(MENAFN- Khaleej Times) Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, has issued Resolution No. (30) for 2013, regarding Dubai land fees.
The resolution regulates fees collection and evaluation; the fees defined in the resolution are the fees implicated due to real-estate transactions registrations and other services provided by the Land Department.
Pursuant to the resolution, the registration fees indicated are the fees for transaction registration for accomplished, under construction or on map. Moreover, the resolution details the fees of the department's services subject to the applied rules and regulation.
The resolution states that the fee applied on property selling is divided equally between both parties of the contract. Moreover, the resolution defines the fees implied on usufruct and long lease, as prescribed in Law No. (7) for 2006 regarding Real Estate Registration, to be two per cent of the property value on the owner, beneficiary or leaser in addition to equal amount on the beneficiary or the leaser, unless otherwise agreed.
Additionally, the lease-to-own contracts are subject to registration fees amounts two per cent of the property value to be paid by the owner, two per cent of the property value and 0.25 per cent of the lease finance to be paid by leaser, unless agreed otherwise.
As for common real property, the department may collect from partners the fees implied on the registration of the joint ownership of the property based on the value of the common share owned by each partner prior to the sup sharing.
Also, the department may collect the defined fees on registration of "musataha" structure contracts, exit contracts, donation in kind contracts, wills, mortgage, debt conversion, family waqf and leaser heir's rights.
For the purposes of calculating the fees implied pursuant to the resolution, the Land Department may investigate the property value subject to the transaction and may also valuate the property and real-estate with undefined value or the properties evaluated with less than its market value at the time of contracting or that with falls information or data.
The resolution is to be published in the Official Gazette and considered active from the date of publication.
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