Knowing debtor exposures in Dubai real estate now takes 15 minutes
Move by Land Department provides all such info to Dubai Courts
Dubai: The status of debtors' exposure in Dubai real estate market can be tracked down in 15 minutes as part of a new system - 'Initial Inquiry' - implemented at the Land Department. The details will be made available to Dubai Courts and help speed up delivery of verdicts.
Earlier, 'inquiry letters' about a debtors’ status was exchanged between Dubai Courts and Land Department. The new system came into being after Land Department specialists studied the status of such letters, the steps necessary to implement them, and the time taken.
Down to minutes
It was found the time taken to complete a single inquiry averaged from 5 to 15 minutes. Additionally, the steps relating to the inquiry procedures about a debtor's real estate exposures would take a long time.
"The time required for initial inquiries now ranges from 15 minutes to no more than several days," said Sultan Butti bin Mejren, Director-General of Land Department. "This has been achieved to consolidate the confidence of customers and establish a principle of transparency in all their transactions."