The Department of Municipalities and Transport (DMT) has announced the launch of the Unified Contract Template, which will be used for the sale of units and plots in Abu Dhabi’s development areas. This new initiative aims to establish clear regulations for the buying and selling process between developers and investors. It seeks to create a fair balance between the rights and responsibilities of both parties while fostering transparency and trust in the real estate market of Abu Dhabi.
Starting from Monday, July 3, 2023, the Unified Contract Template will be exclusively implemented for registering sales and purchase contracts of off-plan units and plots in the development areas. The template includes essential elements such as providing detailed information about the property, project completion date, payment plans, and the investor’s escrow account details. This documentation and authentication of project data and escrow accounts through municipal systems will enhance transparency, trust, and governance in the real estate market. Additionally, it aims to offer investors a smooth and hassle-free government service experience.
The Unified Contract Template includes general provisions that ensure a fair balance between the rights and obligations of both parties. Moreover, it allows for the inclusion of specific terms and conditions agreed upon by both parties, as long as they do not contradict the general terms and prevailing legislation in the Emirate.
Dr. Adeeb Al-Afifi, Executive Director of the Real Estate Sector at the Department of Municipalities and Transport, emphasized that the Unified Contract Template serves as a real estate sales agreement between developers and investors for off-plan properties. Its introduction aims to improve the governance of the real estate market, provide efficient government services, and accelerate digital transformation in Abu Dhabi. By defining the general rights and obligations of both parties and ensuring compliance with existing provisions and legislation, the Unified Contract Template builds trust in the real estate market, enhances cash flow for developers, and supports market competitiveness, thus promoting growth and development in Abu Dhabi.
The Unified Contract Template offers several advantages, including alignment with real estate laws, matching property data with municipal records, and verifying the identity of the parties involved with the Identity and Citizenship Authority. It also saves time and effort by streamlining data input and offering a bilingual format in Arabic and English. The Unified Contract Template is user-friendly, both domestically and internationally.