Dubai’s Land Department has announced it has launched a new remote property registration system for real estate transactions. It will allow real estate owners to complete sales transactions for their properties remotely anywhere in the world. They will be able to complete procedures and transactions without being physically present in Dubai or delegate it to someone else. To start the registration process, the details of real estate transactions should be sent to the registration trustee and the details of the property, parties involved and the transaction amount should be confirmed. The transaction amount is then transferred to a guarantee account which is managed by the Department.
After the buyer and seller have been identified via an audio-visual call and authentication of all parties through other methods, the property deed will be transferred from the seller to the buyer. The transaction amount is then transferred to the seller’s account and the property deed transferred to the buyer. The system is part of a Government-wide smart transformation initiative which involves public entities deploying advanced infrastructure to ensure services are available at any time and anywhere. The verification process for authenticating property owners and confirming they can carry out the transaction can be conducted digitally and remotely. In addition the transfer of money via an escrow account which protects all parties will be allowed and money transfers can be transferred in three working days to the seller’s account.| So far, 550 transactions worth 600 million AED have been concluded successfully. The Department added they are also developing a registration system which will be based on artificial intelligence and Blockchain technologies. Full story