A New Era for Residential Property Transactions in Bahrain
An exciting new blockchain platform for the buying and selling of residential property is to be launched in the Kingdom of Bahrain (Bahrain) in the near future (the Platform). The aim of the innovative Platform is to create a seamless transactional process which will help reduce the overall costs for both the buyer and the seller. Bahrain has taken great steps to enhance the real estate sector in recent years, most recently with the introduction of Legislative Decree No. 27 of 2017 which established RERA (the Real Estate Regulation Authority). The introduction of the Platform is considered to be a fantastic addition to Bahrain’s already thriving real estate sector.
Bahrain FinTech Bay, the Fintech Consortium and OffrBox have signed an agreement to launch the online Platform. OffrBox is a US based Fintech startup and featured as one of New York City’s top 50 start-ups to watch in 2017. OffrBox’s mission is to simplify real estate investing for all people. Offrbox is led by Eric Andrew who is a real estate investor with over 15 years of experience.
The Platform will create a blockchain system for sellers to upload details of their properties (including due diligence documents) onto one single online system. Buyers will then be able to search for and view those properties online. The Platform will then allow the parties to negotiate and use a cloud-based contract process to finalise the transaction. Ultimately the Platform will allow the entire process to be carried out through one single portal. It is proposed that the Platform may be expanded in future to facilitate property financing and allow for the registration of title deeds to the property.
The finite details in relation to the Platform have not yet been released, but it will be interesting to see whether this Platform will support developers who wish to sell multiple units from master-plan type developments or whether it is purely a resource for private individuals only.
Although the implementation of the Platform will be a welcomed addition to the real estate sector and potentially create a hassle-free method of carrying out basic residential conveyancing, it may not be the answer for more complex transactions where for example a thorough review of the due diligence documentation is required.
This article was written by Simon Green and Sarah Bennett-Hughes. For more information please contact Simon on +971 4 246 1902 / Simon.Green@crsblaw.com or Sarah on +44 (0)9731 7133 200 / Sarah.Bennett-Hughes@crsblaw.com.
The Future of Property Careers
Join to our panel discussion and Q&A with industry leaders on the range of opportunities within the property and construction sector.
Liability for costs of repair (City of London v. Leaseholders of Great Arthur House)
Oliver Park writes an article for Lexis®PSL on a property dispute case.
Levelling Up Life Sciences?
Can a restrictive covenant become obsolete?
Q&A on adverse possession
A successful application for title by adverse possession will result in the squatter acquiring possessory title to land.
Claire Fallows quoted by Planning on how new PD rights for commercial buildings will change the system
Councils should be prepared for a flurry of applications in August.
Oliver Park writes for LexisPSL Property Disputes on liability for costs of repair
Oliver considers the implications of the decision in City of London v Leaseholders of Great Arthur House.
Procuring modular housing: Is MMC becoming mainstream?
Is Modern Methods of Construction becoming mainstream? Read what it means for Development and Procurement here.
Q&A: Talking the telecoms talk
Georgina Muskett and Jonathan Wills answer queries on Electronic Communications Code agreement.
Property Patter: Navigating the complexities of Pharmacy Property
Pharmacy property is a specialist area which contains many traps for the unwary.
What do the new Debt Respite Scheme Regulations mean for Landlords and Tenants?
This will provide legal protection from creditors in the form of either a breathing space or a mental health crisis moratorium.
Risk allocation in commercial leases: the High Court considers rent suspension, insurance and frustration arguments
Read our summary of the full judgement on the latest Covid arrears case.
ICC 2021 Rules
The ICC has recently updated its rules for arbitration: the new rules entered into force on 1 January 2021 (the “2021 Rules”).
Building Back Better: Future Gazing
What’s next for the hospitality industry post-pandemic?
Building Back Better: Re-examining your proposition
Why hospitality businesses should re-examine their proposition now
Building Back Better: Real Estate and Restructuring
How and why should hospitality businesses re-structure post pandemic?
Asian Legal Business, Hubbis and eprivateclient report on the firm's expansion in Hong Kong
The firm's Hong Kong office continues to expand with the relocation of Real Estate Partner Simon Green to lead the firm’s focus in Asia.
UK property market continues to thrive
Stamp Duty, Green houses and 5% deposits: The Government’s Commitment to Housebuilding Continues
We look at the current raft of measures the Government has in place to support home ownership and the housebuilding industry.
Use and Regulation of Renewable Energy Certificates in the UAE
The market for trading in renewable energy certificates is set to increase in both visibility and importance.