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Law to ban freelance brokers announced at MERES Conference
- May 30, 2006, 4:54 pm
The second International Real Estate Agents Forum (IREAF 2006) hosted by Middle East Real Estate Society(MERES) and organised by Motivate Events ended on the 23rd May 2006 having addressed key issues related to the dynamic UAE property market.
The forum is aimed at bringing international standards to the rapidly expanding UAE and GCC real estate sector. Among the issues raised was the ending of freelance real estate agents by the Land Department’s new law. The law, which is in the final draft stage, is expected to be issued next month.
According to Marwan Ahmed bin Ghalita, Technical Administration Director of Dubai Land Department, the new law seeks to streamline the real estate brokerage sector to ward off problems arising from freelance brokers who operate without a licence .
Under the new law, only certified agents with a bona fide identification document from the Land Department can operate in the burgeoning real estate agent sector. “Once the law comes into force, the department will not allow any transaction that is routed through a non-registered brokerage firm” said Marwan.
Addressing the delegates at IREAF 2006, Marwan said “the law, seeking to streamline relationship between the agent and the clients, will also stipulate the parameters for grading the brokerage firms after taking into consideration the academic qualification and track-record of the agents. The law will also seek to slap black points on violators. The department will also make it mandatory that all agents need to undergo training courses conducted by the department to qualify as a certified broker”. The move will help root out fake agents, who are being encouraged by some developers.
Among the forum discussions, delegates debated topics such as common commission schemes, freelance real estate agents, challenges facing the property sales due to lack of construction quality and prompt delivery, governing agent’s practises and regulating the learning and training processes.
At the end of the three day event the forum made a series of resolutions. These included MERES (The Middle East Real Estate Society) to form a committee that will serve as the vocal point of communication within government entities, developers, agents, legal firms, investors and end users to reach resolution and recommend solution to bring the intended universal system to the brokerage industry in Dubai and beyond.
The next IREAF will take place in Doha, 2007 as MERES And the forum reaches out to a wider GCC audience.
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