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Brokers in Dubai to register before Feb 4 or else…
- February 1, 2007, 7:49 pm
The first stage in enforcing steps to clean up Dubai’s shoddy property broker industry will come into effect this Sunday, just eight days after the government first announced its new broker registration law.
From next week onwards, Dubai Land Department will refuse to register sales transactions made by brokers who have not been officially recognised by the government, meaning that any property sale brokered by an unlicensed agent will effectively cease to exist.
The move comes hot on the heels of the new regulation forcing brokers to register with the land department, giving officials a data-base of firms and individuals operating in Dubai.
Brokers will receive a registration card and government approval to transact real estate deals.
“This latest initiative signals our commitment to ensuring that land transactions in Dubai are foolproof, secure, transparent and supported by competent, professional people,” said Khamis Mohammad Al Muhairi, head of the department’s Land Evaluation and Studies Centre.
Craig Johnson, general manager of Dubai-based property consultants Landmark Properties, said he was pleasantly surprised at the speed with which regulation has been backed up by enforcement.
“This shows that the land department is very serious about adding weight to their regulations and attempting to enhance the image of Dubai’s real estate sector. It will drive a wedge between agents who take this law seriously and the small-time brokers who don’t,” he said.
Brokers who are yet to register will still be allowed to do so after Sunday, say Land Department officials, who added that their latest move is only first step in enforcing the new regulations.
In coming months unregistered brokers will not be able to renew their trade licenses with the Ministry of Economy.
This will be followed by an advertising campaign encouraging the public to demand evidence that brokers are licensed.
By mid-2007, the land department will begin putting brokers through a training programme and a series of profession tests to eliminate those who don’t make the grade.
Firms or individual brokers who pass the test stage but go on to break the land department’s code of conduct will receive black points leading to possible suspension or cancellation of their registration. Under the by law, individual brokers must pay a Dh500 fee to receive a registration card, while firms themselves must pay AED 5,000 to be registered and face annual re-inspections.
Source - Robert Ditcham, Gulf News
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