Dubai is no
longer seen as a dry, barren desert with scorching weather. It has over the
years, become a global attraction for millions across the world, with a little
something for everybody. However, one is sure to be shaken when they read about
rental scams in Dubai. For instance, recently,
there was news about residents and landlords who had been scammed by phony
rental agents.
The most
widely-known story was that of two owners of a highly reputed entertainment
company. These owners cashed in rental cheques, but failed to pass on the total
amount owed to the landlord; before running away from the country with millions
of Dirham’s. It is against the law for a person to execute any form of brokerage
activity in Dubai until and unless they have a licence by the RERA (Real Estate
Regulatory Agency). The victims of the rental
scam had one thing in common; they all said that; they had given money
based on trust, and no checks had been done by any of them.
Prior to RERA,
there was no standard sales agreement, no training for rental property brokers, no standard form or clauses, or even a
legal necessity for a lawyer to help out. Thus the RERA was founded – an
organisation which helps in the regulation of agencies, agents as well as
developers. It also helps in liaising with, and recommending new property laws
to, the Government. Besides, it also aids in developing various processes and
documentation, for standardised procedures that are linked to property
management. This way, they can keep a check as well as help in establishing
real estate agreements, which consist of rental agreements. The agency also
gives information and statistics on the Dubai property market to both, the
Government and the public.
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