real estate development law in Bahrain
THE EXECUTIVE REGULATION TERMS FOR REAL ESTATE DEVELOPMENT LAW IN BAHRAIN The real estate development law binds all parties in Bahraini real estate market either buyers or developers with some regulation which basically aims real estate sector stability. Developers Buyers • To be trustworthy and respectable • Buyers' due payments are deposited in the project's bank account opened by the developer • Never announced bankruptcy before • Never convicted of any honor violating crimes • Payments value are defined according to the project completion percentage; • Developer must open a bank account for the Example: If 20% of the project is completed then payments value shouldn't exceed 20% of any unit's value. project to receive buyers' payments • Developer is entitled to give the buyer an invoice of the paid payments • Buyer can notify the developer of discarding the signed contract if delivery date wasn't • The project is considered totally stalled if halted for more than a year met • Contract discard request is submitted after 90 days of • Decrees issued as implementation of real estate development law and legislation are prone to appeals during 30 days of decrees release notification date FOR YOUR FIRST-RATE PROPERTY NEEDS WEETAS.COM Weetas +973-34.185.186 OR +973-399.45.399 PHONE [email protected] EMAIL ww
real estate development law in Bahrain
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