Business | Property
Property registration system to be refined
The Dubai Land Department is expected to introduce a system of property registration that will allow buyers to record their purchases as soon as they have signed a contract with the developer.
- By Shakir Husain, Staff Reporter
- Published: 00:00 April 11, 2007
Dubai: The Dubai Land Department is expected to introduce a system of property registration that will allow buyers to record their purchases as soon as they have signed a contract with the developer.
At present, property buyers have to wait for registration until they have made the full payment to the seller. The Land Department issues a title deed to the buyer after it registers the final sale.
Negotiations
The Land Department is discussing the new "primary registration system" with real estate developers, director-general Sultan Butti Bin Mijrin said yesterday.
"Soon we are going to sign agreements with developers. We are addressing the new market demands so that the buyers will possess more than the preliminary sales contract," he said.
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