When you buy a property, you need to sign an agreement with the seller. Buyers and sellers must sign the memorandum of understanding (MOU), also known as the unified sale contract F in Dubai. But why is this contract F very important? How can a broker obtain this agreement?
From personal to financial details, this contract covers important aspects and protects the rights of buyers and sellers. Here, we’ll go through the details and steps to obtain the Form F (MOU) in Dubai.
All About Form F (MOU) Between Property Buyers and Sellers
The Dubai Land Department (DLD) launched Contract F in 2014. Unified sale contract became mandatory to keep a track record of off-plan and ready project sale transactions. Besides, the unified sale contract F in Dubai helps accelerate property transactions and provides clarity to buyers and sellers.
Before we delve into how brokers can obtain the sales contract F and its use, let’s learn about its importance.
Importance of Electronic Unified Sale Contract F by Dubai Land Department
Form F is one of the most important RERA forms. It is an MOU between the buyer and seller at the time of the property sales transaction. While other RERA forms are between the agents and buyers, form F ensures transparency when one buys a property in Dubai.
The brokers can obtain the contract F online. This contract includes the buyers’ and sellers’ details, property type, the agreed price and financing opted by the buyer. Moreover, unified sale contract F guarantees a safe transaction and saves one from any fraudulent activity.
How Can Brokers Obtain Unified Sale Contract F in Dubai?
The unified sale contract is an online agreement. Here are the steps for brokers to apply for contract F in Dubai.
- Open the Dubai Rest Application
- Log in and select Business User
- Choose Dubai Brokers
Besides, agents can use another useful real estate app in Dubai to obtain contract F.
- Open the Dubai Brokers Application
- Log in using the username and password or mobile number
Now, the next steps are as follows:
- Click on the Contracts tab
- Search about the approved contract A (agreement between seller and agent)
- Create a Unified Sale Contract F
- Search about the approved contract B (agreement between buyer and agent)
- Verify Buyer details, then Seller details
- Check any previous tenancy agreement details
- Enter the financial information
- Enter payment plan (for instance, there are different Dubai off-plan payment plans)
- Input details about mortgage or home loan in Dubai (if any)
- Add the contract period (Since off-plan agreements have a period up to the handover date)
- Enter the property details (house number, freehold or not, building number and property type in the UAE)
- Verify the details of buyers’ and sellers’ brokers
- Get the DLD Fees after verifying all the price details
- Add notes and additional terms in the agreement
- Download the unified sale contract F
The unified sale contract F in Dubai ensures that all the sales and purchase agreements are in the same format. Plus, it eases the process of property ownership transfer in Dubai.
FAQs
Can I Cancel the Form F by DLD?
Yes, you can cancel the unified sale contract F by the Dubai Land Department. However, you must read the terms and conditions before cancelling the sales contract. If you have invested in the off-plan, you can use legal methods to deal with the off-plan property delays.
The contract mentions the terms and conditions for cancellation. You may not be entitled to receive the refund amount if it isn’t mentioned in contract F.
Who Creates Contract F (Memorandum of Understanding) in Dubai?
The Real Estate Regulatory Agency (RERA) has designed these forms, including contract F, also known as the MOU. Registered and RERA-approved brokers can create this contract between the buyers and sellers.
These were all the details about the unified sale contract F in Dubai and how brokers can obtain it. When you buy a villa or apartment for sale in Dubai, you must read the terms and conditions of the agreements properly to avoid discrepancies.
Follow the dubizzle property blog to learn more about the real estate laws and regulations in the UAE.
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