What Is the constructions and the handover Law in Dubai? Is it made to secure all kind of Real Estate Investors?
Dubai has become one of the world’s most sought-after destinations for real estate development in recent years. The city is home to some of the world’s most iconic and luxurious buildings. To ensure the safety and rights of buyers, the Dubai government has enacted several laws to regulate real estate development in the city. One of the most important of these laws is the Handover Law, which governs the handover of properties to buyers.
The Handover Law requires developers to meet certain requirements before they can hand over properties to buyers. These requirements include obtaining a completion certificate from the relevant authorities and ensuring that all necessary infrastructure, such as roads and utilities, are in place.
Developers are also required to provide buyers with a detailed snag list, which outlines any defects or issues with the property. Buyers have a set period of time, usually 14 days, to review the snag list and report any additional issues they may have found.
Once the snag list has been completed, developers must rectify any defects or issues within a specified period of time, usually 30 days. This ensures that the property is in good condition before the handover takes place.
The Construction and Handover Law also requires developers to place funds into an escrow account. These funds are used to complete the construction of the project and to pay for any necessary infrastructure. The funds are only released to the developer in stages, based on the completion of certain milestones.
CONCLUSION:
The Construction and Handover Law is a crucial piece of legislation that protect the rights of buyers and ensures that developers meet certain standards when handing over properties. By enforcing this law, the Dubai government has helped to create a safe and secure environment for real estate development in the city. If you are considering purchasing property in Dubai, it is important to familiarize yourself with the Handover Law and its requirements by following up with Your real-estate expert.