The Dubai Land Department (“DLD”) has announced the launch of a new initiative known as the 'Real Estate Lawyer', in partnership with Al Tamimi & Company.
The initiative has been created to facilitate growth in the real estate market by providing greater support for real estate investors (and other stakeholders, including lenders), and encouraging further foreign investor participation in Dubai. It is designed to increase transparency, facilitate access to key information with certainty, streamline real estate transaction processes, and reduce transaction time.
Al Tamimi is proud to be the first, and presently the only law firm, certified by the DLD to provide such services to its clients. These services are available to clients of the firm, whether in their capability as a developer, seller, buyer, investor or lender and include:
Legal Due Diligence: Al Tamimi is able to remotely conduct an enquiry / search of the DLD Real Estate Register and Interim Register to access the information contained thereon in respect of a property in order to identify the status of the property, nature of title, the existence of encumbrances registered including mortgage or attachment order, together with the identity of the owner.
Corporate Ownership Certification: Al Tamimi is authorised to certify the ownership structure and authorised signatories for companies that own or wish to purchase real estate in Dubai. This avoids the need for the shareholding structures and ownership details to be produced directly to DLD for verification, as Al Tamimi is able to do undertake such verification and certification directly on the DLD’s behalf.
Escrow Services: The DLD will maintain and manage escrow accounts. However, Al Tamimi is authorised by the DLD to liaise with and monitor deposit and release of funds into and out of the escrow account.
The above new offering provides our clients with more comprehensive reports, greater certainty and transparency when making an informed investment decision, a fast-track service and ultimately a reduction in costs.
Mohammed Kawasmi, Partner – Real Estate, explains our new service offering in more detail in the below Arabic and English videos:
Our flyer explaining the new service offering in full can also be viewed here.