Your Guide To Owning Property in Dubai
Buying a house may seem complicated and so the process of it can scare people off as there are certain legal aspects attached to buying real estate that you need to look out for. If you are looking to buying property in Dubai yet don’t know what to do, we have got you!
If you are a UAE citizen or a GCC citizen then you are eligible of buying property! Now that we have got this said let’s get to the four basic steps.
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Establishing a buyer and a seller agreement
Once you’ve found the right property, the first step is to negotiate and outline the terms of the sale with the seller.
The ability to negotiate is perhaps the biggest advantage you have when comparing buying property on cash vs mortgage. Use it to your advantage. You can do it on your own, but it’s probably best to enlist the expert help of a real estate agent.
When agreeing to the terms of sale, make sure there are no ambiguities between you and the seller over the selling price, mode of payment, and any other considerations that are important to you.
Singing the agreement
The second legal step of buying property in Dubai is signing the sale agreement, also known as the Memorandum of Understanding (MOU). Once the contract is ready, both the buyer and the seller have to sign it, in front of a witness (usually the agent) at the Registration Trustee office.
The buyer also needs to pay a standard 10% security deposit on the property to the Registration Trustee, which is returned once the property transfer is finalized.
Applying for a no-objection certificate
Next up, you and the seller, along with the real estate agent, need to meet at the developer’s office, the objective of this meeting is to apply and pay for a No Objection Certificate (NOC) to transfer the ownership.
The developer will issue the NOC for a fee after ascertaining that there are no outstanding service charges on the property.
Effecting Property transfer
Once you’ve obtained the NOC, the last legal step of buying a property in Dubai is meeting the seller at the Dubai Land Department office to affect the transfer.
For the property transfer to take effect, you must have the following documents ready with you before visiting the DLD office you need the manager’s cheque for the property price payable to the seller. The original identification documents of buyer and seller (Emirates ID, passport, and visa). The original NOC issued by the developer. Signed Contract F (MOU)
After the formalities are completed, a new title deed will be issued in your name and you will officially become a property owner in Dubai.
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