• What is the real estate regulatory agency (RERA)?
  
  It is a government agency that has its own financial and administrative independence with full legal authority to regulate the real estate sector in Dubai. It was launched on the 31st of July 2007 by His Highness Sheikh Mohammed Bin Rashed Al Maktoum, vice president and prime minister ruler of Dubai, as a part of the Dubai Land Department.
  
  
• What is the main goal of the agency?
  
  to set policies, plans, and create awarenesss in the real estate sector in Dubai in order to increase foriegn investments and provice one address that will secure everyone involved in the property market.
  


• What are the agency's responsibilities?
  
  The agency's responsibilities are the following:
  
  
  • Licensing all real estate activities.
  
  
  • Managing real estate developers' trust account.
  
  
  • Licensing and organizing real estate agents.
  
  
  • Regulating and registering rental agreements.
  
  
  • Regulating and supervising the owners associations.
  
  
  • Regulating real estate advertisements in the media.
   
  
  • Regulating and licensing real estate exhibitions.
  
  
  • Publishing official research and studies for the sector.
  
  
  • Enhancing national participation in the real estate sector.
  
  
  • Increasing real estate awareness.
  
  
  
• What is a broker?
  
  A broker in an individual licensed by the agency and registered in the broker's registry to carry out real estate activities in the emirate. The issued license allows broker to search for third parties and act as an agent to close deals and finalize a contract they receince a pre-specified fee for the services they provide to their clients.



• What is a developer?
  
  A developer is a licensed individual or company practicing the profession of selling and buying real estate for development purposes. The word developer could indicate both the master and sub developers.



• What is a real estate development?
  
  It is the construction of multi-storey buildings or complexes for residential or commercial purposes.



• What is a Trust Account?
  
  It is the bank account of the real estate project in which the amounts received from the off-plan unit buyers of the project financiers will be deposited.



• What are the necessary documents for registering in the real estate broker's registry?
  
  Those wishing to carry on the brokerage activity in the Emirate shall submit an application on the form to be registered in the registry. The application shall include the following documents:
  
   
  • A valid trade license issued by the competent authorities.
  
   
  • A membership certificate in Dubai Chamber of Commerce & Industry.
  
   
  •  A copy of the license applicant's/applicants' passport with regard to the sole proprietorships or companies.
  
   
  • An indentical copy of the ownership certificate of the brokerage office or its lease contract.
  
   
  • A certificate of good conduct for the establishment's owner and the senior manager/managers of the company.



• What are the necessary documents to open a Trust account?
  
  
  •  Membership certificate from the chamber of commerce.
  
   
  • Trade License.
  
   
  • Land title deed.
  
   
  • Sales contract copy ( between the master and sub developer).
  
   
  • Architectural designs and plans for projects accredited from specialized bodies and the master developer.
  
   
  • Financial statement estimating costs and revenues of the project accredited by a legally certified auditor.
  
   
  • Project Undertaking letter from the sub developer to start construction work for the project after attaining the approbal of the master developer to sell off-plan, or a project undertaking letter from the developer to start the construction work if there was no sub-developr.
  
   
  • Sales contract copy ( between the developer and the buyer)



• What are the various types of companies that could be registered in the real estate broker's registry?
  
  
   
  • Local companies.
  
   
  • Local owned establishments.



• What is the role of the agency in relation to real estate advertisements in Dubai?
  
  Any real estate company planning to advertise the sale of their off-plan projects in Dubai via the local or foreign media or during exhibitions and events held in the emirate, they should submit an application form ( as indicated by the agency) with the following documents:
  
  
   
  • Copy of trade license.
  
   
  • Copy of the developer registration with the agency.
  
   
  • The projects' guarantee account number.
  
   
  • Copy of the title deed or sale contract with the master developer.
  
  
  In the case of advertising brokerage service without indication a specific project the company should only add to the application form the trade license, broker's number or office registration number.



• Is it possible to obtain information on the real estate brokers or companies certified by the agency?
  
  Yes. Those interested obtaining information about certified real estate brokers of companies by the agency should log on www.dubailand.gov.ae\rera.



• What is the role of the agency in relation to the owner's association?
  
  The agency will be responsible for registering the associations and attending the periodical meetings held by them.



• How will the issue of rents be handled by the agency?
  
  The agency will regulate the relationship between landlors and tenants via registeing all types of rental contracts. A comprehensive database for the rental sector in Dubai has been set and registrations for trade rentals will commence from the beginning of 2008.



• What will be the relation between the agency and the rental committee?
  
  Ther rental committee will continue its work as usual. However, the agency will provide standard rental contacts, endorsing all kinds of rental agreements, establishment of the rental sector database, conducting research and studies for the sector.



• How will the payments made into a guarantee account by managed?
  
  Payments will be managed on the following basis:
  
  
   
  • Installments will be made to the contractor of the project according to the agreement between the project consultant and the bank.
  
   
  • 5% of the sum will be given to the developers for marketing and other miscellaneous purposes.
  
   
  • Installments could be taken from the account if the sufficient funds were available for the completion of the construction of the project for the which the account has been opened.



• What are the financial bodies certified by the agency to manage the guarantee account?
  
  
   
  • Dubai Islamic Bank.
  
   
  • Emirates Islamic Bank.
  
   
  • HSBC.
  
   
  • Union National Bank.
  
   
  • National Bank of Dubai.
  
   
  • Tamweel (P.S.J.C).
  
   
  • Emirates Bank.
  
   
  • Commercial Bank of Dubai.
  
   
  • Standard Chartered Bank.
  
   
  • Badr (Mashreq Bank Islamic services).
  
   
  • Amlak (P.S.J.C).
  
   
  • Habib Bank.