Real Estate Regulatory Agency (RERA) is a part of Dubai Land Department. RERA Dubai governs the laws and all the real estate deals and transactions in Dubai through their definitive RERA forms.
Be it renting, selling or buying properties in Dubai, there is a designated RERA forms available for every deal related to Dubai real estate.
As per the Dubai Land Department, RERA Dubai is;
‘The regulatory arm of the Land Department, where the department sets legislation to regulate the relationship between all contracting parties and to organize the exchange process of properties.
The department provides many services to clients in Dubai extending to its role in planning, organizing and evaluating operations related to real estate licenses, and the organization and development of real estate activities, as well as a commitment to monitor projects financially and technically, in order to protect investors’. Source: [https://bit.ly/2Y3dP3Q]
RERA contract has various responsibilities ranging from maintaining transparency in the transaction to protecting the right of all the contracting parties. RERA registration is mandatory and is required by the government. This minimizes the chances of frauds in the Dubai real estate sector
RERA Forms and Their Implications
There are various types of RERA contracts named as Forms; the suitable form is to be filled by the parties depending on the scenario.
For the assistance of our clients, ezEstate brings you all the types of RERA contracts with the situations where they must be used.
RERA Form A – Seller-Agent Agreement
The Form A, as the name suggests, is the agreement between the seller and the broker. This agreement is signed when the seller appoints an agent to find a buyer for his property. The Form A guarantees that the property will be listed on the agreed portals and in the agreed manner with the seller.
The seller may terminate the Form A RERA contract with a 7-day written notice. The proper termination requires Form U to be filled by the contracting parties.
RERA Form B – Buyer-Agent Agreement
The Form B RERA contract is signed when the buyer appoints an agent to find a suitable property. After the signing the Form B, it becomes the responsibility of the broker to find a property as per your requirements.
Form B can be terminated by the buyer with a 7-day notice stating the reason for termination using the Form U.
RERA Form F – Purchase Agreement
This is one of the most important RERA forms. Form F is a tri-party RERA contract which involves the buyer, seller, and the agent. This contract becomes valid only after the buyer and seller have signed it with free consent.
This contract contains all the details for the property, the mortgage, and the commission payable to the real estate agent.
To execute any real estate transaction, Form F RERA is a mandatory contract.
RERA Form I – Agent-Agent Agreement
When more than one agent collaborates to work for a deal, the Form I is signed by all the agents. This contract protects the rights of the agents and clearly specifies the split of commission among the agents.
RERA Form U – Notice to Terminate the Contract
In case the buyer or the seller is not satisfied with their agent, they may terminate the contract giving a 7-day notice stating the reason for termination.
This is the proper way of terminating any contract with the real estate agent.
Whether it’s a RERA tenancy contract or a purchase agreement, ezEstate always advises the clients to hire only a RERA-certified property agent.
Get the best properties in the UAE through certifies agents at www.ezestate.com