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Real Estate Trust Agreement

Real Estate Trust Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Real Estate Trust Agreement

"I need a Real Estate Trust Agreement for a commercial property in Dubai Marina that will be managed by Emirates NBD as trustee, with quarterly income distributions to three family member beneficiaries starting from March 2025."

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Document background
A Real Estate Trust Agreement is essential for establishing formal trust arrangements over real estate assets in the United Arab Emirates. This document is typically used when property owners wish to transfer legal ownership of real estate to a trustee for the benefit of specified beneficiaries, while ensuring compliance with UAE trust laws and property regulations. The agreement becomes necessary in various scenarios, including family wealth planning, property investment structures, and corporate real estate arrangements. It must comply with the UAE Trust Law (Federal Decree-Law No. 19 of 2020), relevant emirate-specific property laws, and registration requirements of the respective Land Department. The document includes comprehensive details about the trust property, management responsibilities, beneficiary rights, and distribution mechanisms, making it a crucial instrument for protecting and managing real estate assets within a trust structure in the UAE.
Suggested Sections

1. Parties: Identifies and details all parties to the agreement: the Trustor (property owner), Trustee, and named Beneficiaries

2. Background: Explains the context and purpose of the trust arrangement, including the intention to create a trust over specific real estate assets

3. Definitions: Defines key terms used throughout the agreement

4. Declaration of Trust: Formal establishment of the trust, specifying the trust property and the trustee's acceptance

5. Trust Property: Detailed description of the real estate assets being placed in trust, including legal descriptions and registration details

6. Trustee Powers and Duties: Comprehensive outline of the trustee's authority and responsibilities in managing the trust property

7. Rights of Beneficiaries: Specifies the rights, interests, and entitlements of the beneficiaries under the trust

8. Trust Administration: Procedures for day-to-day management, decision-making, and record-keeping

9. Income and Distribution: Rules governing the distribution of income and capital from the trust property

10. Expenses and Compensation: Provisions for trust expenses and trustee compensation

11. Duration and Termination: Terms regarding the trust's duration and circumstances for termination

12. Governing Law and Jurisdiction: Specifies UAE law as governing law and relevant courts for dispute resolution

13. General Provisions: Standard clauses including amendments, notices, and severability

Optional Sections

1. Foreign Ownership Provisions: Required when beneficiaries include foreign nationals, addressing compliance with UAE foreign ownership restrictions

2. Sharia Compliance: Optional section ensuring trust arrangements align with Islamic law principles, if required by parties

3. Successor Trustee Provisions: Detailed procedures for appointment of successor trustees, if desired

4. Investment Powers: Specific provisions regarding investment of trust assets, if trust includes investment authority

5. Property Management Guidelines: Detailed guidelines for property management if trust includes active property management

6. Anti-Money Laundering Compliance: Additional compliance provisions for high-value transactions or when required by regulatory authorities

7. Dispute Resolution Procedures: Detailed alternative dispute resolution procedures, if parties wish to specify mediation or arbitration

Suggested Schedules

1. Schedule 1 - Trust Property Details: Comprehensive legal description of real estate assets, including title deeds and registration numbers

2. Schedule 2 - Beneficiary Interests: Detailed breakdown of beneficiary interests, including percentages and conditions

3. Schedule 3 - Trustee Compensation: Detailed structure of trustee fees and compensation

4. Schedule 4 - Property Management Terms: Specific terms and conditions for property management if applicable

5. Appendix A - Required Regulatory Filings: List of necessary regulatory filings and registrations with relevant authorities

6. Appendix B - Property Certificates: Copies of relevant property certificates, permits, and registrations

7. Appendix C - Initial Trust Asset Inventory: Detailed inventory of all trust assets at the time of trust creation

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Applicable Law
Beneficiary
Business Day
Commencement Date
Confidential Information
Declaration of Trust
Designated Account
Distribution Date
Effective Date
Encumbrance
Governing Law
Land Department
Liability
Material Adverse Effect
Net Income
Property
Property Title Deed
RERA
Registration Fee
Security Interest
Service Charge
Term
Trust
Trust Assets
Trust Duration
Trust Income
Trust Property
Trustee
Trustee Compensation
Trustor
UAE
Utilities
Valuation Report
Witness
Relevant Industries

Real Estate

Banking & Financial Services

Legal Services

Property Development

Investment Management

Wealth Management

Construction

Property Management

Family Office Services

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Trust Services

Investment Management

Wealth Management

Corporate Services

Risk Management

Operations

Relevant Roles

Legal Counsel

Real Estate Manager

Trust Officer

Property Manager

Compliance Officer

Investment Manager

Wealth Manager

Real Estate Director

Legal Director

Corporate Trustee

Estate Planning Advisor

Property Registration Officer

Real Estate Consultant

Asset Manager

Industries
UAE Civil Code (Federal Law No. 5 of 1985): Provides the fundamental legal framework for contracts and property rights in the UAE, including provisions related to trust arrangements and property ownership
UAE Trust Law (Federal Decree-Law No. 19 of 2020): Regulates trust activities and arrangements in the UAE, establishing the legal framework for trust services and responsibilities of trustees
Dubai Land Department Law No. 7 of 2006: Governs real estate registration procedures and property ownership rights in Dubai, crucial for trust arrangements involving real estate
Foreign Ownership Law (Federal Decree Law No. 2 of 2015): Regulates foreign ownership of real estate and business activities in the UAE, affecting trust arrangements involving foreign parties
Anti-Money Laundering Law (Federal Decree Law No. 20 of 2018): Ensures compliance with financial regulations and due diligence requirements in real estate transactions and trust arrangements
Real Estate Regulatory Agency (RERA) Regulations: Provides specific guidelines for real estate transactions and trust arrangements in Dubai, including registration requirements and procedures
UAE Commercial Transactions Law (Federal Law No. 18 of 1993): Contains provisions relevant to commercial aspects of trust arrangements and related financial transactions
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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