Article 9

What it means when you sign

This article covers how the rent is fixed. The landlord and the tenant must state the rent in the lease contract. If they leave it out, or one of them cannot prove what was agreed, the rent is the fair market rent for similar property.

The article also says the committee decides the fair market rent. In doing so it takes into account the criteria the Institution sets for rent increase percentages, the general economic situation in the emirate, the condition of the property, the rent that prevails in the market for comparable property in the same area, any rent legislation in force in the emirate, and any other factors the committee considers relevant.

When you are about to sign, this article means the rent figure should appear in the contract itself. A lease with no stated rent, or with a rent that cannot be proven, leaves the amount to be set by this fair market approach instead of by the parties.