HH Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, has issued a new law to regulate real estate owners’ affairs in the northern emirate.
The law, which includes 41 articles, shall apply to major properties and sub-properties in areas where real estate development is permitted, whether they were licenced before or after the issuance of the law and including real estate in free zones, reported state news agency Wam.
The law aims to regulate the management of joint and regular facilities according to the best services quality standards, as well as sub-property owners’ committees, to enable them to conduct their work, achieve transparency and avoid conflicts of interest when contracting services suppliers in joint facilities, it stated.
It also enables the Department of Land and Real Estate Regulation in Ajman to supervise and monitor the work of real estate owners’ committees and management companies, to provide the best services to residents of sub-property units.
The law stipulates that a registry for unit owners at the department will be called the "Real Estate Owners’ Affairs Registry," and its director-general shall issue a resolution identifying its form and registration procedures.
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