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FINANCIAL NEWS
Sharjah regulates real estate registration
25 Aug 2010
(MENAFN) Ruler of Sharjah Shaikh Sultan bin Mohammed Al Qasimi has issued Law No. 5 for year 2010 on real estate registration in the Emirate of Sharjah, Reuters reported.
According to the law, the Department of Real Estate Registration and branch offices in Sharjah are only institutions tasked with registration of contracts, papers and documents relating to the real estate in the emirate.
They will maintain real estate records and recording of dispositions, preparing printed contracts that require the provisions of this law and other related matters.
The law has limited the right to own real estate in the emirate to the UAE nationals and nationals of GCC Gulf Arab states and corporate bodies fully owned by them.
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