Registration of Developers

Developer is :- A natural or legal person licensed to carry on the activity of buying or selling properties for developing and that includes the Master Developer and Sub-Developer All developers conducting the business of buying developing and selling real estate properties in the Emirate of Ras Al Khaimah under the supervisions of Municipality of Ras Al Khaimah must be duly licensed and register with the RERA-RAK . No such Developer may carry out or continue to carry out real estate development activities in Ras Al Khaimah unless it so registered upon payment of a Developer registration Fee and submissions of the following documents  Duly filled up Application form ;  Trade license issued by relevant authority licensing authority or the regulatory Agency of Economic Development ;  Membership Certificate from the Ras Al Khaimah Chamber of Commerce ; (if applicable)  Passport Copy of Partners with valid visa ;  Copy of Audited Financial Statements for the immediately preceding physical year. Upon submission of the above –mentioned, RERA-RAK will evaluate the Developer seeking for registration and its cash flow shall be approved first by RERA-RAK prior to the registration. In addition to the registration requirement under (a) above, a Developer who sells or will sell units off the plan must register the project and apply to the RERA-RAK to open a Guarantee Account with the Account Trustee duly certified by REAR-RAK under the name of the project and indicating its plot number The application should be accompanied

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project regestration

A developer who has sold, sells, or will sell units off the plan must register the project and apply to the RERA-RAK to open Guarantee Account for the Project. All existing Guarantee Accounts whether or not obtained prior to the affectivity of the Amiri Decree or these implementing guidelines shall be adjusted to comply with provisions of the Decree as well as these implementing guidelines . The Developer shall take the necessary actions for such conformity and compliance. On approval of the same and upon payment of the project registration fee, the RERA-RAK will give written approval for the Developer to open a Guarantee Account for project. The Guarantee Account shall be opened only with an Account Trustee registered with the RERA-RAK. The Developer shall undergo this process for every project per plot.

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registration of brockers

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Escrow Account

Escrow Account :- Also Known as a Trust or Escrow Account is a bank account designated for real estate project in which will be deposited the amounts paid by buyers of units off the plan or the project financing parties. ESCROW – Definition It is a Trust account where a trustee (e.g.: BANK) accepts Funds by one party for the delivery to another party upon successful completion of specific conditions and or events. ESCROW ACCOUNT PURPOSE: • To ensure funds invested by buyers of properties are used only for those projects only. • The escrow holders (Banks) responsibility is to safe guard and ensure that the funds are collected and disbursed as per policy and guidelines laid out by the government. RESPONSIBILITES OF ESCROW ACCOUNT PROVIDER (CBD) - Follow the guidelines as laid out by the RERA-RAK - Executing all payment instructions as per guidelines. - Responding to all requests from: o RERA-RAK o The developer o The investor - Closing the Escrow only when project is complete and all terms of the escrow have been complied with - provided an account closing statement.

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Real Estate authorizations

Please note that: - The developer should not advertising in local or foreign media or participate in local or international exhibitions to promote the sale of units or real estate scheme without getting a written permission from the Department of Real Estate Regulatory Authority in Ras Al Khaimah.

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Owner Associations Management Services

firms specialized in managing and supervising the properties that are jointly owned and run by owners associations with the responsibilities of contracting, managing and supervising the firms in charge of maintenance, cleaning, security services and other specialized service providers; as well as handling the administrative issues and the record of the building and association submitting periodical reports to the association. These firms are not allowed to practice selling or purchasing or leasing brokering.

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Facility Management Rules and Regulations

For information about maintenance companies, please visit Ras Al Khaimah Real Estate Regulatory Department (RERA RAK), at Ras Al khaimah Municipality.

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Requirement

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Registration of Developers

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Developers List

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Registration of Projects

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List of Projects and Status

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Building Permit Approved

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list or brockers approved by rera

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Courses programs

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