RERA stands for Dubai Real Estate Regulatory Agency, a government agency, the regulatory arm of Dubai Land Department. RERA was founded on July 31, 2007, by virtue of Dubai Law No. (16) of 2007 Establishing the Real Estate Regulatory Agency.
The primary objective of the Agency is to regulate the real estate sector in the Emirate of Dubai by contributing to the preparation of strategies related to the industry and to the development and implementation of the required action plans, including setting legislation regulating the relationship between contracting parties in the real estate market.
RERA involved in planning, organising and evaluating operations related to real estate licenses, organisation and development of real estate activities, monitoring property development projects financially and technically, to protect investors.
The removal a tenant from possession of a premises in which he or she resides or has a property interest carried by a landlord either by re-entry on the premises or by court action.
A legal document, usually in writing, giving details of a formal legally binding agreement, between two or more different people or groups. To be legally binding it must contain certain elements:
it must contain an offer made by one party and accepted in its entirety by the other,
it must include some form of consideration whether it be money, goods or services, and
it must be properly signed by all parties to it, and dated.
The reference of a dispute to an impartial person or persons chosen by the parties who agree in advance to abide by the arbitration award issued after the hearing at which both parties are given an opportunity to be heard.
May 29, 2011
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