The Department of Municipalities and Transport will introduce a unified contract template for property sales from master plans in Abu Dhabi’s development areas on 3 July 2023, standardising processes between developer and investor, protecting rights of both parties and enhancing real estate market competitiveness.
The Unified Contract Template includes important elements such as providing investor guarantee account details, precise property information, project details and completion date, and payment plan details. This ensures that the project data and the guarantee account will be documented and authenticated by municipal systems, thereby enhancing transparency, trust, and governance of the real estate market, while elevating the investor’s journey by offering a seamless and easy government service experience.
The Unified Contract Template incorporates general provisions that ensure a balance between the rights and obligations of both parties. Additionally, it allows for the inclusion of an unlimited number of specific terms and conditions agreed upon by both parties (provided they don’t contradict the general terms and prevailing legislation in the Emirate), as well as the possibility of future integration with the unit reservation form provided by the developer.
His Excellency Dr. Adeeb Al-Afifi, Executive Director of the Real Estate Sector at the Department of Municipalities and Transport, said: "The Unified Contract Template is a real estate sales agreement between the developer and the investor that regulates the buying and selling process when the property is on the master plan or completed. The introduction of the Unified Sales Contract aims to enhance the governance of the real estate market, provide a seamless and efficient government service experience, and accelerate digital transformation in the Emirate of Abu Dhabi. By defining the general rights and obligations of both parties and ensuring their compliance with the prevailing provisions and legislation in the Emirate of Abu Dhabi, the Unified Contract Template contributes to building trust in the real estate market, increasing cash flow for developers, and supporting the competitiveness of the real estate market, thereby accelerating growth and development in the Emirate of Abu Dhabi.”
The Unified Sales Contract offers a range of other benefits, including ensuring the alignment of general terms and conditions with real estate laws, matching the property data documented in the contract with municipal records, as well as matching the contract parties' data with the Identity and Citizenship Authority’s records. The introduction of the Unified Sales Contract contributes to time and effort savings, with the potential for further enhancements to make the service instantaneous and audit-free in the future. The benefits of the Unified Contract also include ensuring accuracy and ease of data input, as well as bilingual formulation in Arabic and English. The Unified Contract is easy to create and use within and outside the country (international and local exhibitions).
