DIFC announces proposed changes to Immovable Property Act for consultation – News
The proposed changes reflect the center’s commitment to maintaining a transparent and robust legal and regulatory framework
The deadline for providing comments is March 29, 2022
The Dubai International Financial Center (DIFC) has released a consultation paper proposing to amend the Real Property Law, DIFC Law No. 10 of 2018.
The proposed amendments will facilitate the administration and enforcement of DIFC real property law and improve the regulatory framework within DIFC, consistent with current common law practice.
The proposed amendments are contained in Part 9 of the Real Property Act, Remedies for Default for Mortgagors. Key aspects of the changes to the Real Property Act include the removal of the mortgagee’s right of foreclosure in its entirety; clarify the rights and obligations of the hypothecary creditor with regard to the exercise of his legal power of sale in the event of default by a hypothecary debtor; and the deletion of the reference to the wording “under the principles of English common law and equity” in section 29(b) of the Immovable Property Act.
The consultation document and the legislative proposal can be viewed by visiting Consultation documents | Dubai International Financial Center. The deadline for providing comments is March 29, 2022.
The proposed changes reflect the center’s commitment to maintaining a transparent and robust legal and regulatory framework aligned with global best practices.