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• Sharjah's new law clarifies registration rules

• 
  Dr. Nilgün Birgören    Premium Member   Group moderator

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  Sharjah's new law clarifies registration rules

  Sharjah's newly issued Law No (5) for 2010 has gone a long way in clarifying the real estate registration regime in the emirate, according to market observers.
  
  In terms of property registration, any improvement in the structural and procedural format is obviously seen to be a positive outcome as it will help to improve transparency levels in the market.
  
  The law outlines in detail the procedure for registration at the Department of Property Registration in Sharjah as well as authorised branches. The clarification on the law will also help to alleviate any uncertainties that existed around the process.
  
  Once the land — or property — is registered, title deeds will be issued to owners on receipt of official fees levied for the various transactions by the Department.
  
  There are different fees for the various transactions, whether someone wants to divide his land, register several floors by different owners, inheritance and so on.
  
  A fixed fee of two per cent will apply for the title deed. After everyone has signed off on the necessary documents, the owner should get his official paper within ten days.
  
  Real estate registration has been an on-going practice since the 1980s, and all properties should have been registered.
  
  The law offers an additional sense of security. However, all real estate transactions carried out before the law was issued remain valid.
  
  Transfer of property ownership will not be legal unless the bill of ownership is valid and registered in accordance with the provisions of the law.
  
  The law has furthermore limited the right to own real estate in the emirate to UAE nationals and GCC nationals, as well as corporate bodies owned by them. The new law would appear to reiterate the long held position of the government of Sharjah regarding foreign ownership in the emirate. There will be disappointment in some quarters, particularly developers hoping to increase their potential markets.
  
  Furthermore, the law appears to make all sales to non-GCC nationals legally questionable, and it is not clear what recourse, if any, ineligible buyers will have to rectify this issue. The law makes no mention of leasehold ownership for non-GCC nationals. Whether it has been put a stop to buyers outside the GCC being able to legally purchase properties in their own names is still not quite clear.
  
  Regards,
  Nilgun Birgoren
  
  • 03 Sep 2010, 9:26 pm
  Dr. Nilgün Birgören wrote: > Sharjah's newly issued Law No (5) for 2010 has gone a long way in > clarifying the real estate registration regime in the emirate, > according to market observers. > > In terms of property registration, any improvement in the structural > and procedural format is obviously seen to be a positive outcome as > it will help to improve transparency levels in the market. > > The law outlines in detail the procedure for registration at the > Department of Property Registration in Sharjah as well as authorised > branches. The clarification on the law will also help to alleviate > any uncertainties that existed around the process. > > Once the land — or property — is registered, title deeds will be > issued to owners on receipt of official fees levied for the various > transactions by the Department. > > There are different fees for the various transactions, whether > someone wants to divide his land, register several floors by > different owners, inheritance and so on. > > A fixed fee of two per cent will apply for the title deed. After > everyone has signed off on the necessary documents, the owner should > get his official paper within ten days. > > Real estate registration has been an on-going practice since the > 1980s, and all properties should have been registered. > > The law offers an additional sense of security. However, all real > estate transactions carried out before the law was issued remain > valid. > > Transfer of property ownership will not be legal unless the bill of > ownership is valid and registered in accordance with the provisions > of the law. > > The law has furthermore limited the right to own real estate in the > emirate to UAE nationals and GCC nationals, as well as corporate > bodies owned by them. The new law would appear to reiterate the long > held position of the government of Sharjah regarding foreign > ownership in the emirate. There will be disappointment in some > quarters, particularly developers hoping to increase their potential > markets. > > Furthermore, the law appears to make all sales to non-GCC nationals > legally questionable, and it is not clear what recourse, if any, > ineligible buyers will have to rectify this issue. The law makes no > mention of leasehold ownership for non-GCC nationals. Whether it has > been put a stop to buyers outside the GCC being able to legally > purchase properties in their own names is still not quite clear. > > Regards, > Nilgun Birgoren