Dubai Land Development (DLD) has been regulating policies and methods to advance Dubai’s real estate sector since it was established. So far, its regulatory arm, the Real Estate Regulatory Agency (RERA), has established several rules and provided a variety of services to investors and developers.
One of these projects is Mollak, a web-based payment system that successfully handles jointly owned properties in Dubai. Let’s take a look at this new platform and how it may help property owners.
MOLLAK DUBAI: WHAT IS IT?
Mollak is an internet service solution that provides transparency in real estate joint property ownership. To avoid future disagreements or hassles, unit owners can pay service costs directly through this portal.
Mollak Services Dubai’s basic goal is to increase transparency in owners’ associations, enable the registration of maintenance firms, and keep track of their escrow accounts and service costs associated with joint ownership. It is one of the services provided by RERA to help simplify real estate services in Dubai.
WHAT IS THE PROCESS OF MOLLAK?
The Mollak registration process is straightforward. Co-owners must take the following steps to begin the process:
- To enroll their company and key executives in the system, management companies must meet the registration requirements.
- Once a company is created, each project it oversees will be registered as a separate ‘property group’ if all conditions are met.
- In addition, an online agreement will be completed to delegate community administration.
- To pay service costs, businesses must open a DLD-approved regulated bank account.
- The management companies will create a budget for each property group and submit it to Mollak for examination by an audit company.
- The audit company will submit it to DLD for final clearance on Mollak once it has been reviewed.
- Once authorized, Mollak will send an approval notice to the owners for the whole budget term.
- Owners can pay service fees using a variety of online payment methods, including Noqoodi.
You may visit the Mollak Dubai portal via the DLD website and enter the data of your property to access and verify the service costs.
RERA MOLLAK SYSTEM KEY FEATURES
Mollak has several features, including:
- It helps co-owned property owners collaborate with their owners association management.
- It answers the community’s need for open regulated accounts.
- It bills registered owners on a quarterly basis. The manager of the Owner Association submits these four bills.
- It accepts a variety of payment gateways.
Several of the top banks in Dubai, such as Al Mashreq, Emirates NBD, UBL, Commercial Bank of Dubai, etc., are interested in the Mollak System.
DUBAI LAND DEPARTMENT RULES AND REGULATIONS FOR JOINT PROPERTY OWNERS
The Dubai Land Department has established several laws and regulations that jointly-owned property owners must follow. To share a property’s profit with a co-owner, a declaration or contract is necessary. The following are the declaration’s rules:
- The declaration is required for each piece of land, whether it be a plot including a building or a portion of a building.
- A plot declaration can only be filed if it is included in the authorized list of jointly owned units.
- A leasehold or freehold interest declaration is only valid for 99 years.
FAQS ABOUT MOLLAK DUBAI
WHAT OTHER SERVICES ARE PROVIDED BY THE REST APP?
The REST app, which stands for ‘Real Estate Self Transaction,’ allows you to access all of your real estate transactions from a single mobile platform. You may register title deeds, validate e-cards, and record lawsuits on the RDC, among other things. Check out the Dubai REST app guide to learn more about this useful tool.
HOW CAN I GET IN TOUCH WITH THE DUBAI LAND DEPARTMENT?
You can reach the Dubai Land Department by phone at 800-4488. They are on Baniyas Road, next to the Etisalat Building in Deira, Dubai.
The local government is aggressive in providing legal protection to buyers and tenants. DLD has created concepts such as the Ejari to safeguard renters, in addition to efforts such as the Mollak system.
