Making a perfect property buy in Dubai is a straightway process. You can always seek Property development companies that can promptly sell your property and you do not require an agent too. Nevertheless, you can take an agent’s help as well, to proceed with the perfect property buy purchase process because laws and ordinances are never stable.
The Dubai property market differs in a great deal when compared to other countries in the world, and getting hold to the right Dubai property advisor matters a lot. Constantly it helps if you ensure you reach a Dubai real estate agent to lead you through the process.
Dubai is one of the most established destinations that is specialized in property sale in the most coveted areas in that respect. Dubai provides varied services to its expats, ensure that the right Dubai property will direct you through the right business process.
A livelihood in Dubai
A perfect property buy in Dubai’s company assists you with every prospect of moving to Dubai with proposals of the perfect buy based on your requirements and lifestyle.
Individuals with different nationality, whether residents of Dubai or abroad are eligible to buy in freehold property market based in Dubai in assigned localities as empowered by the Emperor of the Emirate of Dubai. To buy a property, you do not need any residency allowances.
Dubai based Freehold and Leasehold properties
Most of the Dubai based property developments are of freehold types, also there is a blend of leaseholds ranging from 30-99 years.
The duration for the property transaction to come to a close, around 30 days is required from the date on which the sale agreement was signed.
The process for a property buy in Dubai follows a straightway gaze and the details that follow are:
Terms from buyer’s and seller’s view
A Memorandum of Understanding (MOU) is contracted and a deposit (of 10%) is paid.
To have a No Objection Certificate (‘NOC’), the parties assemble at the respective offices of the developer during property sale.
Once the customer fixes the complete settlement to the developer, he issues a NOC for the payment made.
The parties can assemble at the developer’s office of the Dubai Land Department to transfer the ownership after the NOC is issued.
On the date of transfer, the Dubai Land Department will take a firm stand on the payment purchase price made via manager’s cheque that is paid to the seller on the date of transfer.
The last formalities are followed by a new title deed issued in the buyer’s name.
If the buyer gets the property through mortgage, then the bank has to be involved for further proceedings. Before the NOC is issued, the buyer has to settle the seller’s mortgage if the seller had one before on the property. Such situation seems financially insecure for the buyer and process gets hard to control.
Much needed documents:
The sale and purchase of the perfect property buy in Dubai leads to following fees:
NOC Fees – these can vary between AED 500 and AED 5,000 and the payment is made to the developer by the seller. Usually developers charge a refundable deposit with the buyer and this can be refunded only when the buyer submits a new deed at the respective developer’s office with the records updated.
Real Estate Agent’s commission would be a 2% on the purchase price
The Dubai Land Department accepts the transfer fees, that is calculated at 4% on the sale price where the extra amount is paid towards admin fees that is AED 5,000.
The registration fees for mortgage if needed is paid to the Dubai Land Department, that is calculated at a rate of 0.25% of the loan amount registered and paid to the Dubai Land Department.
Developers demand that the annual service charges to be paid well in advance and buyers should have a record of their share.
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