Being an agent for properties acting as an agent for property Dubai is a strictly controlled process, thanks to the initiatives of Dune buggy Dubai. Real estate agents who deal with properties in Dubai are referred to as brokers and the related agencies of the Dubai government, such as RERA and RERA maintain a list of brokers who are registered. The efforts of RERA as well as the Dubai government to regulate brokers' registration and issuing licenses to them is a crucial step in creating transparencyand protecting the interests of all parties involved in a property transaction.
Generally speaking, brokers who are registered in Dubai are classified into two classes:
Class A - Most of them are local UAE citizens who led the expansion of the city Dubai and are exempt from the other registration eligibility requirements through the authority of the Chairman. Their names are registered in the Broker's Register of the RERA together with the evidence of certification from the Chairman.
Class B - Organizations and individuals that are both local and non-local who meet the requirements for obtaining the broker's license and have an active license issued by the competent authorities.
Eligibility Requirements to Broker Property in Dubai
To be able to deal with property within Dubai as a registered Class B licensed broker local or international applicants must meet the following eligibility requirements:
Take the Brokerage test administered by the Land Department
Complete any course of study in real estate that is accredited through the Land Department
Show that none of the directors or owners of the company you are requesting to investigate had before been declared bankrupt or found guilty of a crime that involved breach of trust or honor.
Join The Dubai Chamber of Commerce & Industry
Get a valid lease or ownership for the brokerage office.
Get a valid license for trade from the relevant authorities
Anyone working for an agency for brokerage and as a broker of real estate in Dubai is also required to have an personal registration with the authorities. They also issue an identity card that has a photo and license numbers from RERA.
What Can a Real Estate Agent operating outside Dubai deal with Property in Dubai
One thing to keep in mind is that those who operate outside of the normal jurisdiction of Dubai government are not able to be registered on the broker's register. This is also the case for those operating from free zones or offshore entities within the UAE. However a registered developer and a broker registered, may apply for an "Special Permit" to be granted to an individual outside Dubai to sell properties. In these cases,
The agent outside must provide their accreditation from the respective government-certified and attested UAE acceptable format
There must be a formal contract between the Developer and the Agent and its copy must be presented to the appropriate Dubai authorities in Dubai.
The Dubai registered broker must provide an undertaking to the authorities in order to be completely responsible for the actions of the external agent
A profile of the company's external agent, along with certified copies of the passport as well as the proof of residence of each director of the company external to be submitted. to be provided
All purchase money, including part-payments, has to be deposited into the trust account for project funds of the property that is relevant in Dubai
If the above conditions and other formalities are satisfied, the Dubai land authorities can issue the permit special required by a person or company located outside Dubai to serve as an agent for properties in Dubai.