Reo Broker Registration - Who Can Act As Agent For Property in Dubai

March 23, 2011 - PRLog -- Reo Broker Registration

Acting as an agent for property in Dubai is a highly regulated affair, thanks to the efforts of the Dubai government. Real estate agents dealing property in Dubai are called brokers, and related departments of the Dubai government, including RERA, maintain a list of registered brokers. Efforts of the RERA and the Dubai government in regulating the registration of brokers and issuing licenses to them, is an important step for creating transparency, and safeguarding all parties to a property transaction.

Generally, registered brokers in Dubai fall in two broad classes:

Class A - Mostly local UAE nationals who led the growth in Dubai and are exempted from other eligibilities for registration by the power of the Chairman. Their names are entered in the Broker's Register at the RERA along with proof of certification by the Chairman

Class B - Individuals and organizations, both local and non-local, who fulfill the eligibility requirements of a broker's license and hold a valid license issued by competent authorities

Eligibility Requirements to Broker Property in Dubai

To deal in property in Dubai as a licensed Class B registered broker, both international and local applicants have to fulfill the following minimum eligibility criteria:

Pass the Brokerage profession test conducted by the Land Department

Graduate from any educational course on real estate accredited by the Land Department

Prove that none of the owners or directors of the applicant company had previously been declared bankrupt or convicted of a crime involving breach of honor or trust. Get Internet #1 - Reo Broker Registration @ http://realestatecure01.webs.com and change your financial life forever!

Obtain membership of the Dubai Chamber of Commerce & Industry

Obtain valid ownership or lease for the brokerage office

Obtain a valid trade license from competent authorities

Every individual working under a brokerage firm and as a broker of property in Dubai, also require individual registration with the authorities and is issued a photo identity card with license number from RERA.

How Can a Real Estate Agent Operating Outside Dubai Deal with Property in Dubai

A point to note is that individuals who operate outside regular jurisdiction of Dubai government cannot be registered in the Broker's Register. This restriction also applies to individuals operating from free zones and offshore entities in UAE. However, a registered developer, who is also a registered broker, can apply for a "Special Permit" to be issued to a person situated outside Dubai to market property. In such cases,

The external agent needs to supply his or her accreditation from his or her respective government certified and attested in UAE acceptable format

There needs to be a formal agreement between the Agent and the Developer and its copy submitted before competent Dubai authorities

The Dubai registered broker needs to forward an undertaking to the authorities to be fully liable for acts of the external agent

A company profile of the external agent along with attested copies of passports and proof of residency of each director of the external company needs to be submitted

All purchase-money including part-payments need to be paid into the project trust account of the relevant property in Dubai

Provided the above and other formalities are met, the Dubai land authorities may issue the special permit required by a company or person situated outside Dubai to act as agent for property in Dubai. Get Internet #1 - Reo Broker Registration @ http://realestatecure01.webs.com and change your financial life forever!

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