Founder | Director | Digital Marketing | Entrepreneur
The Real Estate Regulatory Authority (RERA) forms are an important part of the process when buying or selling property in Dubai. RERA is the regulatory arm of the Dubai Land Department (DLD), which regulates and authorizes the real estate sector in Dubai. The RERA forms ensure that all real estate transactions in Dubai are transparent and fair. In this blog post, we will provide an overview of the different RERA forms that are involved in real estate transactions.
FORM A – AGENCY CONTRACT AGREEMENT/ LISTING FORM
This form is one of the most important RERA forms required for selling a property in Dubai. Once a seller has found an agent to sell the property, the seller and listing agent must sign RERA Form A. This is a written agreement in which the property owners authorize the real estate broker to carry out marketing campaigns concerning the property. If the property is jointly owned, the parties must all provide their details and sign the Form A. Details of Form A include:
- An outline of the agreement between the seller and the listing agent.
- Details of the property including financial information, service charges, mortgage status, and payment plan.
- Details regarding how the property will be marketed. The agent is not authorized to advertise the property on any portal without a written agreement with the seller.
After Form A has been signed, it has to be approved by the DLD’s Trakheesi system, which will assign a permit number to the property advertisement.
According to RERA, a property owner can only have a maximum of 3 agents advertising the property at one time. Therefore, a seller can only complete three Form A’s at a time.
FORM B – BUYER AGENT AGREEMENT
This form is signed when a buyer appoints an agent to search for a property for sale. The information in Form B must include all the necessary details such as the property type the buyer is interested in buying, the location of the property on sale, the buyer’s budget, and requirements of the buyer. It should also include the terms of contract termination, compensation percentage, and agency commission. The agent can attend inspections and auctions as well as interact with a listing agent on behalf of the buyer.
As per RERA law, the buyer holds the right to terminate this agreement unilaterally. If such a situation arises, the buyer needs to give a seven-day written notice and fill in Form U with a detailed description of the reason for terminating the contract.
FORM I- AGENT TO AGENT AGREEMENT
Form I is an agreement between two agents who decide to work together on behalf of the buyer and the seller. It is mainly applicable when several agents are involved in one joint transaction concerning the sale or lease of a property. The form protects the rights of the agent’s listings and the agent’s clients. It also ensures a professional relationship between two or more agents.
FORM F – CONTRACT OF SALE
Form F, also known as the Memorandum of Understanding (MOU), is one of Dubai’s most important real estate forms. It is the purchase agreement between the seller and the buyer. The form is signed once the buyer has chosen a property, and a price has been agreed on by both parties.
The Form F will outline everything, from the property and financial details, and the commission to be paid to the seller’s and buyer’s agents. It will only become a valid contract after it has been signed by the seller and the buyer and witnessed and dated by the Agent.
FORM U – NOTICE OF CANCELLATION OF AN AGREEMENT
A buyer or seller can unilaterally terminate the contract with the broker by signing a copy of Form U. Form U is the official agreement cancellation notice for both parties. Under the regulations in Form U, the real estate agent must be notified in writing of the termination of the agreement at least seven days before. The reason for termination and the date of the contract termination is also required.
To learn more about the RERA forms, get in touch with us.
