Dubai: The Dubai Land Department is partnering local law firms to offer access to data and other information to help with property investment decisions.
In particular, the “Real Estate Lawyer” initiative will help with:
* Due diligence - The initiative will permit certain licensed law firms to remotely access the Land department’s registers online and access information relevant to an investment or transaction. This is to provide greater transparency when making an informed investment decision.
* Simplify documentation and reporting process - This would help with complex corporate documentation required for any real estate transaction, including having it translated into Arabic. Licensed law firms will be able to fast-track this process by preparing a report that certifies the ownership structure.
* Escrow agent - The certified law firm will be able to provide and act as an escrow agent, administering the escrow account for the payment of deposits or purchase funds.
“Facilitating and streamlining procedures is an important incentive to attract investors,” said Sultan Butti bin Mejren, Director-General at the Land Department. “We will continue to work with our partners from the public and private sectors to facilitate investment in Dubai real estate and launch more incentives.
“Dubai is embarking on ambitious strategies to encourage real estate investment, beyond the expectations of global investors, to make Dubai the ideal choice.”
For the launch, the government department has partnered the law firm of Al Tamimi & Company.