Property Transactions and Documentation Flashcards

What anti-money laundering obligations apply to RERA-licensed brokers?

Answer: Customer due diligence, suspicious transaction reporting, record keeping, and compliance with UAE AML/CFT regulations for real estate transactions

RERA brokers must comply with UAE AML/CFT regulations: conducting customer due diligence (KYC), reporting suspicious transactions to the FIU, maintaining transaction records, and completing AML training.

What tenant rights are established by Dubai Rental Law No. 26 of 2007?

Answer: Right to quiet enjoyment, protection from arbitrary eviction (12-month notice required), rent increase caps based on RERA index, and security deposit protection

Dubai Rental Law establishes tenant rights including quiet enjoyment of the property, protection from arbitrary eviction (12-month notarized notice required), rent increase limits tied to the RERA rental index, and security deposit regulations.

What are the grounds for eviction of a tenant in Dubai?

Answer: Non-payment of rent, subletting without consent, illegal use of property, owner's personal use (with conditions), demolition or major renovation, all requiring proper notice

Legal eviction grounds include: non-payment after 30-day notice, unauthorized subletting, illegal use, property endangerment, owner's personal use (2-year prohibition on re-letting), and demolition/major renovation (with RERA approval).

What is the Oqood system used by the Dubai Land Department?

Answer: An interim registration system for off-plan property sales that registers the buyer's interest before the project is completed and title deed can be issued

Oqood is DLD's interim registration system for off-plan properties, recording the buyer's interest in a property under construction. Upon project completion, the Oqood registration converts to a final title deed.

What are the key clauses a RERA broker should review in a tenancy contract?

Answer: Rent amount, payment terms, contract duration, renewal terms, maintenance responsibilities, security deposit, permitted use, and termination conditions

RERA brokers should review: rent and payment terms, contract duration and renewal provisions, maintenance obligations (landlord vs tenant), security deposit amount and return conditions, permitted use, and early termination provisions.

What is the power of attorney (POA) requirement in Dubai property transactions?

Answer: A notarized POA is required when a party cannot be physically present for the transaction, with specific requirements for property-related POAs

When a buyer or seller cannot attend the DLD transfer in person, a notarized Power of Attorney specific to the property transaction is required, typically attested by the UAE embassy if issued abroad and notarized in Dubai courts.