What are Jointly Owned Properties in DUBAI (JOPs)?
1. Jointly ownership properties in Dubai(JOPs) allow for several people to have a stake in a property.
2. The properties can be either residential or commercial, or even a combination of the two, providing investors with a wide range of options.
Jointly ownership properties in Dubai(JOPs)
1. Each owner has exclusive ownership of a particular unit inside the property.
2. All owners share ownership and use of common areas and facilities, creating a shared atmosphere where everyone participates in.
Example Picture an apartment building where each tenant has their own unit and the common areas, such as the lobby and the gym, are owned by all of the tenants.
Legal Framework for Jointly ownership properties in Dubai(JOPs)
1. JOPs in Dubai are governed by Law No. (27) of 2007, which was amended by Law No. (26) of 2019.
2. The law specifies who is responsible for what in relation to the Real Estate Regulatory Agency (RERA) and the Dubai Land Department (DLD).
Major Considerations for Registration
1.The responsibility for what and how things are defined by the law
2.There are three main types of JOPs: Major, Hotel, and Other Real Estate projects.
3. Upkeep of these units is the responsibility of the developers or property management companies.
Details of Registration Process
1. A specialized database including key information regarding JOPs is maintained by the Dubai Land Department (DLD). This record includes the following.
- Details of land plots allotted for JOP construction.
- Details on units reserved for individuals.
- Names of unit owners.
- Members of Owners Committees.
- Rules for the administration of buildings.
- Contracts for property management and architectural blueprints.
- List of shared spaces and amenities.
Access to Information
1. Anyone with an interest in a particular property can contact the DLD to request any necessary certificates, documents, or title deeds.
2.by acting as a repository for all relevant data, the DLD promotes openness and harmony among all parties involved.
Ongoing Responsibilities
1. The Regulation for Building Management, the Master Community Declaration, and the Statute all contain regulations that owners are obligated to follow.
2. To ensure compliance with rules, developers must submit all required documentation to the DLD within the stated times.
3. The DLD may intervene or additional fees may applicable if compliance is not followed.
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