A Buyer’s Quick Guide To Property Handover – Aeon & Trisl
Buying a property in Dubai can be quite daunting, especially for first-timers. There are local laws, regulations, and norms which need to be considered and followed when investing in real estate.
Aeon & Trisl have created a step-by-step guide to make the property buying process in Dubai easier for newbies. Let’s take a look at it.
Dubai’s property laws for UAE and GCC citizens:
According to Dubai’s real estate law number 7 of 2006, a UAE citizen can buy property anywhere in Dubai, while foreigners can buy property only in specific areas of Dubai. Not to mention, the Emirate offers both freehold and leasehold ownership to foreign investors.
Get in touch with us to know more about the laws of property ownership by foreigners in Dubai.
Steps to follow when buying a property in Dubai:
- Plan your budget
Know your budget before searching for properties for sale in Dubai. The emirate offers apartments, villas, townhouses, etc. of various sizes, so knowing your need and budget can help you a lot in making your final decision.
Remember that there are other fees too besides the deposit. These include admin fees, service charges, monthly housing fees, sales development fees, and loan insurance fees.
- Get a mortgage (optional)
To get a mortgage, you’ll be needing the help of a mortgage expert to guide you on the mortgage-taking process.
If you don’t require a mortgage, just jump to the 3rd step.
- Hire a RERA certified broker
When investing in Dubai real estate market, make sure to get in touch with a RERA certified broker. Real estate firms in Dubai help you in finding the right property in the right place and price, negotiate property prices on your behalf, and also assist you in all the paperwork.
Note: To save yourself from real estate scams don’t skip this step.
- Make a proposal
Once you’ve identified the property you wish to buy, make an offer, and give it to your broker. The negotiations will then be done by your broker with the seller, and he/she will also keep you promptly informed of any developments.
- The signing of the MOU and paying of the down payment
When the property price is finalized between both parties, a memorandum of understanding is prepared by the broker. This MOU is signed by the buyer and the seller in the presence of a witness at the Registration Trustee Office. In this step, the buyer also pays the down payment of the property to the seller.
- Apply for No Objection Certificate
Before the sale, the developer of the property issues a NOC to guarantee that there are no unpaid service charges on the property.
- Signing of the sales contract and transferring of property ownership
After the NOC is obtained, the last legal step will be the signing of the contract and transfer of ownership between the seller and the buyer at the DLD office. Before you sign the contract, read it carefully and ask your broker to go through it thoroughly. When agreeing to the terms of sale, make sure there are no uncertainties between you and the seller over the selling price, mode of payment, or any other important factors.
Additionally, for a successful transfer of ownership, one must have the following documents:
- Original identification documents such as Emirates ID, visa, and passport.
- Signed MOU.
- Original NOC issued by the developer.
- A manager’s cheque for the apartment price is payable to the seller.
After this, a new title deed will be issued in your name, and you will officially own a property in Dubai. After this, grab your key or key cards and enjoy!
