DUBAI 24 May 2020: Dubai Land Department (DLD), has successfully introduced a new registration system for real estate transactions, which allows real estate owners to complete sales transactions for their properties remotely from anywhere in the world.
The new system allows them to complete procedures and transactions without being physically present in Dubai or delegating it to someone else.
“The new system allows direct interaction between the seller and buyer and the finalisation of procedures through audio-visual communication,” it added.
DLD went on to explain that the verification process for authenticating property owners and confirming their approval for the transaction can be conducted digitally and remotely. “The system also facilitates money transfer through an escrow account that protects the rights of all parties. Money transfers can be transferred within three working days to the seller’s account. The department has successfully completed 550 transactions worth Dh600 million through this system.
Total real estate transactions processed over the last two months by the Dubai Land Department and real estate registration trustee offices operating part time reached 3,000.
The registration processes start with sending details of real estate transactions to the registration trustee, and then verifying the details of the property, parties involved and the transaction amount. The transaction amount is then transferred to a guarantee account managed by the Dubai Land Department.
Following the identification of the buyer and seller via an audio-visual call and authentication of all parties through other methods, the transfer of the property deed from the seller to the buyer is completed. The transaction amount is then transferred to the seller’s account and the property deed transferred to buyer. The department is currently working on developing a registration system based on artificial intelligence and blockchain technologies.