The Ras Al Khaimah Land Department recently imposed strict new property contracts which had been handed down by the emirate's Economic Department. The contracts will be distributed to all real estate agents, who were warned that enforcement of the new contracts will reportedly be extremely strict as well.
Director-General of the Economic Department, Najeeb Al Shamsi, stated that the updated versions of the property contracts will be the only ones officially recognized by authorities, reported Gulf News.
Al Shamsi also pointed out that copies of the initial property selling contract, final property selling contract and tenancy contract had been forwarded to the Land Department, that responsible for providing the real estate agents with them. English versions of the original Arabic documents will also be provided to the Land Department and to Ras Al Khaima agents.
The new contracts are part of an effort to standardize such documentation among real estate agents, many of whom currently hold differing versions of the contract, a situation which has caused repeated problems between the parties involved.
260 real estate agencies currently operate in the emirate according to Al Shamsi, who warned that such agencies should avoid any manipulation of authorities and the system regarding sales within the emirate's property industry or face the consequences of the law.
