The process of buying a property is different in every country, but it is quite simple in Dubai. Our step-by-step guide will ensure your buying process is hassle free.
WHO CAN BUY?
Properties in Dubai’s freehold areas can be purchased by any nationality, who is either based in or outside the UAE.
If you are looking for home finance, prepare a realistic budget that meets your needs. Get the requisite down payment ready (25 percent for ready to move-in properties, as per the UAE Central Bank guidelines). Our consultants, who are experts in the subject matter, will guide you to find the best mortgage deals.
Talk to your agent and explain precisely what kind of property you are looking for as well as your lifestyle priorities.
VISIT THE PROPERTY
Attend home viewings to inspect the properties. Always select a home based on your preferences and that best fits your budget.
The average transaction time is 30 days from the date on which the MoU is signed. However, the parties can mutually extend the agreed timelines.
*Once the buyer has finalised a property, he/she has to sign official forms issued by the Real Estate Regulatory Agency (RERA).
* The buyer and the seller have to sign a memorandum of understanding (MoU), with the buyer writing down a cheque of 10 percent (in most cases) of the sales price as a deposit. The cheque is held by the buyer’s agent as a guarantee and returned on completion of the transaction.
* The buyer and the seller will meet at the developer’s office to apply for a “No Objection Certificate” (NOC).
* The developer will issue the NOC for a fee after ensuring that the outstanding service charges have been cleared.
* After the developer issues the NOC, the buyer and seller meet at one of the several registration trustee offices appointed by the Dubai Land Department to officially transfer ownership.
* The purchase price is paid in the form of a manager’s cheque. After the registration trustee completes all the formalities online, a new title deed is issued in the buyer’s name.