The joint property has been finally gazetted on 19th Sep 2019 law No (6) of 2019 is regulating the joint ownership of real estate in the emirates of Dubai. This law is about the management of mega building projects. Joint Property Law will come in effect on 18 November 2019.
All stakeholders must comply with the Joint Property Law by 18 May 2020.
Law num 27 of 2007 gazetted on 10th Dec 2007 ha been replaced by the joint property law.
The Directions and any joint property documentation approved by RERA remain valid to the extent not inconsistent with the Joint Property Law.
Managing agent will be responsible for the management of the joint property of master community which was previously managed by owner’s association.
Nine (9) residency owners (regardless of nationality) will be appointed as advisors
The managing agent will; eb a part of all contract of master community or joint property.
The Managing Agent must enter into all contracts for the Joint Property or Master Community and hold the relevant insurance and shall be required to give a bank guarantee for an amount to be determined by DLD.
Joint Properties now fall into three categories: (1) mega projects; (2) hotel related projects; and (3) simple joint properties, with different rules pertaining to the management of each type of Joint Property.
The status of management of master communities has also been clearly mentioned
RERA will supervise the role of service.
RERA has an autonomy to appoint and remove mangers and committee members.
Fines of up to AED 1,000,000 for first offences and AED 2,000,000 for subsequent offences may be issued.
The Rent Disputes Settlement Centre will now have jurisdiction to resolve disputes in relation to Joint Properties.
Stake holders of joint property law
The Joint Property Law affects the following stakeholders who should take advice on what steps will need to be taken to bring their operations into compliance:
Master Developers and Developers
Source: UAE Property law gazette ( Composed by Sheher bano )