Over AED900,000 returned to investor

17.02.2015
The realtor is responsible for bearing damages to any party involved in contract in case of fraud, a Dubai court has ruled.

A realtor is responsible for bearing damages to any party involved in a contract in case of fraud, established the Dubai Court of Cassation in its new legal principle, and added that the realtor should not involve in deals violating laws.

The legal principle was issued in a verdict given in favour of an investor, wherein the realtor was ordered to refund AED922,000, Emirates 24/7 reported.

The woman investor claimed that she had paid the realtor AED922,000 for buying a unit from a real estate development company after he told her that realty prices had doubled and it was a good opportunity to buy and sell units.

However, she learnt later that the developer was not registered with the Ajman Real Estate Regulatory Agency. When she checked with the realtor, he told her that he had booked a residential unit, and would return the amount after its sale.

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Lease process (Rent out)

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)

1 hour

Contract of the lessee and agency.

Up to 5 days

Real estate search.

Selection of optimal options.

Up to 2 days

Signing of the lease agreement

Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process

1 hour

Contract of the tenant and agency.

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

1 Week

Registration of the contract of purchase / sale

Customer charges:

  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration

Additional services:

Property management

Sales Process

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

None

the management process

1 hour

Contract of the owner and agency

1 year

Rendering of management services

1 day

Reporting

Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process

1 hour

Contract of the tenant and agency.

From 3 days

Selection of optimal investment options

1 Week

Registration of the contract of purchase / sale

Expenses of the investor:

  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration

Additional services:

Property management