If you are connected to the real estate business or you follow our blog, you should have heard about RERA. RERA is one of the regulatory arms for DLD. The DLD is the Dubai Land Department, which operates with the help of several regulatory arms: the Real Estate Regulatory Agency, Real Estate Investment Management & Promotion Centre, Rental Dispute Settlement Centre, and Dubai Real Estate Institute. The Real Estate Regulatory Agency offers a transparent and effective legal framework for people who work in real estate. Moreover, it aspires to develop an online society for tenants, buyers, property developers, real estate investors, and facilities supporting sectors such as insurance, law firms, and banks in order to boost cooperation. In this article, you will get to know more about this very important regulatory arm.
The Main Responsibilities of RERA
One of the primary responsibilities of RERA is to licence real estate activities and agents in Dubai. In addition to that, this regulatory arm works on regulating trust accounts that the developers of real estate have. In addition, it registers and regulates lease agreements and supervises the associations of owners who manage various buildings. In addition to that, it monitors the written word in the world of realty and educates people in the field. Therefore, it supervises the property advertisements in the mass media and publishes studies on the sector. If there are any exhibitions about real estate, they should be licenced by RERA. This arm also informs people of all regulatory acts related to buying or renting real estate.
To complete a real estate transaction, RERA forms are absolutely necessary. In order to ensure transparency and effectiveness, RERA has introduced several forms. To complete a transaction of property, from contacting an agent to the final sale, forms A, B, and F comes into play.
Form A: Agency Contract Agreement/Listing Form
If you are a seller who has found a property agent to advertise your property, both of you should sign the form A contract. The clauses in RERA form A include:
- An outline of the agreement between the seller and the listing agent.
- Details of the property: financial information, service charges, mortgage status, and payment schedules
- Details regarding how the property will be marketed. The seller is not authorised to advertise the property on any portal without a written agreement.
Form B – Buyer’s Agent Agreement
Whether you are buying an apartment or an office in Dubai, you need to sign the Form B agreement. You sign this agreement after you find an agent who will find you a property for sale. One thing that you should pay attention to is finding an agent who is RERA certified in order to make sure he will be able to search for a property that suits your requirements and budget. The information in RERA Form B must include all the necessary data.
- The property type the buyer is interested in,
- The location of the property for sale,
- The buyer’s budget
- The requirements of the buyer.
The buyer holds the right to terminate the agreement for any specific reason.
Form F – Contract of Sale
This is the purchase agreement between the seller and the buyer. It is signed when the buyer chooses the property and a price is decided on between the two parties. Therefore, it is the most important RERA form. This agreement outlines everything from property and financial details. It also mentions the commission to be paid to sellers and buyer’s agents. It is valid once signed by both the seller and the buyer and has been witnessed and dated by the agents.
How to File a Complaint with RERA
If you want to file a complaint about a real estate matter with RERA, you first need to make sure that you know and understand the laws related to the business quite well. You can also try to find a solution with the person you want to file a complaint against. If your attempt is not successful, then you can go ahead and file a complaint with RERA.
- Gather all the documents needed. This includes (Ejari tenancy contract and certificate, Latest DEWA bill, Title deed and passport of the landlord (original and copy), Tenant’s passport and visa copy, Emirates ID (original and copy), Rental deposit slips, Copies of cheques made to the landlord, Proof of correspondence between the parties, Any other supporting documents regarding the dispute).
- Once your documents are ready, you can visit the Rental Dispute Resolution Centre (RDC) where your typist will fill out the RERA form and guide you through the process. You can also register your complaint online via the Rent Disputes Resolution portal.
How to Become a RERA Licensed Agent
If you would like to start a business in the real estate field, you are supposed to get a license from RERA. Here we provide you with the main steps you need to follow to get this license.
1. Get a residency visa
If you are not a UAE resident, it is essential to get a residency visa so that you can proceed with the next steps.
2. Apply for Dubai Real Estate Institute Training
Once you have gotten that visa, you need to get the training that will qualify you to become a RERA licensed agent. The training is a 4-day course that you can take either in person or online.
3. Take the RERA Exam
When you are done with the training part, you are ready to apply for the exam. It is a written test. If you pass this test, you will get a certificate.
4. Apply for a Realtor license
If you have passed your written test, and get your license, you need to get a good conduct certificate. Once you have all these papers ready, the DED (Dubai Economy and Tourism) would issue your license, and you will get all the credentials once you have submitted all documents.
RERA Dubai Contact Info
- RERA Dubai Location: Baniyas Road, Deira, Opp Sheraton Dubai Creek Hotel, Near Etisalat
- RERA Dubai Timings: Monday to Thursday: 07:30 am to 03:30 pm | Friday: 07:30 am to 12:00 pm | Saturday and Sunday: Closed
- RERA Contact Number: +971-4-203-0555
Do you have plans to become a real estate agent? Have you started the process yet?