All About Jointly Owned Property in Dubai

  • 1 year ago
  • Property Management, Real Estate Dubai,
  • 1
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“Units” refer to the sellable area of a development, whereas “common areas” refer to the shared sections of a complex, in a condominium. In the case of an apartment, a unit would be the title area. Hallways, foyers, swimming pools, and other recreational amenities are examples of common areas. The goods identified as full ownership are those that are owned in joint ownership with another party or parties.

A condominium owner association is formed when an investor purchases a condominium. They have certain obligations as a condominium owner, such as paying service fees for the management, administration, and maintenance of the condominium property and adhering to building rules and regulations.

What are the laws that govern co-ownership?

The co-ownership is governed by Law No. (27) of 2007. (“JOP Law”). Furthermore, the JOP Act’s “Guidelines” were published in 2010 to better guide developers and investors regarding their rights and obligations regarding condominium properties. The primary government agency in charge of enforcing the JOP law and the instructions issued. In addition, the Dubai Land Department is responsible for approving unit and common area plans.

Jointly Owned Property

RERA is Responsible for the Following Tasks:

  • Through the use of a common ownership statement, it assists developers in establishing a fair and equitable management structure for their developments.
  • Encourage developers to disclose all relevant information about their developments in “disclosure statements” for developments sold “off plan.”
  • Approve service costs after reviewing budgets and service cost information.
  • Homeowners associations can rely on this licensed company for community management services.
  • General assistance to ensure that developers, owners, and owners of owner associations meet their legal and JOP guidelines obligations.

Why is the law and the JOP guidelines important to me as an investor?

The law and the JOP directives provide a framework to ensure that investors understand the nature of their investment (via the use of the information declaration) and that their common property is managed in accordance with the appropriate sector.

As a result, if an investor wishes to purchase an apartment or a villa, he should inquire about the following:

  • Is a disclosure statement available?
  • Is there a co-ownership declaration or other similar documents for the project?
  • What are the service charges that implement?
  • Who owns the owners’ association, and are they RERA dealers?

Although not all of the above elements may be available for a specific project, having them available will assist the investor in understanding the nature of the project as well as the rights and obligations that exist. Furthermore, the publication of such documents would normally suggest that the developer is attempting to use best practices and is collaborating with RERA, the Dubai Land Department.

Furthermore, investors should be aware that the transfer of ownership of any real estate will necessitate a “certificate of no objection” from the manager of the homeowner’s association or the relevant developer (if no homeowner’s association exists), confirming that the relinquishing owner is in compliance with his obligations under the JOP Act, specifically that his payments for the service are up to date. Investors should also be aware that the Dubai International Financial Center (DIFC) Free Zone has a somewhat different but similar scheme for condominium ownership.

Binayah Real Estate is a leading property management company in Dubai. Offers his best services for buy and sell Dubai property and property management services in Dubai.

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