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Abu Dhabi’s Department of Municipalities and Transport (DMT) has introduced a unified contract template for selling off-plan units and plots on the master plan in the emirate’s development areas.
The initiative aims to regulate the buying and selling process between developers and investors, create a balance between the rights and obligations of both parties and enhance transparency in the local real estate market, DMT said in a press statement.
The implementation of the unified contract template aims to register sales and purchase contracts for off-plan units and plots in the development areas will commence on 3 July 2023.
The unified contract template includes important elements such as providing the investor with the escrow account details, precise property information, project details and completion date, and payment plan details.
The move will ensure that the project data and the escrow account will be documented and authenticated by municipal systems, thereby enhancing transparency, DMT said in its statement.
The unified contract template will include an unlimited number of specific terms and conditions agreed upon by both parties, provided they don’t contradict the general terms and prevailing legislation in Abu Dhabi.
(Writing by P Deol; Editing by Anoop Menon)
