Can an owner transfer, sell or assign property?
This will depend on whatever or not title to the property has already been registered at the Dubai Land Department. If such registration has already taken place, there would be an outright sale or transfer that would involve changing the registration into the name of the new owner – in much the way that sales transactions are carried out in many jurisdictions throughout the world. For many properties in Dubai, including properties purchased by non-UAE and non-GCC nationals, title registration of title at Dubai Land Department has not yet occurred. In such cases, an assignment is required. In other words, the current owner of he property ‘assigns’ their right and interest in the sale and purchase agreement to the new owner. The developer’s contractual promise to eventually register title to the property in the Dubai Lands Department is passed on to the new owner. Developers usually record this assignment agreement and having the assignee recorded as the new owner in the developer’s inte
This will depend on whatever or not title to the property has already been registered at the Dubai Land Department. If such registration has already taken place, there would be an outright sale or transfer that would involve changing the registration into the name of the new owner – in much the way that sales transactions are carried out in many jurisdictions throughout the world.
Related Questions
- Don franchisees have the right to sell or transfer their franchises if they wish? If not, isn the right to sell or transfer a business the exclusive right of the owner of the business?
- Can Appendix C be used to assign SREC ownership from the Property Owner to the Developer who will not own the system, or to assign SREC ownership to a bank or lending institution?
- I hold a current Master licence and I am going to sell my business. Does this licence transfer to the new owner when the sale is completed?
