The Department of Municipalities and Transport (DMT) has introduced a Unified Contract Template for the sale of units and plots on the master plan in Abu Dhabi’s development areas.
The Unified Contract Template is a real estate sales agreement between the developer and the investor that regulates the buying and selling process when the property is off-plan.
The initiative aims to regulate e buying and selling process between developers and investors, achieve a balance between the rights and obligations of both parties and enhance transparency and trust in the real estate market in the Emirate.
The implementation of the Unified Contract Template exclusively for registering sales and purchase contracts for off-plan units and plots in the development areas will commence on July 3, 2023.
The Unified Contract Template includes elements such as providing the investor with the escrow account details, precise property information, project details and completion date, and payment plan details. This ensures that the project data and the escrow account will be documented and authenticated by municipal systems.
“The Unified Contract Template incorporates general provisions that ensure a balance between the rights and obligations of both parties,” DMT said in a statement on Tuesday. Additionally, it allows for the inclusion of an unlimited number of specific terms and conditions agreed upon by both parties (provided they don’t contradict the general terms and prevailing legislation in the Emirate).
“The introduction of the Unified Sales Contract aims to enhance the governance of the real estate market, provide a seamless and efficient government service experience, and accelerate digital transformation in Abu Dhabi,” said Dr. Adeeb Al-Afifi, Executive Director of the Real Estate Sector at the Department of Municipalities and Transport.
The Unified Sales Contract offers a range of other benefits, including ensuring the alignment of general terms and conditions with real estate laws, matching the property data documented in the contract with municipal records, as well as matching the contract parties’ data with the Identity and Citizenship Authority’s records.
The benefits also include ensuring accuracy and ease of data input, as well as the bilingual formulation in Arabic and English. The Unified Contract is easy to create and use within and outside the country.