The Dubai Land Department has created a title deed specifically for rent-to-own schemes
In this episode of Property Finder Talks, Lynnette Abad, Director, Research and Data, continues the conversation with Mohanad Alwadiya, CEO of Harbor Real Estate, about Rent-to-Own schemes and the legal framework around it introduced by the Dubai Land Department.
Under the leadership of HE Sultan Butti Bin Mejren, the Dubai Land Department has created a title deed specifically for rent-to-own/post payment plan schemes in Dubai for a ready property.
The new title deed is named ‘Title Deed locked against a payment plan‘ and issued in the buyer’s name and has the full details of the terms of the agreement including payment terms. Once full payment is made, this gets converted to a standard title deed.
Currently, when a developer offers post payment plans for ready property, the title deed remains as an Oqood to protect the developer’s interest. Once full payment is made, the Oqood is transferred into a title deed in the name of the owner.
Next episode of Property Finder Talks coming next week, stay tuned!
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