Legal considerations of using a global online real estate portal

Investors interested in global real estate should consider using a global real estate portal to network with professionals in other countries. Buying and selling real estate in an area where you are unfamiliar with the rules and regulations could spell disaster for not only yourself but also for your clients. A global real estate portal helps you find properties for your clients, and a good portal will also allow you to network with other professionals in the field that are from the country where you want to invest.

Factors to Look Out for When Choosing an Online Real Estate Portal

Real estate portals could have some legal consequences if they are not monitored. The portal you choose needs to have correct information about the industry and the homes and property listed. It should also be sanctioned by a governing agency. Choosing a portal that is endorsed by the Dubai Real Estate Institute (DREI) and the Real Estate Regulatory Agency in Dubai (RERA).

RERA sets legislation that regulates the relationship between contracting parties while the DREI trains and raises awareness of the real estate market for investors. Realopedia is also trusted by real estate associations in the United States, Canada, Middle East and India.

A real estate portal should also have:

• Terms and conditions that outline:
    • Information about the company;
    • The registration process;
    • A discussion on intellectual property rights; and
    • A list of the site's disclaimers.

• A code of ethics that advises site members to post valid and truthful information and to be mindful of copyright laws for information contained on the site and information posted by members, including photos and information about real estate projects and other intellectual property.

• A privacy policy that explains:
    • The site's handling of personal information;
    • Storage of information;
    • Ownership of photos and information posted by members;
    • Theft of intellectual property; and
    • The accuracy of information posted by members.

Legal Considerations of Using a Real Estate Portal

As an investor, using a real estate portal has a few legal considerations. If you are looking for projects, even if the portal is a trusted portal, you should be sure to do due diligence before you present the project to any buyers. And, if a buyer approaches you to finance a project, even if that project is listed on a real estate portal, you should also do due diligence on the property.

Due diligence includes but is not limited to ensuring that the facts posted on the portal are correct. The financial information regarding the project should also be checked out. Experienced investors will take the time to complete exhaustive research into a property, whether they do the research themselves or have a team working for them.

Part of the due diligence should include research on the global real estate portal. A portal that doesn't enforce intellectual property rights and the posting of accurate information may have projects that are scams.

Trusting an Online Portal

Trusting an online portal is easier if the site has certain information on its pages, including terms and conditions. A site such as Realopedia may also be trusted when official agencies such as RERA and DREI endorse the site.

Other ways to know if a site is trustworthy includes the quality of the information on the site and whether the site has its contact information, including a phone number to reach someone. Before registering for a site the first time, be sure to read all of the information on the site, including the registration process and all of the legal documents such as the terms and conditions and the privacy policy.