Tamweel PJSC, Dubai-based largest provider of home finance in the UAE, has become the first home finance provider in the UAE to receive a property ownership certificate or Title Deed from the Government of Dubai Land Department. Following recent proactive reforms related to real estate at the Dubai Land Department and in line with global best practices, UAE-based home finance providers and financial institutions that offer mortgages will now receive a Title Deed, which is a legal document providing evidence of ownership of property.
Adel Al Shirawi, Chief Executive Officer, Tamweel, said, “We are delighted to be the first home finance provider in the UAE to receive a Title Deed from the Dubai Land Department, which continues to foster the growth of the real estate market in close cooperation with mortgage providers such as Tamweel. The issuance of this certificate signals even greater transparency and good governance in the real estate sector, which continues to witness unprecedented growth. Just as important, the legal structures that are vital to providing confidence in the market are also becoming increasingly sophisticated”.
Title Deed
For Sharia-compliant mortgages, the name of the buyer will also be included on the Title Deed. The Title Deed guarantees the transfer of ownership from the lessor or home finance provider to the lessee or buyer once the Sharia-compliant Ijara contract has been completed. Therefore, the rights of both the lessor and lessee are fully guaranteed.
The first Title Deed issued to a buyer and Tamweel was for a real estate development in the Arabian Ranches in Dubai, which will be leased to the buyer as per the Ijara terms of the offering. Once the lessee has fulfilled his obligations to the mortgage provider, under the Ijara terms, property ownership will be automatically transferred to his name. Source
Adel Al Shirawi, Chief Executive Officer, Tamweel, said, “We are delighted to be the first home finance provider in the UAE to receive a Title Deed from the Dubai Land Department, which continues to foster the growth of the real estate market in close cooperation with mortgage providers such as Tamweel. The issuance of this certificate signals even greater transparency and good governance in the real estate sector, which continues to witness unprecedented growth. Just as important, the legal structures that are vital to providing confidence in the market are also becoming increasingly sophisticated”.
Title Deed
For Sharia-compliant mortgages, the name of the buyer will also be included on the Title Deed. The Title Deed guarantees the transfer of ownership from the lessor or home finance provider to the lessee or buyer once the Sharia-compliant Ijara contract has been completed. Therefore, the rights of both the lessor and lessee are fully guaranteed.
The first Title Deed issued to a buyer and Tamweel was for a real estate development in the Arabian Ranches in Dubai, which will be leased to the buyer as per the Ijara terms of the offering. Once the lessee has fulfilled his obligations to the mortgage provider, under the Ijara terms, property ownership will be automatically transferred to his name. Source
No comments:
Post a Comment