Real Estate Regulatory Agency (RERA) is a regulatory arm of the Dubai Land Department (DLD), that forms, regulates, and authorizes the real estate sector in Dubai. Here we have the most important forms that the first-timer in Dubai must know before selling or purchasing any property in Dubai.
Form A – Broker’s Contract Agreement/Listing Form:
This is one of the important RERA forms. It is an official agreement between the real estate agent and the seller for listing the property in the market. This form is to keep a record and allow the seller to list the property in the real estate market with a permit number ensuring that no other parties can advise the property other than the agreed agents. Form A will include all the details of the property, including financial details like service charges, mortgage status, and payment schedules.
A seller’s information must be obtained by the broker when a property is listed for sale. Form A must be signed by all the owners of the property if it is jointly owned by more than one person.
Form B – Buyer’s Agent Agreement:
It is advisable to hire a qualified agent as he/she will be able to get you the right property based on your needs and financial status. One can find qualified RERA real estate agents in Dubai on their official website. The professional agent has to work only for the buyer. So, the buyer’s agent will have to fill Form B and the buyer(s) sign the agreement.
The buyer can decide to terminate the agreement with the agent for any reason. But they are required to give at least 7 days written notice to the agent giving the reason for termination. For proper termination, they have to fill Form U.
Form I – Agent to Agent Agreement:
If two RERA-certified agents decide to work together, they are required to fill Form I. The forms main aim to protect the agent listings, agent clients and to make a professional relationship between the two agents.
Form F – Purchase Agreement Contract:
It is a purchase agreement where the details of property, price, and terms and conditions of the property which is to be purchased.
Once the form is signed by the purchaser and the seller and is witnessed and dated by the agent, then only it is called a valid contract.
Form U – Notice of Termination of agreement:
It is used to terminate the contract between the two parties who are involved in a transaction or listing. Both the purchasers and sellers can use form U in order to terminate Form A or Form B.