The real estate sector is one of the most thriving sectors in the UAE, specifically in Dubai. The demand for housing is increasing daily, with more people coming from all over the world to settle in the city of glittering opportunities. Unfortunately, there are some disputes that investors in this sector might face. This necessitates that they learn about these disputes and determine how to avoid and resolve legal conflicts.
Steps To Avoid and Resolve Conflict In The Real Estate Sector In Dubai:
- Seek Professional Assistance
Working with a reputable agent or lawyer can be the best strategy when investing in the real estate industry. First, those are the people who know best about the market’s ins and outs, the latest regulations and laws passed by the government in the field, and the requirements you must adhere to. Because of this vast knowledge, they can help you avoid falling into the trap of any legal dispute. However, you need to note that you must hire a real estate agent and a lawyer licensed by the Dubai Land Department, as this is the regulatory body overseeing real estate transactions in Dubai.
- Conduct Diligence Before You Start Any Type of Real Estate Investment
This entails ensuring all legal requirements have been satisfied, such as acquiring the required permissions and approvals and checking for any unresolved legal problems or property concerns. This may assist in avoiding disagreements in the future.
- Clearly Define the Terms of the Transaction
To ensure that you are on the right path, it is essential to make sure that you fully understand the terms and conditions mentioned in your transactions. This way can help you avoid any surprises that could be encountered later on. For example, misunderstandings and disputes can be easily avoided when clarifying the purchase price, payment terms, and other relevant details.
What Steps You Need to Take to Resolve Disputes?
The first procedure that you can take to resolve a dispute once it occurs is negotiation. It is a fact that negotiation can only take place if all the parties are present. They can each discuss the matter from their own perspective and then reach a solution where everybody’s interest is considered. In addition, property lawyers can provide clear-cut guidance on what to expect from a negotiation session and what to agree on.
Unfortunately, negotiation does not work all the time. When the parties reach a dead end in the negotiation process, they can resort to mediation. As it is apparent in the name, mediation involves a neutral third party who never makes a final decision and monitors and leads the arguments between the parties involved.
If negotiations and mediation fail to resolve the dispute, arbitration provides a cost-efficient means to arrive at a final resolution. In this process, the matter will be presented to an arbitrator, who will carefully review the case and issue a final decision that complies with Dubai’s real estate laws.
When a final agreement is impossible, parties can direct their case to a court of law. Instead, each party hires a lawyer to represent them before the court judges. Because this process is long and costs a lot of money, people prefer to consider it the final option they can go to when all other potential options fail.
To conclude, disputes are inescapable in some cases, but it is better to do all that at your hand to avoid them. Hire a good lawyer who guarantees that your investment adheres to all legal requirements, and read all contracts before you sign any. When disputes arise, try negotiation, mediation and arbitration, as those serve as more cost-effective and time-saving tools than litigation.
Have you ever faced any disputes in the real estate sector? How did you resolve it? What strategy did you restore to? Tell us all about it in the comment section down below. As always, we cannot wait to hear from you all.