Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE- Illegal realtors' fees flagged  Join our daily free Newsletter

MENAFN - Khaleej Times - 09/06/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Dubai?s real estate regulatory authority (rera) says the allegation if true is an illegal and punishable offence ? and the first of its kind on record.

a complaint has been lodged against a real estate firm for allegedly taking a slice out of transaction fees being collected for the government by doubling the charge to clients.

dubai’s real estate regulatory authority (rera) says the allegation if true is an illegal and punishable offence — and the first of its kind on record.

four per cent fixed property registration fees are mandated by the government on the sales of dubai properties.

but a khaleej times reader has lodged a complaint that a company was charging eight per cent instead.

marwan bin ghalita rera’s chief executive said the ownership transfer fee was only to be collected on behalf of the government and it was not permitted for anybody to impose additional fees on a buyer.

rera had not received any complaints on this matter before he said.

“once rera receives a complaint like that it will embark on an investigation since this practice is illegal.”

the transaction fee was distinct from realtors’ commissions which were determined by agreement between a seller and a buyer he said.

the law stipulated that a commission had to be specified as a percentage or amount as agreed upon by both the seller and buyer and if a commission was not mentioned both parties could get one per cent he said.

bin ghalita advised consumers and people willing to buy a property to approach rera in case they suspected something wrong in an agreement so that the authority could play a role in investigating and regulating the real estate market in the emirate.

he said real estate companies could try to deceive and mislead buyers who were not familiar with the laws in the country — especially investors from abroad.

the real estate registration fee was increased from two per cent to four per cent last year and has been enforced since october 6 on any transactions and sales of properties.

the real estate registration fee in dubai remains among the lowest worldwide. in the uk the real estate registration fee is set between four and 15 per cent; five to 10 per cent in malaysia; six per cent in france; 5.6 per cent in japan; 7.3 per cent in india; and 7.2 per cent in pakistan.


 


Khaleej Times




  MENA News Headlines
 May 3 2015 - Pleasant weather forecast over next three daysJordan News Agency
(MENAFN - Jordan News Agency) The weather on Sunday is expected to be pleasant in the hilly areas and moderate in other parts of the Kingdom with northwesterly moderate winds.According to the Jordan ...

 May 3 2015 - Israeli forces destroy hundreds of acres in NablusJordan News Agency
(MENAFN - Jordan News Agency) Israeli forces destroyed hundreds of acres of cultivated lands on Sunday in the Khirbet Al-Tawil area east of Nablus in the West Bank.Member of the Popular Committee ...

 May 3 2015 - WHO pushes the health diplomacy agenda forward in a fourth high level seminar in CairoJordan News Agency
(MENAFN - Jordan News Agency) The World Health Organization Regional Office for the Eastern Mediterranean Saturday started the fourth seminar on health diplomacy in Cairo, Egypt.The seminar is ...

 May 3 2015 - Israeli occupation forces hold military maneuvers in West BankJordan News Agency
(MENAFN - Jordan News Agency) Israeli occupation forces on Sunday started large military training and maneuvers in the northern West Bank.Israeli Radio said that these maneuvers which will last until ...

 May 3 2015 - 650 trucks with goods, construction materials enter GazaJordan News Agency
(MENAFN - Jordan News Agency) Some 650 trucks loaded with commercial goods and construction materials entered the Gaza Strip on Sunday as the Israeli occupation authorities reopened the Karam Abu ...

 May 3 2015 - Muscat Municipality delegation concludes visitJordan News Agency
(MENAFN - Jordan News Agency) A delegation from Muscat Municipality concluded a visit to the Amman Greater Municipality (GAM), during which representatives discussed how they might cooperate and ...

 May 3 2015 - Officials call on Jordanian and Kazakh private sectors to increase cooperationJordan News Agency
(MENAFN - Jordan News Agency) Jordanian and Kazakh officials have called upon the private sectors in both countries to take advantage of investment opportunities, especially after political ...

 May 3 2015 - Results of poll of Ensour's government to be announced tomorrowJordan News Agency
(MENAFN - Jordan News Agency) The University of Jordan's Center for Strategic Studies will hold a press conference on Monday to announce the results of a poll regarding Prime Minister Abdullah ...

 May 3 2015 - Jordan adopts special strategy to counter terrorism, says interior ministerJordan News Agency
(MENAFN - Jordan News Agency) Interior Minister Hussein Majali said Jordan is making every effort to counter terrorism and extremism through developing a strategy involving civil society ...

 May 3 2015 - Iraq voices concern over US Congress billJordan News Agency
(MENAFN - Jordan News Agency) Iraqi Prime Minister Haider Al-Abadi received a telephone call from United States Vice President Joe Biden, in which al-Abadi discussed his concerns over a bill before ...

more...


 






Google

Arab Advisors_12th convergence conf

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help