Abu Dhabi’s Top Property Lawyers for Safe Property Deals
The Abu Dhabi real estate sector has seen rapid and consistent growth in the last decade, involving multi-million-dirhams’ worth of investments. The trend is a result of the robust laws and regulations surrounding this sector, as well as an increase in first-time investors from the expatriate community.
Real estate investments can be profitable and secure only if the investors are diligent regarding the buying process. Let us look into t... moreAbu Dhabi’s Top Property Lawyers for Safe Property Deals
The Abu Dhabi real estate sector has seen rapid and consistent growth in the last decade, involving multi-million-dirhams’ worth of investments. The trend is a result of the robust laws and regulations surrounding this sector, as well as an increase in first-time investors from the expatriate community.
Real estate investments can be profitable and secure only if the investors are diligent regarding the buying process. Let us look into the various ways in which a real estate investor can make secure investments in properties in Abu Dhabi.
1. Conducting Due diligence of the property and the developers
It is of the utmost importance that investors conduct thorough due diligence of the property before investment. Buyers must ensure that the property does not have outstanding arrears, and is not involved in any legal dispute. This may be done by verifying the title deed. Additionally, investor must ensure that the developer is duly licensed with RERA and guarantees compliance with the local laws.
Property lawyers in Abu Dhabi can help new investors carry out due diligence of property and the developers. Due to their expertise in the legal filed, they will be able to thoroughly analyze title deeds and pick out irregularities in the documents, if any.
2. Contract review and negotiations
Real estate transactions are bound by the agreements between the parties, in the form of the Sale Purchase Agreement (SPA) and any other contract between them. In order to understand the rights and obligations of the seller, it is extremely important to examine the agreements and ensure that the provisions in the contract are balanced and not against the interests of the investor. The SPA also lists out the project timeline and penalties in case the project is not completed in the said timelines. This is crucial for investors to understand whether the project is facing delays.
Abu Dhabi property lawyers can help investors review and negotiate the terms of the contract and advise them if the contract is biased against the investor’s interests.
3. Ensuring legal compliance
In addition to conducting due diligence of the property before its purchase, it is also important to understand the legal framework around real estate in Abu Dhabi to ensure that the purchase is compliant with the local laws. The Abu Dhabi real estate law is provided under Abu Dhabi Law No. 19/2005. Expatriate investors must also ensure that the property to be purchased is within the investment areas prescribed for investment for non-nationals of the UAE.
It is for this reason that investors are advised to consult with Property lawyers in Abu Dhabi to understand local laws governing real estate transactions.
4. Safeguarding financial transactions
Real estate transactions involve a large amount of money and it is important to safeguard this money until the property development is complete. Investors are thus advised to deposit the money in ESCROW accounts registered with the competent authorities, to mitigate risks and achieve secure deals.
Investment in properties is lucrative and can yield large profits if done correctly. It is therefore advised that investors, particularly when investing for the first time, consult with the Property lawyers in Abu Dhabi to ensure profitable investments, and secure and smooth transactions.
