Importance of Conveyancing
Unlike various other countries where Conveyance is quite a cumbersome process when buying a property, it is not the same when we discuss UAE. In the initial years, lawyers played an important role in drafting sale purchase agreements which were submitted to the Dubai Land Department (DLD) when buying or selling a property in Dubai, however, over the years, the DLD has used technology to its benefit and simplified the process, including the documentation required when buying or selling a property. Despite the standard template introduced by DLD, the parties still have to agree to certain other commercial terms which are captured by way of an addendum which becomes part of the standard form.
The standard template contract covers the basic information of the parties, the process for transfer, and the penalty for termination by either party, however, there are other aspects that need to be carefully thought of and documented to avoid any complications before and after the transfer of title. Hence, it is obvious that the standard template contract cannot entirely replace the underlying terms and conditions, and intentions of the Parties which is usually seen in a comprehensive sales and purchase agreement.
It is in this context, the PAS team provide the best documentation possible which caters to all aspects of the property without being contradictory to the standard template contract. Our documentation also covers aspects such as warranties, covenants, obligations, the effect of force majeure, forfeiture, penalties and default and termination, to name a few, that will be agreed and executed between the parties and which will form part of the DLD standard template contract.
We pride ourselves in our ability to provide comprehensive documentation but equally give a free hand to the parties to seek their own legal counsel if needed. We are confident that the documentation provided by us is neutral and protects the interest of both parties.
Conveyancing companies rely mostly on transactions that are introduced by the brokers, however, we ensure a fair and balanced approach by producing neutral documentation for the consideration of both parties to avoid any conflict of interest. In case of any areas where the parties feel the need to revise the documentation, they are free to negotiate and arrive at a consensus language either on their own or through their independent legal counsel. These special terms will then become part of our documentation. It is therefore imperative to have robust documentation in place right from the beginning of the transaction than to spend money pursuing legal course of action when things go wrong.