. The new proceDure will help facilitate and accelerate the processes of buying and selling in the real estate market, especially as it allows the completion of registration proceDures without the need to use an agent.