The Legal Nature of the Property Purchasing Contract under Construction comparative Study

Abstract

The contract of purchasing of property under construction or on the map is a well-known contract in the Islamic Jurisprudence as “Istesna’ Contract”. This contract was regulated by special rules in the Emirate of Dubai, Saudia Arabia and Algeria. These special rules banned unlicensed and distressed companies from practicing such activity. Moreover, the special regulation maintained the balance between the interests of the contract parties, alleviated the risk of unsafe real estate speculation, which had caused a gross loss for a lot of buyers of property on a map in the countries that did not Ligallized this contract in special rules. Since Jorden is suffering from a crisis in housing and Lack in the land allocated to build and unprecedented increase in real estate’s pricial rules organize the contract of purchasing property under construction in special rules is obvious; because the civil law organizes it under labor contract, and if this contract is organized by the Jordanian legislator ad formal contract, the benefit will be for the parties of the contract and public interest. This research analyses’ the nature of the contract of purchasing property under construction, and its’ special rules emphasizing the significance of considering it as formal contract, and also studies the legal securities that must be available to this contract because the object of such contract tends to be considerable value.