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Law No. (2) of 2022 Regarding Remote Real Estate Property Dispositions in the Emirate of Ras Al Khaimah

Law
Law No. ( 2 ) of 2022 Regarding Remote Real Estate Property Dispositions in the Emirate of Ras Al Khaimah We, Saud bin Saqr bin Mohamed Al Qasimi, Ruler of Ras Al Khaimah, Having perused the Constitution; The UAE Federal Law of Civil Transactions No. (5) of 1985, as amended; The UAE Federal Law of Commercial Transactions No. (18) of 1993, as amended; The Federal Decree-Law No. (45) of 2021, regarding the Protection of Personal Data; The Federal Decree-Law No. (46) of 2021, on Electronic Transactions and Trust Services; The Ras Al Khaimah Municipality Law of 1981; The Land Grant Law of 1981, as amended; The Law No. (7) of 2012, Establishing the Executive Council of the Emirate of Ras Al Khaimah; The Law No. (9) of 2017, on Regulation of E-Documents and E-Signatures in the Emirate of Ras Al Khaimah; The Law No. (11) of 2021, On Land Register in Emirate of Ras Al Khaimah; The Emiri Decree No. (22) of 2008, on Real Estate Development Escrow Accounts in Ras Al Khaimah, and After the Executive Council’s approval, Enacted the following Law: Article (1) In application hereof, and unless otherwise required by the context, the following terms and expressions shall have the following respective meaning: Emirate The Emirate of Ras Al Khaimah Department Ras Al Khaimah Municipality Department Authority Electronic Government Authority Sector Lands and Properties Sector Register The Real Estate Register Consideration The money mutually agreed upon by the parties in terms of cash as a consideration for the Real Estate Disposition Article (2) Without prejudice to the off-plan sale provisions, an electronic platform for remote real estate dispositions in the Emirate shall be created at the Department and managed and supervised by the Sector. Article (3) The platform must have the necessary and required technical infrastructure to provide the following services and ensure their continuous availability: 1. Creation of a database of properties offered for sale or rent, developers, brokers, real estate valuers, real estate offices and management companies in the Emirate. 2. Verification of the ownership of the real estate property subject to the disposition, its location, the dispositions thereon, the real estate interests thereon, if any, as well as all encumbrances and notes related thereto in the Register and notifying stakeholders with the same. 3. Facilitating, enhancing, and encouraging electronic real estate transactions of all kinds and protecting the rights of parties thereto and the confidentiality of their data and transactions. 4. Instantaneously notifying users of the data and actions that have not been fulfilled. 5. Displaying and making available a user guide to everyone in Arabic and the foreign languages commonly used in the country. 6. Verifying the electronic documents, signatures and stamps as well as ensuring that their elements, validity requirements and protection guarantees are fulfilled and secured. 7. Enabling the Sector to coordinate with the parties to the disposition and all stakeholders related to the real estate property. 8. Providing any other services consistent with the purpose of its creation. Article (4) The Department shall open an escrow account under an agreement between the Department and a bank qualified to manage these accounts, in which Consideration or expedited amount thereof and all fees and expenses related to the completion of the disposal procedures shall be deposited, and the agreement shall determine the conditions for managing the account and the rights and obligations of the parties thereto. Article (5) The Sector shall complete the procedures for remote disposition and registration thereof in the Register and send the title deed along with any other certificates extracted from the Register to the stakeholders after payment of fees and expenses. The commencement of the disposition procedures in paper documents does not preclude its completion through the platform to the extent that the justifications for its completion are satisfied. Article (6) The bank shall implement the operational instructions for the account issued by the Department and pay the Consideration or expedited amount thereof and the fees and expenses to the beneficiary, as the case may be, without restriction or condition, in accordance with the notice received by the Department. The payment may not be refused for a reason attributed to the bank’s relationship with the Department or one of the parties to the disposition. Article (7) If the disposition is a sale with deferred payment or in instalments, the seller may stipulate that the transfer of ownership to the purchaser be suspended until the price is paid in full, even if the sold real estate property has been handed over to him. Article (8) The Authority shall provide the necessary technical support and training for Sector personnel and jointly with the Sector issue the user guide. Article (9) The Director-General of the Department shall issue the necessary decisions in implementation thereof. Article (10) The Executive Council shall issue, pursuant to the Department’s proposal, a schedule of fees for services provided pursuant to this Law. Article (11) This Law shall be effective from 01 /07 /2022 and published in the Official Gazette. Saud bin Saqr bin Mohamed Al Qasimi Ruler of Ras Al Khaimah
  • In application hereof, and unless otherwise required by the context, the following terms and expressions shall have the following respective meaning:
    Emirate        The Emirate of Ras Al Khaimah
    Department     Ras Al Khaimah Municipality Department
    Authority         Electronic Government Authority
    Sector         Lands and Properties Sector
    Register        The Real Estate Register
    Consideration The money mutually agreed upon by the parties in terms of cash as a consideration for the Real Estate Disposition
  • Without prejudice to the off-plan sale provisions, an electronic platform for remote real estate dispositions in the Emirate shall be created at the Department and managed and supervised by the Sector.
  • The platform must have the necessary and required technical infrastructure to provide the following services and ensure their continuous availability:
    1. Creation of a database of properties offered for sale or rent, developers, brokers, real estate valuers, real estate offices and management companies in the Emirate.
    2. Verification of the ownership of the real estate property subject to the disposition, its location, the dispositions thereon, the real estate interests thereon, if any, as well as all encumbrances and notes related thereto in the Register and notifying stakeholders with the same.
    3. Facilitating, enhancing, and encouraging electronic real estate transactions of all kinds and protecting the rights of parties thereto and the confidentiality of their data and transactions.
    4. Instantaneously notifying users of the data and actions that have not been fulfilled.
    5. Displaying and making available a user guide to everyone in Arabic and the foreign languages commonly used in the country.
    6. Verifying the electronic documents, signatures and stamps as well as ensuring that their elements, validity requirements and protection guarantees are fulfilled and secured.
    7. Enabling the Sector to coordinate with the parties to the disposition and all stakeholders related to the real estate property.
    8. Providing any other services consistent with the purpose of its creation.
  • The Department shall open an escrow account under an agreement between the Department and a bank qualified to manage these accounts, in which Consideration or expedited amount thereof and all fees and expenses related to the completion of the disposal procedures shall be deposited, and the agreement shall determine the conditions for managing the account and the rights and obligations of the parties thereto.
  • The Sector shall complete the procedures for remote disposition and registration thereof in the Register and send the title deed along with any other certificates extracted from the Register to the stakeholders after payment of fees and expenses.
    The commencement of the disposition procedures in paper documents does not preclude its completion through the platform to the extent that the justifications for its completion are satisfied.
  • The bank shall implement the operational instructions for the account issued by the Department and pay the Consideration or expedited amount thereof and the fees and expenses to the beneficiary, as the case may be, without restriction or condition, in accordance with the notice received by the Department. The payment may not be refused for a reason attributed to the bank’s relationship with the Department or one of the parties to the disposition.
  • If the disposition is a sale with deferred payment or in instalments, the seller may stipulate that the transfer of ownership to the purchaser be suspended until the price is paid in full, even if the sold real estate property has been handed over to him.
  • The Authority shall provide the necessary technical support and training for Sector personnel and jointly with the Sector issue the user guide.
  • The Director-General of the Department shall issue the necessary decisions in implementation thereof.
  • The Executive Council shall issue, pursuant to the Department’s proposal, a schedule of fees for services provided pursuant to this Law.
  • This Law shall be effective from 01 /07 /2022 and published in the Official Gazette.

Classification
  • Information Technology
  • Artificial Intelligence
  • Real Estate Affairs
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