News developments
Abu Dhabi: Bolstering Real Estate Regulations and Launching Digital Platform
The Abu Dhabi Global Market (ADGM) has announced significant enhancements to its Real Property Regulations, introduced new off-plan development regulations, and launched a unified digital platform, AccessRP.
Analysis
Key enhancements of the revamped regulatory framework aligned with English Common Law and best onshore practices in the region:
– regulatory legislation for short-term residential leases;
– enhanced legislation for off-plan development;
– off-plan sales;
– escrow arrangements; and
– a new registration framework for real property and professionals such as brokers, valuers, and property managers.
The AccessRP digital platform will provide a comprehensive range of real estate services, including transaction services for buying, selling, leasing, and mortgages, as well as new developer services for off-plan development, project registration, and account management. Additionally, the platform will offer owner services such as certificate issuance and Power of Attorney registrations, enhancing the customer experience and easing real estate procedures within ADGM’s jurisdiction.
In this regard, the ADGM has issued the Real Estate Regulations 2024 and Off-Plan Development Regulations 2024.
ADGM’s Real Property Regulations provide a comprehensive framework for the administration and management of real property interests and transactions within its jurisdiction. The regulations cover various aspects, including types of real property interests and conveyances, registration processes, the establishment and maintenance of a real property register, provisions for joint holders, transfers, eminent domain, leases, mortgages, statutory charges, easements, covenants, deceased estates, writs, caveats, and instruments.
They outline the appointment and duties of the Registrar, the contents of the register, and the requirements for initial registration of real property and titles. They also address specific matters such as joint ownership, severing joint tenancy, lease obligations, permitted uses, variations, terminations, and renewals, as well as mortgage requirements, variations, discharges, and foreclosure procedures.
Covering the registration and management of statutory charges, easements, covenants, and deceased estates, they provide guidelines for writs of execution, caveats, and the execution and lodgement of instruments and outline the powers and proceedings against the Registrar, search procedures, existing rights, contraventions, and miscellaneous provisions.
Furthermore, the regulations include transitional provisions specific to Al Reem Island, addressing existing musataha, usufruct, ownership, granted land, and lease interests, as well as corrections to the register, priority of registered instruments, and the application of these regulations to real property located on Al Reem Island and Al Maryah Island.
Off-Plan Development Regulations 2024
It provides a comprehensive framework for the regulation of off-plan real estate development and sales within the Abu Dhabi Global Market (ADGM) jurisdiction. It covers the establishment and contents of registers, publication of information and search procedures, registration requirements for off-plan developers, and the process for registering off-plan projects.
The regulations outline restrictions on off-plan sales, application procedures for developer registration, building permits, and approvals. They also address the relationship between developers and the Registrar, notification requirements, and administrative services.
Furthermore, they detail the registration process for off-plan projects, including project name registration, application requirements, utility contracts, mortgage restrictions, and registration on the Real Property Register. Provisions related to project accounts are also included.
The regulations specify the form and disclosure requirements for off-plan sales agreements, as well as procedures for handling major changes and failure to pay the purchase price.
The outline also covers the powers of the Registrar, including the authority to request information, waive requirements, state cases, correct registers, and collect fees.
Transitional provisions are outlined for ongoing off-plan developments on Al Reem Island, including provisions for further extensions of time.
Finally, the regulations address contraventions, sanctions, warning and decision notices, the Registrar’s procedures, the right to refer decisions to courts, access to materials, protected items, publication, censure statements, suspension, cancellation, and fines.
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