Thu 21-05-2020 10:01 AM
DUBAI, 21st May, 2020 (WAM) -- Dubai Land Department, DLD, has successfully introduced a new registration system for real estate transactions, which allows real estate owners to complete sales transactions for their properties remotely from anywhere in the world. The new system allows them to complete procedures and transactions without being physically present in Dubai or delegating it to someone else.
In a statement on Thursday, the DLD noted that the introduction of the remote system is part of a government-wide smart transformation gaining momentum in Dubai as part of which public entities are deploying advanced infrastructure to ensure availability of services any time anywhere.
"The new system allows direct interaction between the seller and buyer and the finalisation of procedures through audio-visual communication," it added.
DLD went on to explain that the verification process for authenticating property owners and confirming their approval for the transaction can be conducted digitally and remotely. "The system also facilitates money transfer through an escrow account that protects the rights of all parties. Money transfers can be transferred within three working days to the seller’s account.| The Department has successfully completed 550 transactions worth AED600 million through this system.
Total real estate transactions processed over the last two months by the Dubai Land Department and real estate registration trustee offices operating part time reached 3,000.
Sultan Butti bin Mejren, DLD Director-General, said, "We work with our partners in various government departments to implement the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to make Dubai the smartest city in the world and the directives of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, to accelerate the emirate’s smart transformation. We are delighted to work with Dubai Future Accelerators and Smart Dubai to develop a secure remote property registration system that enables sales transactions to be processed through the Dubai Land Department from anywhere in the world."
The registration processes start with sending details of real estate transactions to the registration trustee, and then verifying the details of the property, parties involved and the transaction amount. The transaction amount is then transferred to a guarantee account managed by the Dubai Land Department.
Following the identification of the buyer and seller via an audio-visual call and authentication of all parties through other methods, the transfer of the property deed from the seller to the buyer is completed. The transaction amount is then transferred to the seller’s account and the property deed transferred to buyer. The department is currently working on developing a registration system based on artificial intelligence and blockchain technologies.