DLD launches new policy for jointly owned properties

The launch of the policy aims to establish special procedures and mechanisms to help regulate the transactions of all parties.

Dubai Land Department (DLD) through the Real Estate Regulatory Agency (RERA) launched a Conflict of Interest & Party Transactions policy for jointly owned properties.

The launch of the policy aims to establish special procedures and mechanisms to help regulate the transactions of all parties of jointly owned properties and promote their roles and responsibilities as well as identify and manage conflicts to avoid exploiting private interests in managing such properties.

The policy’s document requires that all related party transactions be disclosed in the annual report. Auditors will be inspecting the report, and any related party transactions shall be verified with due diligence. Failure to adhere to this policy may result in the termination of contracts and incurred fines on managers of jointly owned properties as well as other financial penalties.

Source – Khaleej Times – Read the full article here