Abu Dhabi`s real estate laws regarding usufruct and musatahas apply to these rights throughout Abu Dhabi, including within the ADGM, if these rights are before 3 march 1, 2015 (date of entry into force of the ADGM rules) and if the parties have not chosen musataha or usufruct (depending on their applicability) to convert the corresponding contract into a lease agreement. In accordance with the rules of the ADGM, the rights of usufruct and musataha are not recognized interests, so that after the implementation of the rules, no other interest for usufruct or musataha will be created within the ADGM. A real estate purchase agreement does not really transfer ownership of a house, building or land. Instead, it provides a framework for each party`s rights and obligations before the legal transfer of ownership can take place. .
Pingback: 3flagstaff