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Commercial Real Estate Law in Sharjah, United Arab Emirates (UAE) governs the sale and purchase of properties that are used for business purposes. These include offices, shops, warehouses and other commercial establishments. The law also stipulates rules and regulations for leasing, renting, managing, investing in, and developing commercial properties. Commercial real estate laws are complex in nature and are governed by both local and federal laws.
It is advisable to seek legal assistance when engaging in any commercial real estate activity. Some common situations where you may need a lawyer include: purchasing or selling commercial property, drafting lease agreements, dealing with real estate disputes, and understanding zoning laws. A lawyer can provide clarifications on complex regulations, protect your interests, minimize risks, negotiate agreements, and ensure all legal obligations are faithfully met.
The Sharjah Real Estate Registry Law is the primary law governing real estate activities in Sharjah. The law oversee matters such as registration of real estate transactions, penalties for non-compliance, and protection of rights in property disputes. Some key aspects of the law include mandatory registration of all real estate transactions, restrictions on ownership to UAE citizens and legal entities, and specific regulations for freehold properties. Familiarity with these laws is essential for successful commercial real estate activities.
Much like the rest of UAE, ownership laws in Sharjah primarily favor UAE nationals. However, foreigners have the prospects of owning properties on a leasehold basis for a period of up to 100 years, and in some specific areas, they can own properties on a freehold basis.
The UAE doesn't impose taxes on buying and selling of properties, however, a 5% VAT applies on commercial property leases and other real estate services. Buyers and sellers must pay a land registry fee for real estate transactions.
Typically, you would need a sales agreement, title deed, property valuation report, proof of payment, Land Department’s Approval & NOC from the developer. The requirements may vary, hence it's advisable to consult with a lawyer.
Commercial property disputes are handled by the Sharjah Rental Dispute Settlement Centre or the civil courts, depending upon the nature of the dispute.
Commercial tenants in Sharjah have numerous rights, including the right to renew the lease after its expiration and protection from arbitrary eviction. However, the specifics may vary depending on the terms of the lease agreement.
For additional resources, you may refer to the Sharjah Real Estate Registration Department for local laws and regulations. The Federation of UAE Chambers of Commerce & Industry can provide useful information on how commercial property laws interact with business laws.
If you need legal assistance with commercial real estate in Sharjah, consider consulting with a lawyer who specializes in UAE property law. They can provide tailored advice for your specific situation and ensure that you comply with all relevant laws and regulations.
