Abu Dhabi introduced a sample contract of off-plan transactions

Department of Municipalities and Transport (DPT) presented a unified Contract Template for off-plan real estate and land sales transactions.

A single sample contract will be used in transactions between the developer and the investor. According to the idea of the authorities, the mandatory use of a standard contract should help better regulate electronic transactions, balance the rights and obligations of the parties, as well as ensure greater transparency and reliability of real estate transactions.

A single sample contract requires, in particular, providing the investor with escrow account data, accurate and reliable information about the property, details about the construction project and information about the delivery dates. Another requirement is the mandatory completion of the contract in two languages, Arabic and English.

All data from the contracts will be entered into municipal registers. The use of a single contract sample in Abu Dhabi will begin from July 3, 2023.