06 Sept 2021, Zawya – zawya.com
Al-Zarooni said that real estate legislation must continuously adapt social and economic variables, and be flexible enough to fill gaps and solve problems facing investors or developers alike
Dubai: Real estate expert Walid Al Zarooni, the chairman of W Capital , a leading real estate brokerage in Dubai, advised for guarantee certificates granted by developers or contractors on some inclusions of variable housing units that require a guarantee, for several years.
Al-Zarooni said that real estate legislation must continuously adapt social and economic variables, and be flexible enough to fill gaps and solve problems facing investors or developers alike.
Inclusions that need guarantees in the housing units include air conditioning, garage doors, electricity extensions, or anything that needs replacement or maintenance, he believes . He suggested buyers obtain a documented warranty certificate specifying where the commodity was purchased from, and how can it be changed or maintained if it was damaged during the warranty period. It is necessary for the investor to be aware of the basic tools origin and the best ways to maintain them.
In this regard, Al-Zarooni explained that these ideas are not widespread in the UAE real estate market , but in some cases, they negatively affect the sector and investor confidence.
He stressed that it is of the investors’ rights to access to these guarantees and that they must be taken care of when handing the housing unit over from the real estate developer or his representative. Investors need to ask the developer about these certificates.
“Some developers hand over the real estate unit and then leave the investor in confusion when the basic tools in the unit are out of order, or in the case of smart devices or systems malfunction,” he said.” These problems are usually ignored by the developer who blames the contractor ,”he added.
Al-Zarooni advised the real estate investor to check the stipulations of the contract on the maintenance conditions and to give guarantees for the devices and tools inside the housing unit.
He stated that this problem is a big and complicated one within the market, so in order to enhance standards of transparency and boost investor confidence, legislative controls must beforced to guarantee the rights of all parties. This contributes to solving the resulting problems and avoid future conflicts.
Al Zarooni also referred to the cases of investors’ evasion, who buy units with the aim of leasing and are surprised by equipment and tools malfunctions inside the housing units because they did not care about the maintenance terms when buying the housing unit from the developer.
He pointed out that both the owner and the tenant are responsible for maintenance , as the first is required to maintain elevators, lighting corridors, gyms and swimming pools, service places used by all tenants, as well as cleaning works for the exterior facade, corridors and elevators. Maintaining everything inside the apartment is to be incurred by the tenant.