What must sales and purchase agreements for units in unfinished projects be registered as?

What must sales and purchase agreements for units in unfinished projects be registered as?

• A. Memoranda
• B. Contracts
• C. Oqoood
• D. Agreements in principle

Answer: (C)

Sales and purchase agreements for units in unfinished projects in Dubai must be registered as "Oqoood." This term refers specifically to the registration of real estate contracts under the Dubai Land Department's regulations. The purpose of registering agreements as Oqoood is to ensure transparency, legal accountability, and protection of the rights of both buyers and developers. By classifying these agreements as Oqoood, they become legally binding and enforceable, which is particularly vital in the context of unfinished projects where there may be concerns about project completion and delivery timelines. Additionally, the registration process involves the payment of fees and the provision of necessary documentation, thereby formalizing the transaction and safeguarding the interests of all parties involved. Other choices such as memoranda, contracts, or agreements in principle do not carry the same level of regulatory recognition or legal enforceability required in the context of real estate transactions in Dubai, particularly for projects that are still under construction.

Sales and purchase agreements for units in unfinished projects in Dubai must be registered as "Oqoood." This term refers specifically to the registration of real estate contracts under the Dubai Land Department's regulations. The purpose of registering agreements as Oqoood is to ensure transparency, legal accountability, and protection of the rights of both buyers and developers.

By classifying these agreements as Oqoood, they become legally binding and enforceable, which is particularly vital in the context of unfinished projects where there may be concerns about project completion and delivery timelines. Additionally, the registration process involves the payment of fees and the provision of necessary documentation, thereby formalizing the transaction and safeguarding the interests of all parties involved.

Other choices such as memoranda, contracts, or agreements in principle do not carry the same level of regulatory recognition or legal enforceability required in the context of real estate transactions in Dubai, particularly for projects that are still under construction.