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Dubai Land Department Authorizes Emirates NBD to Open Owner Association Accounts, RERA Signs First Agreement Regulating Collection and Disbursement of Fees of Jointly Owned Properties
(26 September 2012)

 

Dubai Land Department )LD) represented by its regulatory arm, Real Estate Regulatory Agency (RERA), has signed with Emirates NBD the first agreement regulating collection and disbursement of fees of jointly owned properties. Under this agreement, Dubai Land Department authorizes Emirates NBD to open Owner Association accounts in freehold areas. This step will regulate the relations between owners of properties covered by provisions of joint ownership law and make such relations more transparent and clear in terms of the obligations and rights of all parties.

The agreement has been signed by Engineer Marwan Bin Ghalaita, Chief Executive Officer, RERA and Mr. Samir Sahu, Deputy GM and Head of Transaction Banking Services, Emirates NBD.

Engineer Marwan Bin Ghalaita said: “This agreement will not be the last one to be made between RERA and a known banking entity. In the near future similar agreements will be executed for facilitating the business of Owner Associations under Law no. 27 of 2007 concerning ownership of jointly owned properties in the Emirate of Dubai in terms of Owner Associations”.

Engineer Marwan Bin Ghalaita added that RERA has selected Emirates NBD to sign the first agreement in view of the Bank being the biggest banking entity in the UAE and in consideration of its quality performance and high professionalism as a bank approved as an account trustee under law no. 8 of 2007.

He confirmed that this agreement reflects RERA’s keenness to making transactions in the real estate market more transparent and clear given the important role of Owner Associations in protecting joint ownership. This agreement comes to support the efforts by such Owner Associations in organizing the deposit and imbursement of their funds according to strict regulations governing the parties’ obligations while protecting their rights.

Mr. Samir Sahu Deputy GM and Head of Transaction Banking Services, Emirates NBD said: “Under this agreement, Emirates NBD is now authorized by RERA to open “escrow accounts” for Owner Associations, to which funds will be credited and disbursed as per RERA regulations.

The Bank will provide “escrow accounts” which means bank accounts opened in the name of associations while the Bank is a trustee of those accounts and deposits, on behalf of the associations, under legal terms and conditions”.

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