Business | Property
Tough new RAK property contracts
The Economic Department forwarded tough new property contracts to the Land Department which will be distributed to real estate agents, who have been warned they must stick to them.
- By Nasouh Nazzal, Staff Reporter
- Published: 00:00 June 22, 2006
Ras Al Khaimah: The Economic Department forwarded tough new property contracts to the Land Department which will be distributed to real estate agents, who have been warned they must stick to them.
Najeeb Al Shamsi, director-general of the Economic Department, said the new versions will be the only officially recognised contracts.
He added that copies of the initial property selling contract, final property selling contract and tenancy contract along with its English version were forwarded to the Land's Department which will be in charge of providing the real estate agents with their needs of those contracts.
Each real estate agent had its own version of the contracts with different details and articles and that had caused serious problems between the parties involved.
Al Shamsi said RAK has currently 260 real estate agencies and those agencies should avoid shady games with property.
Business Editor's choice
-
China breaks West's solar monopoly
Some countries in the world, especially Germany and the United States, have made considerable efforts to invest in developing solar energy cells
-
Burberry store spree will cut profit
Trenchcoat maker forges ahead with investment strategy targeting emerging markets
-
Laws needed to spur region bond markets
UAE Central Bank calls for creation of a centralised Sharia board to facilitate the sale of sukuk
