Dubai Property – Regulations between Landlord and the Tenant
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The real estate regulatory authority governs and regulates the property sector in the UAE. The authority provides information to potential investors, tenants and property owners on various issues regarding property in Dubai. “The Law Number 33” contains amendments to the law number 26 and is currently used in regulating the real estate sector. The “decree number 2” of the year 2011 regulates the procedures for rental increases, which is based on the rent index of the United Arab Emirates.
Transcript of Dubai Property – Regulations between Landlord and the Tenant
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What laws regulate the landlord and the tenant? There are some basic laws
governing the relationship between the property owner and the tenant. It regulates this relationship by defining various terms and conditions involved in tenancy. Among the issues contained in this law is the tenancy contract and what constitutes its validity.
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What Is The Role of The Real Estate Regulatory Authority? The real estate regulatory authority
governs and regulates the property sector in the UAE. The authority provides information to potential investors, tenants and property owners on various issues regarding property in Dubai.
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What Does the Standard Tenancy Contract State? This document dictates the
terms of relation between the property owner and tenant. It states the reasons of the tenancy, period of contract and even the ownership details. It is crucial for the tenant to read the finer details of the contract to avoid confusion by some landlords such as on issues of renewal.
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Determination of the Rent Value The value of rent must be
specified in the contract, and if not, then the value is pegged as per similar rents of similar premises. The RERA determines what constitutes similar premises, and specifies the rent increase percentage. This is done after considerations of the prevailing economic conditions and various other factors.
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Renewal and Amendments to Terms and Conditions The property owner and the
tenant may change the renewal terms when the contract expires. If there is a disagreement between the two parties, the committee may rule on a fair rent value depending on the prevailing circumstances.
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Property Maintenance Terms The property owner does the
maintenance of the property. It shall be done as to benefit the tenant unless the two have agreed otherwise on the maintenance of the property. Contracts indicating that the tenant pays for maintenance must be handled with care because maintenance fees quickly add up to multiple repairs and get costly to the tenant.
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