http://www.clydeco.com/knowledge/articles/dubai-real-estate-interim-registration-update.cfm

Please read this...

234sale What happened to the information that you promised to post from Rera regarding the law on Oqood?


I shall answer to the best of my abilities, the information disclosed represents an opinion. You should check yourselves with any professional representative that deal’s with such issues.

So

I discussed the details and requested RERA issue details specifically as requested.

http://i46.tinypic.com/30m48ar.jpg

^^ Issued by RERA. current procedure, though does not form any law.

Fee for Oqood is paid only once to register the unit. Yes, it is mentioned twice, on this document
But according to RERA, it is only paid once.

Developers that have not sold any unit, may choose not to register until the title deed.

*Now who actually pays for this fee is a little unclear.. No regulation specifically has been issued.

I do have the newspaper article, but I would suggest to, revert to any sales and purchase contract.

BUT

If the unit is not registered on Oqood, RERA regulation will not apply to this unit.

Thus you would use Dubai Courts to address issues, rather than RERA.

I have looked all over RERA's site for info on above issue but not found anything usefull with regards to who pays and how much.

The Clydeco article above....

http://www.clydeco.com/knowledge/art...ion-update.cfm

......mentions pre regstration fees to be 1 % of purchase contract from both buyer and seller ( developer ) in addition the fees mentioned in the flyer, AED295, posted above. The funds should all be in managers check and the buyer delivers this check to the developer whom in turns deliver to RERA ( things that make you go hmmm ).

To confuse things further, many developers in Dubai are now issuing demands on individual property buyers for fees ranging from AED295 up to AED2000, all purported to be in compliance with law relating to property pre registartion fee. Damac just sent a demand for AED2000 pre reg fee on a building that is just a whole in ground out in IMPZ.

Why is Dubai's real estate regulation so confused and jumbled ? Who makes these laws and who manages them ? Its been done in so many other countries before, why cant Dubai/UAE get their act together ?!!

^^ That infomation is outdated, from clydeco

The fee is 295AED.

The 1% is reffering to DLP registration that is done on completion.

The 1000AED sheet, reffers to Sales Fee, transfer fee or mortgage registration.



As you put, "fees ranging from AED295 up to AED2000"

The fee is only 295 AED, anything is developers trying the luck.

Once paid. impossible to get it back...


If you are being forced to pay the 295AED fee, or even more ask yourself this.

If the unit isn't registered on oqood, how can it be cancelled on oqood.




Good luck people..

Thanks, good info, would you know if this info is available on RERA's site, the AED295 fee for Oqood fee ? I need to print out and show to the Damac thieves over in Tecom. Without anything in writing from official sources I have no ammo....

http://i46.tinypic.com/30m48ar.jpg

This is the oqood fee registration form...

The actual registration is done online, fee is billed to the developer later.


RERA is a ware other developers are charging other amounts. I think if you have paid, it would be difficult to get the cash back.

I did my Zumurud units registration today,for the first unit I paid 1 % of the OP +295 AED ,for the second unit paid 1 % of the OP +295 AED + 0.25% of the mortgage amount.

The whole process was fast , I spent there one and half hours only and got the title deeds.

I met a nice Emarati man there , when he saw my passport just said that he knows me from the Skyscrapercity because he is checking the photos every day :)

:cheers:

I did my Zumurud units registration today,for the first unit I paid 1 % of the OP +295 AED ,for the second unit paid 1 % of the OP +295 AED + 0.25% of the mortgage amount.

The whole process was fast , I spent there one and half hours only and got the title deeds.

I met a nice Emarati man there , when he saw my passport just said that he knows me from the Skyscrapercity because he is checking the photos every day :)

:cheers:

Hi Imre,
Do you know if individual can register or it has to be a developer to register.
Thanks

Update...

They have just changed all transaction fees chargable to the developers balance..

It is now 1000AED per transaction, payable by the developer. registration on oqood, edjara registration.

A developer must register the unit as RERA wont communicate with the individual.

But they also suggest the developer can charge the individual these fees and best not to not start a transaction until the investor has paid.

Update...

They have just changed all transaction fees chargable to the developers balance..

It is now 1000AED per transaction, payable by the developer. registration on oqood, edjara registration.

A developer must register the unit as RERA wont communicate with the individual.

But they also suggest the developer can charge the individual these fees and best not to not start a transaction until the investor has paid.

^^

Just a few things for clarification Sale and thanks for this info...
Was ogood a lot more previously or less?

Is this a new ruling that developer is responsible for payment - what happens if individual already paid installments relating to off plans and from those installments (which belonged to investor) the developer paid the fee? Is there a refund back to the investor - how does it all work? As it suggests above the developer apparently can charge the fee once the investor has paid? I don't quite get it...who is really responsible for payment?

What is Edjara Registration?

and the bit about RERA won't communicate with the individual? Any reason why?:):)

Previous registration fee was 295AED paid by the developer.

Some developers previously requested fees in excess of this from the client, claiming if the client didn’t pay, they were going to cancel. To cancel a unregister unit, Hmmm,, kind of impossible.

Now we have had a review of the system, any transaction at RERA costs 1000 AED, this money is deducted from an account that RERA has opened for the developer to pay funds into for these transactions, they will deduct any charges from this account.

They suggest that the developer charges this to the client in advance,, but the issues come that how can developers seek this money, as it is the responsibility of them to pay on behalf of any buyer. Again, it will cause more arguments,, more importantly, if you haven't yet registered your off plan unit,, it more expensive.

So that's how it is as of Today,, but you can see issues as it's another twist in the system.

The only fee that has not yet to be set is cancellation,, they haven't said it is free, just not yet set a current level.

Edjara Registration is if you take a mortgage, thus the client / bank will have to pay to register, then unregister the mortgage for title deed..

What we are seeing is the market maturing day by day, procedures starting to be set, RERA now has a new computer system which consolidates many of the departments. Soon Strata Law will be full implemented; and OA's will have much more power.

^^^^
Thanks for that..appreciate the information.

However just one thing how does one register an off plan when it is impossible to even get any info from RERA or is the lands department (are they both the same) to find out whether or not this has been done and when?

There is certainly a difference from 295 to 1000 AED..and in a very short time frame it appears. I actually noticed the previous comment after writing the above.

The information from RERA is really topsy turvy...it seems like they make things up as they go along...agree totally with what you mention above re arguments, issues etc..it just doesn't seem like it has been well thought out and again very one sided in all respects.

Once handover from the developer has been completed, how would an individual go about trying to transfer ownership to his own Limited Company.

Would a lawyer be needed in Dubai or can the transfer be registered directly using the Oquood system?

Many thanks!

Oqood is pre-registration before the title deed.. This system is not for end users, only developers registering the sale with RERA.

You could request the developer you purchased from to change the name in Oqood, this is likely to have a cost of 1000AED to the developer, but they may request this amount plus a fee in advance.

Now as an individual, your company UK, EU, US can buy property in Dubai. Some problems can be if you try and set up an off-shore company to avoid transfer fees.

^^ Thanks 234Sale.

So OQOOD can't be used here.

Once handover has taken place and the deed registered in my name, I am surely free to sell the property to my own UK limited company without having to pay the developer?

My question is how would I go about changing the name on the deed from myself as an individual to my limited company and formalising the sale? Would I need to use a selling agent or could I do this myself?

thanks in advance

^^ Your only paying the developer as RERA will bill them for the work.

Update,, oqood is down and the guy is on holiday, so nothing can happen today.

Maybe it is better to do it now, rather than wait as it could be more expensive.

Yes it is true that you can change a name on a title deed,

Agents will need all sort of paperwork to do it for you, better to just inform the developer that your company is the own,, maybe its not registered yet.

^^

It's not the OQOOD fee I'm concerned about. It's the 2% of purchase price transfer fee which the Developer will try to impose if I tell them to register it under a different owner. This equates to AED 13,500.

The developer is running 3 years late and has tried every trick in the book to avoid paying compensation. I am not willing to pay them another cent and would rather pay a another selling agent to handle the transfer after handover.

Honestly a simple request to change the name shouldn't be a pronblem.

This will cost 1,000 AED max to do on RERAs system, or you can do it as you said a title deed registration.

As to geeting an agent to do it, maybe but you will require all sorts of poa's and docs if you are not here yourself.

Dear all I want to sell a unit in Dubai I am not living there so I want to use a real-estate to do it for me they ask for SPA pages ,unit details,owner details ,payment plan and layout plan , i don't have OQOOD registration , they asked me if I have ?is it safe to send them my contract information , is it possible for them to change my contract to their name?