- Initiative aimed to increase transparency, streamline property transaction processes and reduce transaction time
- Strategy to provide support to property buyers and attract foreign investors
With the aim of providing further support for real estate investors and encouraging foreign investor participation, the Dubai Land Department (DLD) has announced the launch of a new initiative, ‘Real Estate Lawyer’, in association with law firm Al Tamimi & Company.
The initiative is designed to increase transparency, streamline real estate transaction processes, reduce transaction time, and facilitate strategic partnerships between public and private sectors.
Under this initiative, certain licensed law firms will be permitted to remotely access the DLD’s registers online and get information relevant to an investment or transaction. This practice will help provide greater transparency when making an informed investment decision.
‘Real Estate Lawyer’ would also 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.
The certified law firm will also be able to provide and act as an escrow agent, administering the escrow account for the payment of deposits or purchase funds.
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