Application of Civil and Commercial Laws in DIFC, was amended by the Dubai International Financial Court (DIFC) included a new mortgage fee and a 60-Day Registration Period for Off-Plan Properties.
Further, the financial center also declared that it may also amend the DIFC Real Property Law and Real Property Regulations. It also includes a new mortgage registration fee of 0.25% of the mortgage amount that a buyer of real estate is registering. From the launch stage to the development of a final off-plan sales agreement, DIFC has also extended the period of registration for off-plan sales from the current 30-day period to 60 days.
Off-plan unit buyers now have additional time to register these purchases and pay the freehold transfer fee thanks to the extension. On November 21, 2024, the amended legislation went into force after being passed on November 14.
Application law amendments
A new article has been introduced to the Application Law as a result of the revisions made. This provision, known as Article 8A, states that the DIFC statute and DIFC Court rulings interpreting and applying the DIFC laws must be consulted before making a final decision on DIFC law.
Since DIFC law is not meant to be strictly statutory, Article 8A states that the common law—including equity principles and rules—supplements the DIFC Statute. The common law of England and Wales as well as other common law jurisdictions may be consulted by the DIFC Courts when deciding on the common law for the DIFC.
These modifications make it clear that the DIFC Courts, like other preeminent common law courts, have the authority to take comparative jurisprudence from various jurisdictions into account when creating or altering common law rules and equity principles on an individual basis. However, they do not have the authority to make more comprehensive legislative or policy decisions.
Source: Propertynews.ae
