If you are a Real Estate Broker in Dubai, below are the Real Estate Terms you should know by heart.
Basic real estate concepts and terminology are a must-know for Real Estate Professionals. If you are new in the field, consider taking the time to learn. Without proper training and information, you are at risk of knowing less than some of the investors.
Equipped with the knowledge provided, you can address real estate-related questions from property buyers and sellers with professional confidence from the start of your career, rather than learning through errors and mistakes. Even if you’re already familiar with most real estate terms, refreshing your memory of these basics is useful now and then.
If you have any questions or would like to share more terms that you think are important, feel free to share on the ASK QUESTIONS page or simply comment below.
IMPORTANT TERMS | DESCRIPTION |
|---|---|
| ORN | Office Registration Number. This certificate is provided by the Trakheesi system online and the ORN must be used for all ads/portals, our website, flier, etc. |
| BRN | Broker Registration Number. You can find your BRN on the DLD website, or Dubai REST App. |
| STR | Special Transaction Register. |
| POA | Power Of Attorney |
| ROI | Return On Investment |
| LOI | Letter Of Interest |
| OA | Owners Association. OA is formed for Jointly Owned Properties, to ensure maintaining the common areas on behalf of all the owners. OA controls the collection of service charge fees, takes decisions on matters like enforcement of required regulations, community or building rules, security, maintenance, and upkeep, etc. |
| JOP | Jointly Owned Properties. These are Buildings and Gated Communities with shared facilities and common areas. |
| Escrow Account | Trust Account applicable for Off-plan Sales. |
| Freehold | Freehold is an ownership title that has an indefinite duration of validity, meaning the owner owns the property forever. |
| Leasehold | Dubai has Different Type of Leasehold Properties, usually, 99 years however you can also find 45 years and 200 years lease contracts. |
| Free zone | Free economic zone, designated areas in which companies are taxed very lightly or not at all. |
| Designated Area | Foreign nationals are permitted to own freehold property in “designated areas”. |
| Non-Designated | Only UAE and GCC nationals can own property in Non-Designated areas, such as Jumeirah, Barsha, and other Local Communities. |
| BUA | The built-up area is the sum of usable areas including the walls, terraces, balconies, and garages. |
| Gross Area | Gross size, Gross square feet, also called the gross area. A term mainly elevant to properties within a building. Generally refers to the property’s total square feet and It can include common areas such as corridors, elevators, etc. |
| Net area / Carpet Area | The carpet area which is also referred to as the net area, is an area that can be covered by a carpet. It is the wall to wall distance which makes for the net usable floor area of the house. |
| Plot Area | Plot size. Note: Plot size is often smaller than the Built-up area size, because on a 2000 Sq.Ft. plot and can build multiple floors and end up getting 4000 Sq.Ft. built-up area. |
| Mortgage | A mortgage loan also referred to as property finance. |
| Finance | Same as Mortgage |
| Property Appraisal | Price estimation of the property where the broker/brokerage compares the property to similar properties on the market. |
| Property Valuation | Valuation is also price estimation but done by Licensed companies and provides a certificate that is recognized by banks and DLD. |
| CMA | A comparative market analysis is an estimate of a property’s value based on similar properties recently sold in the area. |
| AGREEMENTS | DESCRIPTION |
|---|---|
| Form/Contract A | The contract between Broker and Seller. |
| Form/Contract B | The contract between Broker and Buyer. |
| Form/Contract I | Agent to Agent Agreement (A2A). |
| Form/Contract U | Termination Notice of a Sale Agreement. |
| Form/Contract F | Purchase Agreement Contract. |
| MOU | Memorandum of Understanding Note: Form/Contract F is often referred to as MOU. |
| SPA | Sales and Purchase Agreement. |
| Tenancy Contract | Rent Agreement. |
| Ejari Certificate | Rent Registry Certificate Note: Meaning “my rent” from Arabic, Ejari certificate is a legal Registration of a Tenancy Contract. Tenants are responsible for Ejari Registration, and without Ejari, The Tenancy Contract is not valid for Government Authorities. Ejari is a compulsory certificate to apply for family visas and to register complaints with the Rent Dispute Center. |
| Oqood | Pre-title Certificate or Off-plan Property Registration Certificate. |
| Title Deed | Certificate of Ownership. |
ESTABLISHMENTS | DESCRIPTION |
|---|---|
| DLD | Dubai Land Department. |
| RERA | Real Estate Regulatory Agency. The regulatory arm of the Land Department. |
| DREI | Dubai Real Estate Institute. the educational arm of Dubai Land Department. |
| Registration Trustee | Registration Trustee. An authorized agency that acts as a satellite office of the Dubai Land Department to register property sale transfers, mortgages, grants, development, and pre-registration of properties. |
| RDC | Rental Dispute Settlement Center. A |
| ERES | Emirates Real Estate Solutions Joint venture company between DATEL Software and Systems LLC and Dubai Land Department, ERES is responsible for digital innovations and the Real Estate Industry’s online systems. |
| Emirates Conveyancing | Leading Law firm concerned with the preparation of documents for the conveyance of property. |
SYSTEMS AND APPS | DESCRIPTION |
|---|---|
| Dubai REST | Real Estate Self Transactions App by DLD. Every Broker needs to download and know how to use it. It combines all the key services of DLD. |
| Trakheesi | A System by DLD that issues Listing Advertisement permits, Broker permits (BRN), and office registration permits (ORN) |
| Mollak | Meaning “owners” from Arabic, Mollak is an Owner Association Management system by DLD. It enables registration of maintenance companies and maintains track of their escrow accounts and service charges. Also, It allows owners to pay service charges online. |
| Makani | Meaning “my location” from Arabic, Makani is the latest application introduced in Dubai to locate buildings and locations using national coordinates. Makani numbers are placed on the building exteriors near the entrances. |
| CRM | Customer Relationship Management system. Software/Technology that allows companies to manage and analyze customer interactions and data. |
| CONTACT TYPES | DESCRIPTION |
|---|---|
| Lead | A lead is an unqualified contact who is potentially a future client/customer. |
| Prospect | Lead becomes a prospect through prospecting/qualifying. Prospect is a contact you have communicated with and moved into the sales process. and recognizes that they are interested in your product or service. |
| Landlord/lessor | A property owner who wishes to rent or rents his property. |
| Tenant/lessee | A person or group that rents and occupies a property from a landlord for a period of time. |
If you have any questions or would like to share more terms that you think are important, feel free to share on the ASK QUESTIONS page or simply comment below.
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